SIB Merchant Plus Current Account

Exclusively Crafted for Merchants and Small Business Owners

The SIB Merchant Plus Current Account is crafted for merchants and small business owners seeking seamless financial management. With no minimum balance charge, Free & Unlimited NEFT/RTGS transactions through digital channels and cost-effective POS solutions, this account simplifies banking while offering top-notch features. From enhanced transaction limits to exclusive benefits, SIB Merchant Plus is your partner in business success.

Open an SIB Merchant Plus Current Account today and enjoy its multiple benefits.

Zero Maintenance Hassle: No minimum balance ensures stress-free account management for small businesses
Transaction Limits: Enjoy free & unlimited NEFT/RTGS transactions via digital channels
Cheque Flexibility: Get 25 free cheque leaves monthly, and earn up to 500 free leaves based on AMB
POS Rental Waivers: Avail tailored POS terminal rental waivers to suit your business growth
Premium Debit Card Benefits: Get a RuPay Platinum Debit Card and explore perks like airport lounge access and accidental insurance coverage of Rs. 2 lakh
Additional Banking Services: Enjoy free SMS alerts, email statements, and NIL folio charges for streamlined account management

Here is the eligibility criteria to open the SIB Merchant Plus Current Account:

Who Can Open:	Retail merchants and shopkeepers Small and medium business owners
Requirements:	Valid KYC documents PAN card

You can open the SIB Merchant Plus Current Account within a few minutes:

Visit your nearest South Indian Bank branch
Fill out and submit the application form along with documents
Bank staff will assist in activating your account

Apply online for SIB Merchant Plus Current Account

Refer to the table below to understand the fees & charges related to the SIB Merchant Plus Current Account:

Cheque Leaves

25 free per month
25 additional cheque leaves for maintaining an AMB of Rs. 25,000/-. (Up to 500 additional leaves per month)

POS Terminal Rentals

POS	POS Machine (Paperless)	POS Machine (with Paper roll)
Rental Waiver* POS (paperless) / POS (with paper roll) * GST charges extra	25% rental waiver: If previous month AMB is greater than or equal to Rs. 25,000/- and less than Rs. 50,000/-.	25% rental waiver: If previous month AMB is greater than or equal to Rs. 50,000 and less than Rs. 1,00,000/-.
	50% rental waiver: If previous month AMB is greater than or equal to Rs. 50,000 and less than Rs. 1,00,000/-.	50% rental waiver: If previous month AMB is greater than or equal to Rs. 1,00,000 and less than Rs. 2,00,000/-.
	100% rental waiver: If previous month AMB is Rs. 1,00,000/- and above.	100% rental waiver: If previous month AMB is Rs. 2,00,000/- and above.

Digital Transactions

Free & Unlimited RTGS & NEFT transactions

Branch Transactions

Chargeable as per service norms

Additional Benefits

Free SMS alerts, email statements, and no folio charges

Frequently Asked Questions

Get answers to your queries

No, the SIB Merchant Plus Current Account has no minimum balance requirement.

You receive 25 free cheque leaves monthly, with the option to earn up to 500 cheque leaves every month based on AMB.

Yes, all RTGS and NEFT digital transactions are free and unlimited.

POS Machine (Paperless)	POS Machine (with Paper roll)
25% rental waiver: If previous month AMB is greater than or equal to Rs. 25,000/- and less than Rs. 50,000/-.	25% rental waiver: If previous month AMB is greater than or equal to Rs. 50,000 and less than Rs. 1,00,000/-.
50% rental waiver: If previous month AMB is greater than or equal to Rs. 50,000 and less than Rs. 1,00,000/-.	50% rental waiver: If previous month AMB is greater than or equal to Rs. 1,00,000 and less than Rs. 2,00,000/-.
100% rental waiver: If previous month AMB is Rs. 1,00,000/- and above.	100% rental waiver: If previous month AMB is Rs. 2,00,000/- and above.

The card offers free airport lounge access and accidental insurance coverage of Rs. 2 lakh.

Yes, you can initiate the process online by submitting your details and documents.

You’ll need proof of identity, address, and business proof such as a GST certificate or trade license to open the Merchant Plus Account.

No, branch transactions are chargeable as per service norms.

Waivers are automatically applied based on the previous month’s AMB.

Yes, all cash withdrawals at SIB branches are free and unlimited.

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Questions & Answers

Frequently Asked Questions

Get answers to your queries

No, the SIB Merchant Plus Current Account has no minimum balance requirement.

You receive 25 free cheque leaves monthly, with the option to earn up to 500 cheque leaves every month based on AMB.

Yes, all RTGS and NEFT digital transactions are free and unlimited.

POS Machine (Paperless)	POS Machine (with Paper roll)
25% rental waiver: If previous month AMB is greater than or equal to Rs. 25,000/- and less than Rs. 50,000/-.	25% rental waiver: If previous month AMB is greater than or equal to Rs. 50,000 and less than Rs. 1,00,000/-.
50% rental waiver: If previous month AMB is greater than or equal to Rs. 50,000 and less than Rs. 1,00,000/-.	50% rental waiver: If previous month AMB is greater than or equal to Rs. 1,00,000 and less than Rs. 2,00,000/-.
100% rental waiver: If previous month AMB is Rs. 1,00,000/- and above.	100% rental waiver: If previous month AMB is Rs. 2,00,000/- and above.