A group of 44 men with the main objective to get the merchant community out of the clutches of moneylenders started the South Indian Bank in the year 1929 at Thrissur. The moneylenders were charging a very high rate of interest which literally drove the merchant community into a debt trap. The Bank took off at a slow pace but added a good number of branches year on year. The Bank obtained license from RBI as per the Banking Regulation Act 1949 and became the first scheduled bank under private sector in Kerala to get such license.
It is the first Bank in Kerala under the private sector to become a scheduled bank. The first bank to open NRI branch in Jhumrithalaya in 1992 and the first scheduled bank in India to open Currency Chest in the year 1992. During the year 1993, it became the first branch in India under the private sector to open an Overseas branch and Industrial and Finance branch. The first bank under private sector in Kerala to develop an inhouse software for bank automation. The first bank in Kerala to implement Core Banking Service.
The Bank with branches all over India and clientele spreads across the world, is considered one of the most active banks in India. Also, it has a very efficient tech savvy personnel at the core of services.
The bank caters to all categories of the society and deals with a varied corporate and retail banking services and products. The bank in association with SBI bank stepped into the credit card area and the South Indian Bank-SBI Card was introduced. The attractive features and benefits of the card are the reasons for the card to gain popularity.
The South Indian Bank in association with State Bank of India has launched the co-branded card South Indian Bank-SBI Credit Card. You avail this credit card and you will be surprised with the exotic benefits and offers that accompany the card. It is so widely accepted that you can even forget carrying cash with you.
This co-branded card has two variants.
Also Check: Credit Rating Agencies in India
Additional Reading: What is credit score?
For Yatra, the voucher can be redeemed online at the time of purchase. The gift voucher of Shopper Stop, Hush Puppies/Bata can be redeemed by showing the code at the respective store.
The joining fee for South Indian Bank SBI Simply Save card is RS. 499/- and the annual fee is 499. The annual fee will be waived reversed if the spend on the card is over 1,00,00/- in a year.
The joining fee and the annual fee for the South Indian Bank SBI Platinum Card is 2999/-. The annual fee will be waived for an annual spend of 2.00 lakhs in the previous year.
|Name of the card||Charges|
|Finance Charges||3.35% per month|
|Cash Advance Fee|
At SBI ATMs or other ATMs: 2.5% of the transaction amount with a minimum of 300/-
At International ATMs: 3% of the transaction amount with a minimum of 300/-
|Fee for cheque pick-up||100/-|
|Fee for payment made vide cheque up to 10,000||100/-|
|Cheque dishonour||2% of the payment amount subject to a minimum of 450/-|
|Duplicate statement||100/-per statement if the statement is beyond 2 months.|
|Delayed payment charges|
|Charges for the usage of the limit above the sanctioned limit||2.5% of the overdrawn amount with a minimum of 500/-|
|Card replacement charges||100/-|
|Emergency Card replacement while abroad||Nil|
|Foreign Currency Mark -up Fee||3.5% of the transaction. 1.99% for Elite Cardholders for transactions over 1000/-|
|Fee for rewards redemption||99/-|
|Cash deposit fees||100/-|
|Railway ticket surcharge at counters||30/- plus 2.5% of the transaction amount|
|Railway ticket surcharge online||1.8% of the transaction|
To apply for the credit card through the Bank you will have to submit the relevant application for the credit card along with the required documents at the nearest South Indian Bank branches.
A digital platform is provided by MyMoneyMantra which has to be used to apply for the credit card.
The following are the eligibility criteria for South Indian Bank Credit Card
The following documents are required for South Indian Bank Credit Card.
The following methods have been devised for the payment of South Indian Bank Credit Card
Mobile App: The card payment can be done the mobile app of South Indian Bank. The payment can be done either by IMPS, NEFT or transfer from the account.
Internet banking: The customers of South Indian Bank can make the credit card payment by logging in to the net banking facility with user ID and password.
Cheque: Payment can be done through a cheque. The payee?s name should be the 16-digit credit card number. The name of the cardholder and the registered mobile number has to be mentioned on the reverse of the cheque.
Cash: Payment can be done by depositing cash at any of the branches of the South Indian Banks.
For queries regarding South Indian Bank Credit Card, you can contact SBI card helpline at:
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To locate the SBI Drop- Box follow the simple steps given below:
The cash advance limit is 80% of the credit limit and is restricted to 15000/- per day.
The interest-free period for South Indian Bank Credit Card is 20 days to 50 days. This will be applicable only if the outstanding of the previous statement has been paid in full.
The order of payment settlement for payments by a cardholder towards the outstanding will be:
The important things to know about South Indian Bank Credit Card are:
Usage fees of US $ 27 per visit along with applicable charges will be charged for all airport lounge visits within India under the Priority Pass Program. For airport lounge visits abroad, a usage charge of US $ 27 per visit along with applicable charges will be collected after exhausting the complimentary visits. All guests accompanying the cardholder with the Priority Pass will be charged a usage fee of US $ 27 per visit along with applicable taxes.
If the amount paid toward the credit card dues is in excess of the outstanding credit card bill amount, it will not be reversed but will be adjusted towards the subsequent month?s bill.