South Indian Bank has introduced a new premium savings product exclusively for women, aiming to deepen its retail franchise and cater to affluent female customers, including Non-Resident Indians (NRIs). The 'SIB HER Account' comes packed with a range of financial and lifestyle benefits designed to appeal to this specific demographic.

Key Features of SIB HER Account

The SIB HER Account stands out with its comprehensive insurance coverage, offering air accident insurance up to ₹1.00 crore and cancer care coverage up to ₹25.00 lakh. These features address both travel safety concerns and health-related financial protection, which are increasingly important considerations for many customers.

The account also includes an auto-sweep facility, a feature that automatically transfers excess funds from the savings account to a fixed deposit, potentially offering higher interest rates on surplus balances. This can help account holders optimize their returns while maintaining liquidity.

For frequent travelers, the complimentary airport lounge access adds a touch of luxury and convenience to their journeys. This perk aligns with the premium positioning of the account and caters to the lifestyle needs of its target audience.

South Indian Bank's move to launch this women-centric product reflects a growing trend in the banking sector to create tailored financial solutions for specific customer segments. By bundling various financial services and lifestyle benefits into a single product, the bank aims to attract and retain affluent women customers, including those from the NRI segment.

The introduction of the SIB HER Account suggests that South Indian Bank is strategically focusing on expanding its retail banking offerings and enhancing its appeal to a key demographic. This product launch could potentially help the bank strengthen its position in the competitive retail banking landscape, particularly in the women's banking segment.

As with any financial product, potential customers are advised to carefully review the terms and conditions, including the ₹50,000.00 monthly balance requirement, to ensure the account aligns with their financial needs and capabilities.

South Indian Bank (SIB) has successfully completed the maturity payment of its Non-Convertible, Redeemable, Unsecured, Basel III Compliant, Tier II Bonds, marking a significant financial milestone for the bank. The redemption involved a total principal amount of Rs 300.00 crores along with an interest payment of Rs 18.03 crores.

Bond Details and Redemption

The bonds, which carried a face value of Rs 10 lakh each, were issued with a coupon rate of 10.25% per annum. The bank redeemed a total of 3,000 bonds on the scheduled maturity date. Here's a breakdown of the redemption details:

Interest Payment

Along with the principal redemption, South Indian Bank also made the final interest payment. The details of the interest payment are as follows:

The bank confirmed that both the principal redemption and the interest payment were executed on time, in line with the bond's terms and conditions.

Regulatory Compliance

In adherence to the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, South Indian Bank has duly informed the National Stock Exchange of India Ltd. and BSE Ltd. about the completion of this bond redemption and interest payment. This transparent communication underscores the bank's commitment to regulatory compliance and shareholder information.

The successful redemption of these Basel III Compliant Tier II Bonds demonstrates South Indian Bank's financial management and its ability to meet its debt obligations on time. It also reflects the bank's capital management strategy in line with regulatory requirements.