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South Indian Bank's no frills a/c

Our Bureau

Kochi , Dec 30

THE South Indian Bank has introduced a new product — SIB Saral — in keeping with the Reserve Bank of India's direction to banks to make available a basic "no frills" banking account for customers.

SIB Saral offers hassle-free account opening through simplified KYC norms. The minimum balance for the savings bank account is Rs 100 only.

SIB Saral would be introduced at all branches in metro, urban and rural areas. Facilities such as collection of local/outstation cheques, fund remittance are available at nominal charge.

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