Vijaya Bank Savings Account | How To Open & Interest Rate

The Vijaya Bank is a public sector bank of India. The bank was established in the year 1931. The bank has its headquarters in Bangalore, Karnataka India. It is one of the nationalized banks in India. The bank has a wide network of 2031 branches and over 4000 customer touch points including 2001 ATMs. The bank offers a wide range of financial products and services to its customers through various channels. One of its services is the “Savings Account” which we will be talking about in this article.

How to Open a Vijaya Bank Savings Account

Vijaya Bank provides online as well as the offline mode to open an account. In online mode of application, the candidates can open the account online by visiting the bank’s website. Visit the bank’s website, click on the “Online SB Account Opening” Tab which is located on the right side of the page. Fill in the application form with required details. After filling the application form click on “Save and Continue” option. Then select your nearest bank branch and time slot and complete the account opening process.

In the offline mode of account opening, you can visit the nearest bank branch and apply for an account. Fill in the account opening form and submit it along with the mentioned documents to activate your Savings Account.

Types of Vijaya Bank Savings Account

The Vijaya Bank has different types of Bank’s Savings Account as per the requirement of the customers.

V Payroll Savings Account

This is a basic saving account that is exclusively for the salaried employees, such as working in the Government Firms, Private Companies, and Institutions. You can open at least 10 accounts, with each account holder earning above Rs 5000 per month. This is a zero-balance account with a concession of 50% on the Demand Draft, standing instructions and other remittances. The account holders can get an access to the Internet banking and Demat Facilities and will also receive a free Debit Card (if eligible). The account holders will also enjoy the withdrawals of up to Rs 20, 000 from ATMs.

V Genuth Savings Account

This savings account is mainly for your children. This is a zero-balance account and can be opened on the birth of a child. The first deposit will be as low as Rs 10. This is a single account holder. The guardians or the parents can operate the account till the child reaches the age of 18 years. The features of this account include free money transfers from the parent’s account to the children’s account, Internet Banking Facility, Cheque Books (for the children above 12 years). The holders will also receive a concession of 0.50% on the Education Loan Rates.

V Balika Savings Account

This is a zero-balance account that can be opened by a girl who is below 16 years of age. The girl must be:

• Scheduled Caste/ Scheduled Tribes students who have cleared Class VIII.
• She must be unmarried.
• Students of the Kasturba Gandhi Balika Vidyalaya and must have cleared Class VIII. Non-ST/SC Girl Students also qualify.
• Enrolled in Class IX in any Indian State or Union Territory school that is Government-run and run by the Local Bodies.

This is a term deposit account where the Government scheme incentive money will be deposited and the cumulative interest will be paid out as per the domestic term deposit rates. The deposits are maintained till the child reaches 10 years of age.

V Platinum Savings Account

This savings account offers the account holders a number of privileges along with many add-on benefits such as 100 free cheques leaves every year. A Debit card is also issued for free and there are no charges applied for opening a Demat Account. The additional benefits include free credit card with first-year charges and waived and accidental death insurance cover worth Rs 1 Lakhs. These benefits are subjected to the maintenance of the minimum balance.

Vijaya Saral Savings Account

This account is a single holder account and can be opened with a starting deposit of just Rs 10. There are no charges for non-maintenance of the account balance. The maximum withdrawal in a year is Rs 36. There are no folio charges for this account.

V Basic Small Savings Account

This savings account provides basic banking functions and activities. This account is for those who can comply with the Know Your Customer (KYC) Norms. The holders will not be charged with the Government issued cheques and can receive money through NEFT/RTGS Facility. This account is a zero-balance account and the initial deposit is Rs 10 and above. The Holders are eligible for a Ru Pay Debit Card or an ATM Card if in case they do not possess a PAN Card. If the account holder id having this account, the holders cannot operate with any other accounts with the bank.

V Basic Savings Bank Deposit- Small Account

This account is for the individuals who do not possess all the KYC Documents. The features and facilities are same to that of the V Basic Small Savings Account, but you will not be able to withdraw or transfer amounts above Rs 10, 000 in a month. The balance of the account will not be more than Rs 50, 000 at any stage and the total credits must be below Rs 1 Lakh per financial year.

Minimum Balance Requirements of the Vijaya Bank Savings Account

The Vijaya Savings Account offers different minimum balance depending on the type of the account, targeted customers and geographical location. Below is the lists of the balance requirements for the Bank’s Savings Account:

Type of Savings Account	Minimum Balance Requirement
V Payroll Savings Account	Nil
V Genuth Savings Account	Nil
V Balika Savings Account	Nil
V Platinum Savings Account	Metro- Rs. 50, 000 Urban- Rs. 25, 000 Semi-Urban- Rs. 15, 000 Rural- Rs. 10, 000
Vijaya Saral Savings Account	Nil
V Basic Savings Bank Deposit Account	Nil
V Basic Savings Bank Deposit – Small Account	Nil

Rate of Interests Offered by the Vijaya Bank Savings Account

The Vijaya Bank provides a rate of interest of 4% per annum, unless specified.

Eligibility Criteria Required While Opening a Vijaya Bank Savings Account

The following list of the individuals are eligible to open a Vijaya Bank Savings Account:

• Individuals (Single and Joint Account Holder)
• Hindu Undivided Families (HUFs).
• Minors (who are jointly held with a parent or a guardian)
• Minors above 12 years of age (have to furnish the proof of date of birth)
• Officers, Trusts, Associations, Clubs, Schools and Religious Institutions.

Documents Required for Vijaya Bank Savings Account Opening

The following documents have to be submitted for opening a Vijaya Bank Savings Account. The lists of the documents are mentioned below:

• Passport-Sized Photographs
• Proof of Residence
• Proof of Identity

Proof of Residence Documents

The applicants can provide any one of the documents towards the proof of residence:

• Bank Account Statement
• Utility Bills such as the Telephone Bills, Electricity Bills etc.
• Ration Card
• Letter from each applicant’s employer.
• Passport
• Voter ID Card

Proof of Identity Documents

The applicant can submit any one of the following documents as the Proof of Identity Documents:

• Passport
• Permanent Account Number (PAN)
• Valid Driving License
• Government issued Photo Identity Card.
• A Letter issued by a Public Authority or the Public Servant confirming the identity and the residence of the applicant subjected to the bank’s satisfaction.