Lakshmi Vilas Bank Savings Account

Tenure Interest rates for general citizens Interest rates for senior citizens
Seven days to 14 days 4.45 4.75
140 days- 200 days 4.75 4.75
1 – 2 years 4.35 4.75
3-4 years 4.4 4.75

Lakshmi Vilas Bank Savings Account

Lakshmi Vilas Bank Savings Accounts allow customers to deposit money, keep it secure, and withdraw it while earning interest. It offers a savings account that is tailored to the needs of various customer groups. Vananchal Gramin Bank offers both a high-end and limited savings account for children under the age of eighteen. There are no minimum balance requirements on many of the bank’s savings account items, and it provides a range of choices, including online and mobile banking.

Features and Benefits of Lakshmi Vilas Bank Savings Account

Some of the benefits of getting a Lakshmi Vilas Bank savings account include:

  • Savings accounts at Lakshmi Vilas Bank have interest rates ranging from 3.00 per cent to 3.50 per cent.
  • For metro Urban branches, a balance of Rs. 10,000 in a Lakshmi Vilas Bank savings account is needed. 5,000 rupees in Indian rupees
  • In Semi-Urban branches, a deposit of Rs. 2,500 is needed, while in Rural branches, a deposit of Rs. 2,500 is required.
  • The Lakshmi Vilas Bank savings account can be moved to any other branch without changing the account number.
  • There are even a safe deposit box and a nomination facility.
  • The Lakshmi Vilas Bank savings account can be connected to a Multi Option Deposit account to gain higher term deposit interest on excess funds.
  • It offers a variety of debit cards to meet the needs of its customers.
  • Both online and missed call banking are available at Lakshmi Vilas Gramin Bank. The mobile banking platform allows for interbank mobile payment services (IMPS), utility bill transfers, mobile recharges, demand and statement requests, and chequebook requests.
  • Using a passbook is another choice.

Lakshmi Vilas Bank Savings Account Charges

Product Minimum Balance Interest Rate Non-Balance Maintenance Charges
Savings Max Account Rs. 25,000 3.00% – 3.50% 6 per cent of the Maximum Shortfall in the AMB slab or Rs. 600 whichever is lower
Regular Savings Account Rs. 10,000 for metro Urban branches Rs. 5,000 For Semi-Urban branches Rs. 2,500 for Rural branches is required to open a Savings Regular Account 3.00% – 3.50% Rs. 150 to Rs. 600
Women’s Savings Account Rs. 10,000 Metro Urban branches,Rs. 5,000 Semi Urban-Rural branches 3.00% – 3.50% Rs. 150 to Rs. 600
Kids Advantage Account Rs. 5,000 3.00% – 3.50% Rs. 150 to Rs. 300
Senior Citizens Account Rs. 5,000 Urban/ semi Urban 3.00% – 3.50% Rs. 150 to Rs. 300
Family Savings Group Account The combined Average Monthly Balance in all accounts should be Rs. 40,000 3.00% – 3.50% 6 per cent of the maximum shortfall in the AMB slab or Rs. 600 whichever is lower
Basic Savings Bank Deposit Account NIL 3.00% – 3.50% None
Institutional Savings Account NIL 3.00% – 3.50% None
BSBDA Small Account NIL 3.00% – 3.50% None
Savings Farmers Account Rs. 2,500 3.00% – 3.50% Upto Rs. 900

Lakshmi Vilas Bank Savings Account Products

Regular Savings Account

High-interest savings account that encourages conservative financial management.

Characteristics:

  • For all of your banking needs, use Net Banking, BillPay, Phone Banking, and Mobile Banking.
  • You won’t have to fill out any paperwork when you open a bank account online.

Eligibility requirements:

  • Indian citizens may open an individual or joint accounts.
  • The Hindu Undivided Family is also qualified for registration.
  • Minors would have to wait until they were ten years old to open a self-operated account.
  • Foreign nationals who have been in India for more than 180 days and have a valid passport, visa, FRRO Certificate, and Residential Permit are eligible to open an account.

Women’s Saving Account

 

This account gives you access to your bank 24 hours a day, seven days a week, making it easier to meet your daily banking needs.

Some of the features are as follows:

  • Getting a $10,000 personal injury death insurance policy is a good idea.
  • Accidental Hospitalization Insurance of Rs. 1 Lac in Reimbursement Coverage
  • For a limited period, the Auto Sweep account may be combined with a Multi Option Deposit MOD account to gain higher term deposit interest on excess funds.
  • Loans for automobiles and two-wheelers are accessible.

Eligibility requirements:

Only Indian women over the age of 18 have access to this account.

Kids Advantage Account

For independent women, all-in-one finance, savings, and lifestyle choice.

Some of the features are as follows:

  • One lakh rupees in free education insurance
  • It is necessary to build a one-year investment pool with a $1,000 monthly transfer requirement.
  • Subject to a minimum deposit number, this account can be connected to a Multi Option Deposit MOD account for higher term deposit interest on excess funds.

Eligibility requirements:

To open this account, the child must be under 18, and both parents must have a bank account.

Senior Citizens Account

Instil the habit of wise saving and spending in your children so that they can open and maintain this account on their own.

Some of the features are as follows:

  • Accidental Hospitalization A yearly cover of Rs. 50,000 is available.
  • Fixed Deposits pay a higher rate of interest.
  • Phone Banking, Net Banking, and Insta Alert are all free utilities.
  • Using the electronic statement service is fully risk-free.
  • Free PAP chequebooks are distributed. Any bank that provides this service will treat outstation checks you provide for clearing as local checks.

Eligibility requirements:

This account is only accessible to Indians over the age of 60.

Family Savings Group Account

Take advantage of the advantages of getting your own account, including improved health and savings, as well as the convenience of having your own deposit.

Some of the features are as follows:

  • When you reserve a locker, you will receive a 50% discount.
  • The paper can be downloaded for free. Using a PAP chequebook, transfer funds from savings account to a designated account.
    Net Banking, Phone Banking, and Mobile Banking make banking easy. Just a few people have access to online trading accounts.

Requirements for eligibility:

A joint account can be opened by family members who already have a Lakshmi Vilas Bank account. The account’s primary holder cannot be a minor.

Basic Savings Account

Get top-of-the-line banking facilities for your mates.

Some of the features are as follows:

  • Using an integrated voice response system (IVR) for phone banking is now completely legal.
  • Net Banking is a free service provided by the bank.
  • BillPay is a no-cost online service that allows you to pay all of your utility bills in one place.

Eligibility requirements:

This account is for residents of Indian Country who are 18 years old or older.

Institutional Savings Account

A zero-balance account that needs, among other things, connectivity to the world’s largest ATM network.

Identifying Characteristics:

  • When using a Par chequebook, no payment is needed.
  • The Cash Management Services team is in charge of this account, which receives gifts, fees, and other products.
  • Net Banking, Phone Banking, and Mobile Banking can be used to make online payments such as salary and vendor payments.
  • There is access to Net Banking, Phone Banking, and Mobile Banking.

Eligibility requirements:

Any trust, group, community, club, non-governmental organisation (NGO), charitable hospital, educational institute, or Section 25 company can open an account as long as they follow RBI guidelines.

BSBDA Small Account

This account can be used to rapidly and efficiently collect and pay your company’s bills.

Some of the features are as follows:

  • At any given time, the cumulative balance in your account does not exceed Rs. 50,000.
  • At any given time, the cumulative credit in all of your accounts does not exceed Rs. 1 lac.
  • In a month, your cumulative withdrawals and transfers do not exceed Rs. 10,000.

Eligibility requirements:

This account is for residents of Indian Country who are 18 years old or older.

Savings Farmers Account

Citizens who do not have a full KYC can use this account to access banking services.

Some of the features are as follows:

  • Discounts and exclusive deals are available on the bank’s online shopping website.
  • There is no annual charge for IVR-based Phone Banking. For the first year, the AMC for a new Demat account is waived.
  • For all of your banking needs, use Net Banking, BillPay, Phone Banking, and Mobile Banking.

Eligibility requirements:

Only at those locations are Farmer’s Savings Accounts open.

Lakshmi Vilas bank Savings Account Welcome kit

Lakshmi Vilas Bank Savings Account

Following that, a “Welcome Letter” (with Account and Customer Identification Numbers) and a separate “Welcome Kit” (with the International Debit Card, Cheque Book, and passwords to access Net-Banking (IPIN) and Telephone Banking) will be sent out (TIN).

Lakshmi Vilas Bank Documents Required to Open Savings Account

  • Passports, driver’s licences, voter identification cards, and other types of identification are all acceptable forms of identification.
  • A passport, driver’s licence, voter’s ID card, or another form of identification may be used to prove your address.
  • The 16th version of the PAN card (only if PAN card is not available)
  • 2 passport-sized pictures taken recently

Savings Account Opening Process at Lakshmi Vilas Bank

  • Schedule a meeting with the bank that best meets your needs.
  • To create a new account, fill out the registration form.
  • Know-Your-Customer (KYC) records must be sent (ID and Address proof)
  • Complete the form and include your passport photos.
  • If necessary, include a signed check.

FAQ’s for Lakshmi Vilas Bank Savings Account

Can I open Lakshmi Vilas bank savings account online?

Individuals can also open a Lakshmi Vilas Bank savings account through the internet. Individuals can open a digital savings account as well.

What is the minimum balance for a Lakshmi Vilas savings account?

The minimum balance requirement for Lakshmi Vilas Bank saving account products varies. You must have a minimum balance of Rs. 10,000 for metro urban branches and Rs. 5,000 for rural branches to open a Lakshmi Vilas Bank Regular Savings Account. A deposit of Rs. 2,500 for Semi-Urban branches and Rs. 2,500 for Rural branches is needed to open a Savings Regular Account.

Which saving account is best in Lakshmi Vilas?

Lakshmi Vilas Bank offers a range of different savings accounts. These profiles were made for a particular group of people. Individuals should compare interest rates, account minimums, and other features to determine which choice is best for them.

Can I open a Lakshmi Vilas Bank Savings Account with zero balance?

A minimum balance of Rs. 10,000 is needed to open a Lakshmi Vilas Bank Savings Account in metro Urban branches. In Indian rupees, 5,000 rupees A deposit of Rs. 2,500 is needed for semi-urban branches and Rs—2,500 for rural branches to open a Lakshmi Vilas Gramin Bank Savings Regular Account. People who do not hold their accounts in good standing are subject to non-balance management penalties.

For further information, please visit the official page of Dialabank.

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