Last updated on December 28th, 2017 at 10:59 am
The Lakshmi Vilas Bank is Nation’s one of the fastest emerging bank. The bank was established in the year 1926 and was founded by V.S.N Ramalinga Chettiar. The main objective of the bank is to help the agriculturists, traders and industrialists living in the Karur region. Currently, the bank has a widespread network of 400 branches, 11 Regional Branches and 800 ATMs across the country.
- 1 Types of Savings Account Provided by the Lakshmi Vilas Savings Account
- 2 Eligibility Criteria for the Lakshmi Vilas Savings Account
- 3 Documents Required For Opening a Lakshmi Vilas Savings Account
Types of Savings Account Provided by the Lakshmi Vilas Savings Account
The Lakshmi Vilas Bank has different types of savings accounts as per the need of the customer. The different types of savings account offered by the bank are as follows:
Lakshmi Vilas SB301
This type of savings account offers a minimum deposit balance of Rs 500, along with a chequebook facility (for rural and semi-urban branches) or a minimum deposit balance of Rs 1000 with a cheque book facility of (for urban and metro branches). It offers an interest rate of 5% per annum for the account which has a minimum balance of Rs 5 Lakhs and a 6% of the rate of interest for an account whose minimum balance will be above Rs 5 Lakhs. The account also provides a passbook in order to track down the account balance status. The account holder can also avail standing instructions facility at the nominal charge. You can also make an unlimited number of deposits for an amount without any charge. This account also offers a nomination facility.
Lakshmi Prime Savings Account
This savings account offers you to withdraw cash free of charge from any bank’s base branch. For any non-base bank branch, the account holder can withdraw up to Rs 1 Lakh, free of charge. After that, a charge of Rs 2 will be levied on every Rs 1000 withdrawn, with a maximum of Rs 50 per transaction. The account holds up to 25 NEFT and RTGS transactions each month. It also provides Door-step banking as well at nominal charges. The account holders can also experience the net banking facility and SMS Alerts to manage the funds and make the payments. Cheque-book facility is also provided with this account. The account holder receives a 50 Leaf Cheque book per quarter. You can also track your account by subscribing to monthly e-statements free of charge.
Basic Savings Bank Deposit Account (BSBDA)
This savings account offers various banking services such as the cash withdrawal, cash deposit at the bank branches and ATMs, credit or receipt of funds via electronic payment channels, collection or deposit of cheques drawn by the State or Central Government department or agencies. You can make up to a maximum of 4 withdrawals in a month (from ATMs and Branches). After that, standard charges are applicable for further transactions. The account holders can avail the facility of Ru Pay ATM Card (for non FI- account) or a Smart Card (FI Account). The customers who have Basic Savings Account cannot open any other type of savings account with the bank. If in case the customer has any other account along with the Basic Savings Bank Deposit Account, then he/she must close their account within 30 days from the date where their BSBDA is opened.
The cash withdrawals are free of charge in case of base branch whereas, for non-base bank branch the service charges are applicable. The cash remittance can be done free of charge at the base branch (cash handling charges are applied). The RTGS and NEFT transactions are done free of charge. A Visa Gold Card is issued along with this account on the first year’s annual fee. The account holder can avail up to 25% discount on the Safe Deposit Locker annual fee. You can also track your account activity through monthly e-statements which are provided free of charge. The account provides free Personal Accident Insurance Cover of Rs 1 lakhs. It also provides 24 X 7 online banking facility, along with the SMS alerts.
Lakshmi Gold Savings Account
In this savings account the account holder can perform unlimited cash withdrawals at the base branch where your account is opened. They are provided with free Personal Accident Cover worth Rs 1 Lakh which is renewable every year. The account offers facilities to track down the account activity through monthly e-statements and SMS Alerts. Net-banking facility is provided anytime and anywhere. A Visa International Debit Card is issued along with this savings bank account with a waiver on first year’s annual fee. You can also avail the facility of free multi-cheque books with this account. NEFT and RTGS transactions are carried without any charge. You can also enjoy free cash withdrawals at any bank branch’s ATM.
Lakshmi Savings Star Gold
This type of savings account provides an instant credit up to Rs 20, 000 per occasion. Unlimited cash withdrawals can be done at the base bank branch where the account is opened. A Visa International Debit card is issued along with the account. Provides the facility of SMS Service and monthly e-statement alerts so as to track the daily account activities. The net-banking facility can be availed anytime and anywhere. Free multi-cheque books are available with this account. The account holders are entitled to free Personal Accident Cover worth Rs 1 Lakh which is renewable each year. The remit funds via NEFT and RTGS are done without any charge.
Lakshmi Savings Balance Free
This type of savings account is specially designed for the salaried individuals, whose employer organization has a link with the bank. With this account, the customer can have their salary directly credited to their account. It also has a Zero Balance account, which means that you don’t have to maintain any minimum balance. The account holder can perform unlimited cash withdrawals at the base branch where your account is opened. The holder can enjoy cash remittance, free of charge at the base branch (cash handling charges are applicable). The Balance free account holders who are entitled to the Visa International Debit card with a waiver on the first year’s annual fee. You can also avail an ATM withdrawal limit of Rs 25, 000/- per day. Net banking facility is available anytime and anywhere.
Savings Youth Power
The account holders are allow to withdraw unlimited cash at the bank’s base branch where the account is opened. The demand draft, postal order issued for the payment of the school, college or hostel fee can be done free of charge. Funds transactions between any two Lakshmi Vilas bank is done free of charge. The cheque book facility is available to the customers who are above 18 years. A Visa International Debit Card is issued along with this savings bank account. The ATM debit card has a daily withdrawal limit of Rs 5000. The Internet banking facility is available to the customers who are above the age 18 years. Mobile banking and SMS alerts are available to keep a track of your account activities.
Lakshmi Mahila Power
This type of savings account is specially designed for the women. It provides different types of benefits and freebies. The account holders are also provided with insurance coverage for the death of an insured member, permanent total disability and hospital expenses incurred due to accident. It allows NEFT and RTGS transactions up to Rs 10 Lakh per month and is carried out free of charge after that standard charges are applicable. Unlimited cash withdrawal facility is available at the base branch where the account has been opened. A Visa International Debit card is issued along with this savings account. The additional features include: free funds transfers within KVB Branches and the facility of the e-statements, free of cost. Internet banking and mobile banking can be availed free of cost. The account holders can make the bill payments easily.
Eligibility Criteria for the Lakshmi Vilas Savings Account
Eligibility Conditions for SB 301 Savings Account:
- Can be opened by an individual in their own name.
- Two or more persons, payable to any of them/ survivor/ survivors.
- Two or more persons, who are payable to all of them jointly.
- By a guardian on the behalf of a minor.
- A minor who has attained the age of 12 years can open this account.
- Different associations, clubs, local bodies, religious institutions, charitable trusts etc. and the bodies of a similar constitution.
- Illiterate persons
Basic Savings Bank Deposit Account (BSBDA):
- This account can only be opened by the adults.
- The individuals who are aged between 18 to 70 years.
- Hindu Undivided Families (HUF)
Lakshmi Savings Gold and Lakshmi Savings Star Gold:
- This account can be opened by the individuals are aged between 17 years- 80 years.
Lakshmi Savings Youth Power:
- This account can be only opened by the individuals who are aged between 18 to 24 years.
Lakshmi Mahila Power Account:
- This account can only be opened by the women who are 18 years or above.
- The account can be opened singly or jointly but with women only.
Documents Required For Opening a Lakshmi Vilas Savings Account
Documents Required for SB 301 Savings Account
- The customers who are willing to apply the SB 301 savings account must be introduced by an individual already holding an account with the bank. Preferably other savings bank or current account holders with the branch.
- Most recent passport size photograph of the applicant.
- The applicant must furnish the proof of residence and the identity via documents such as the Passports, Driving License, ID card which is issued by the tax authorities, Voter ID Card etc.
- Duly filled application form, an initial deposit of cash along with a suitable introduction made by an existing customer of the bank.
Documents Required for the Lakshmi Savings Youth Power
- Duly filled Savings Bank account form
- Applicant’s recent photograph
- Proof of age
- All the KYC Related documents
- Once, the original documents are verified, the applicant must submit and get any one of the following documents attested- Passport/ School or College Certificate or Birth Certificate from a valid authority.