Lakshmi Vilas Bank Savings Account

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Lakshmi Vilas Bank Savings account

Often, a savings account is the first bank account that people open. A savings account is one of the most popular types of bank accounts as it is easy to operate. These accounts offer a low interest rate, but are a safe and convenient way of storing money. There are different kinds of savings accounts for different needs. Banks also offer zero-balance savings accounts for those who want just basic banking facilities like withdrawals and deposits.

Advantages of a savings account

There are several advantages to having a savings account:

  • Easy access to your money: You can deposit and withdraw money from a savings account as and when you need it.
  • Interest income: While you earn less interest in a savings account as compared to an FD (Fixed Deposit) or RD (Recurring Deposit) account, you also have far greater freedom in operating the account. Your money is not locked in unlike in an FD account.
  • Bill payment: It is simple and quick to pay your utility bills etc. with digital banking.
  • Transferring funds with ease: You can transfer funds and conduct various banking transactions with a savings account.
  • Safety: It is definitely better to store your money securely in a bank rather than keeping it at home.
  • Requires minimal documentation: A savings bank account is easy to open and requires minimal documentation


  • There are various fees associated with a savings account.
  • You need to maintain a specific balance each month in order to avoid penalties. The minimum balance required, interest rate and fees and charges vary from bank to bank and the type of account opened.
  • The interest is far lower when compared to that of, say, a Fixed Deposit account and offers low returns in comparison to other forms of savings.

Even with the downsides, a savings account is popular with the old and the young, as it provides easy access to money in times of need and inculcates a habit of saving. With the easy banking modes it has on offer, a savings account is a must to have.

Lakshmi Vilas Bank Savings Account

A Lakshmi Vilas Bank savings account provides a host of banking benefits like flexible easy accounts management, along with a competitive interest rate. You can make quick utility bill payments via NetBanking, and enjoy various features in convenience banking with a Lakshmi Vilas Bank Savings Account.

Features and Benefits of a Lakshmi Vilas Bank Savings Account

There are various benefits to having a savings account with Lakshmi Vilas Bank:

  • Safety and security when you store your cash in a savings account
  • Different savings account for different needs.
  • Access your account with ease via Internet Banking / SMS Bank / Phone Banking

Types of Lakshmi Vilas Bank Savings Accounts

Below are a few of the different savings accounts available. For the full list of savings accounts options, check the bank website or visit the nearest branch.

Basic Savings Bank Deposit

To encourage financial inclusion, the BSBD account is targeted at individuals who require basic banking services and do not wish to maintain a minimum balance. Other features of this savings account include:

  • Deposit and withdrawal of cash at bank branch as well as ATMs
  • Receipt/credit of money through electronic payment channels or by means of deposit/collection of cheques drawn by Central/State Government agencies and departments
  • No limit on the number of deposits that can be made in a month
  • Maximum of four withdrawals in a month, including ATM withdrawals
  • Facility of Rupay ATM card (non-FI)/Smart card (FI account).
  • Basic Savings Bank Deposit Account holders will not be eligible to open any other savings bank deposit account in the bank.

Lakshmi Mahila Power

This savings account is designed specifically for women and all women above the age of 18 are eligible to open the account, singly or jointly with another woman.

  • The average quarterly minimum balance is Rs 300 for rural and semi urban areas, and Rs 5000 for urban areas.
  • Free cash withdrawals from all branches
  • Free Visa International Debit Card
  • Free sms alerts, mobile banking
  • Free insurance cover for loss of life, permanent disability or hospital expenses (for first holder)

Lakshmi Saving Youth Power

  • For young people aged between 12-24.
  • Minimum balance of Rs 100.
  • Free International Visa Debit Card for the first year. Charge of Rs 100 per year after that.
  • Daily withdrawal limit of Rs. 5000.
  • Net banking facilities for those over 18 years.

Lakshmi Savings Star Gold

  • No limit for cash withdrawals at the base Branch (branch where account is opened)
  • No charges for Demand Draft/ Pay Order up to any amount.
  • Free Cash Remittance at base branch
  • In case of Cash Remittance at non-base branches, free up to Rs.50,000 per day thereafter Re 1 per Rs 1000.
  • A charge of Rs.100 per month is applicable in case of non-maintenance of minimum balance.
  • No charges for remittance through RTGS/ NEFT
  • Free VISA International Debit Card (Rs.100 will be levied from second year onwards as annual fee)
  • Free Personal Accident Insurance Cover (Death Risk) of Rs. 2,00,000 (renewable every year) for the First account holder.

Lakshmi Titanium Savings Account

This account is targeted at high net worth individuals who maintain an average monthly minimum balance of Rs. 1,00,000 in the account. Benefits of having this account include:

  • Free cash remittance and withdrawal at base branch (where account was opened)
  • Free Visa Gold Debit Card for the first year (and Rs. 100 thereafter)
  • 25% discount on annual locker fee
  • Free Demat account opening
  • Free Personal Accident Insurance Cover (Death Risk) of Rs.5,00,000 (renewable every year) between 18 to 70 years. (For first holder of account only)

Lakshmi Vilas Bank Savings Account Minimum Balance

The minimum balance required in a Lakshmi Vilas Bank savings account differs with each kind of account. It is advisable to contact the bank directly for details. Following is an overview:

Type of Savings Account Average Quarterly Balance Required
Basic Savings Bank Deposit Nil
Lakshmi Mahila Power Rs. 3000 for rural and semi urban areas
Rs. 5000 for urban areas
Lakshmi Saving Youth Power Rs. 100 ( Minimum balance at all times)
Lakshmi Savings Star Gold Rs.20,000 ( average monthly minimum balance)
Lakshmi Titanium Savings Account Rs. 1,00,000 (average monthly minimum balance)

Lakshmi Vilas Bank Savings Account Interest Rate

Lakshmi Vilas Bank savings account offers interest rates of between 4% -7% based on the amount in the account, depending on the daily balance, and the type of account. Do keep in mind that the rates are subject to change at the sole discretion of the bank. It is advisable to check with the Bank for accurate rates.

Lakshmi Vilas Bank Savings Account Charges

The various kinds of Lakshmi Vilas Bank savings accounts have a different schedule of charges. It is best to contact the Bank directly for the most up to date charges.

How to open a Lakshmi Vilas Bank Savings Account

It is simple to open a Lakshmi Vilas Bank savings account. You can visit your nearest branch and have a customer care representative help you with the forms. You can talk to the representative about your saving needs and open an account accordingly.

Alternatively, you can open a savings account online:

1. Submit the request for account opening, by mentioning your contact details and selecting the preferred branch, product type, convenient place and time to meet etc.

2. On submitting the application, you will be provided with a unique reference number to track the status of the application.

3. A mail will be sent to you mentioning the list of documents to be submitted for opening the account. A bank officer will contact you for completing the formalities for opening the account.

You can track the status of your application based on the reference number provided to you.

Lakshmi Vilas Bank Savings Account FAQS

What is the best interest rate on a Lakshmi Vilas Bank saving account?

The interest rates are currently between 4-7% per annum on savings accounts, depending on the balance and the type of account. For the latest interest rates, it is best to contact the nearest branch.

Who is eligible to open a Basic Savings Account with Lakshmi Vilas Bank?

All resident individuals, singly or jointly, minors along with parent or legal guardian, are eligible to open a savings account. Of course, each account might have different eligibility criteria – for instance, only women can open a Mahila Power account, and only customers above the age of 60 can open a Senior Citizens account.

Is it possible to open a Lakshmi Vilas Bank savings account online?

Yes, absolutely. It is quick and hassle free. You can fill in the online account opening form and a bank officer will contact you to complete the formalities. You can also track your application status online.

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