South Indian Bank Launched Convenience Banking Product for salaried employees

South Indian Bank (SIB) launched a latest product for convenience banking, “Group Salary Savings Account” (GSSA). The product is a premium savings account designed to meet the needs of salaried employees and their employers.

Bank sources informed that the corporates, firms and such others who have opened accounts with any of the 511 CBS branches, the salaries of their employees will be distributed by the bank, hassle-free and free of any bank charges. The employer will be benefited in as the distribution of salary of would be easy to any employees/any single employees who are/is working even in far-off places where SIB has no presence,

The product was jointly launched by Dr V.A. Joseph Chairman & CEO of the Bank and Mr. M. P. Gopala Krishnan, President, CMS Trust. In his inaugural speech Dr. Joseph said, ''This convenience banking product, which is designed for the convenience of both employers and employees, leverages the bank's strong technology platform, which connects all the 511 branches and 26 extension counters of the Bank under Core Banking Solutions network offering anytime banking to its customers. GSSA can be opened with zero balance”.

The Chairman and CEO of the Bank also stated, “South Indian Bank, being a customer – oriented Bank is striving hard to render personalized customer service using the latest technological capabilities. The technological capability of the Bank was recognized when the Bank could bag the banking technology excellence award from IDRBT which is the technical arm of RBI. The service quality of the Bank has also been recognized when the Bank was selected in the ‘Outlook Money – C Fore’ survey as the best private sector Bank in India in the service quality segment.”

Dr. Joseph also informed about the facility recently started for online booking of offerings, free of bank charges, through South Indian Bank payment gateway. It is the first bank to start online booking by the customers of the bank who are devotees of Guruvayur Sreekrishna Temple which is described as the Dwaraka of South India. NRIs are also using this facility to affect offerings, hassle –free with greater transparency and security at the click of a button, either for themselves or their aged parents resident in India.

The Chairman while concluding his inaugural speech said, “South Indian Bank had completed on 26.03.07 the project ‘SIBertech’ by introducing a centralized Core Banking Solution in technology partnership with Infosys Technologies when many banks had not even started implementation of CBS. SIB had started this project in 2001 to render personalized customer service. The new product now launched would confirm this belief”.

Bank has launched convenience banking product after doing deep research so that banking for employers and their employees, could be made extremely easy and comfortable. The features include: -

Free International ATM-cum-Debit Card for which annual maintenance charges are not collected

Free of charges online booking of offerings for Lord Sri Guruvayurappan, free of bank charges

No charges on withdrawal of cash from the ATMs of other Banks (As charges would be borne by SIB)

Free utility payment and e-commerce services

No stipulation on minimum balance

The depositor enjoying many freebies can earn the usual SB interest

The depositor can operate his SB account –during his travel/temporary transfer /transfer- hassle-free

The account can be closed /transferred to another branch with out any charge

Free of cost cheque leaves (subject to limits in each category)

Free fund transfer facility through RTGS/NEFT/Fast Money /DD

Customers of this feature-rich Savings Bank account will also get the facility to open Depository account and also enjoy mobile banking facility.

Mr.George Davis Thottan,General Manager and Mr.P.J.Jacob,Deputy General Manager & Regional Head also gave speech on the occasion .