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Lakshmi Vilas Bank Savings Account

Lakshmi Vilas Bank was established in the year 1926 and is one of India’s fast-emerging banks. This bank was founded by V.S.N Ramalinga Chettiar. It was initially set-up with the sole aim of catering to agriculturists, industrialists, and even traders specific to the Karur region. Between the years 1961 and 1965, the bank displayed enormous growth and by 1974 it had started expanding to many regions across India.

At present, the bank boasts of a wide network of nearly 400 branches, 800 ATMs, and 11 regional branches spread across the country. Majority of the concentration of this bank is still in Tamil Nadu.

Types of Lakshmi Vilas Bank Savings Accounts

Lakshmi Vilas Bank Savings Account
Savings AccountsFeatures
Lakshmi Vilas Savings Bank – SB 301
  1. Unlimited deposits – both amount and frequency
  2. Nominal minimum balance requirement
Lakshmi Vilas Bank SAANVI
  1. Designed for Women
  2. Free deposits and withdrawals
Basic Savings Bank Deposit Account
  1. Zero balance requirement
  2. RuPay ATM Card
TASC Account
  1. Designed for Trusts, societies, associations, clubs
  2. Free cash withdrawal
Lakshmi Titanium Savings Account
  1. Minimum average monthly balance of Rs. 1 Lakh
  2. Free NEFT/RTGS facility
Lakshmi Corporate Salary Account
  1. Zero balance requirement
  2. Free cash withdrawal
Lakshmi Savings Gold
  1. Minimum monthly balance of Rs. 10,000
  2. Free cash withdrawals at ATMs
Lakshmi Savings Star Gold
  1. Minimum monthly balance of Rs. 20,000
  2. Unlimited cash withdrawals at base branch
Lakshmi Savings Balance Free
  1. Zero balance needed
  2. Unlimited cash withdrawals permitted
Lakshmi Savings Youth Power
  1. Minimum balance of Rs.100
  2. Unlimited cash withdrawals

Lakshmi Vilas Savings Bank- SB 301

This account is designed to meet the needs of those who have started with the habit of saving money. The objective of this account is to facilitate and also promote savings habit. The different benefits offered under this savings account are -

  • The minimum deposit requirement is:
    • Rs. 1,000 for rural areas
    • Rs. 3,000 for semi-urban areas
    • Rs. 5,000 for urban and metro branches
  • Passbook is available with this bank account
  • Customers can also avail of nomination and standing instructions facility

Eligibility:

This savings account can be opened by individuals either for sole ownership or as a joint savings account. Parents or guardians can open this account on behalf of minors who are at least 12 years old. It can also be opened by trusts, clubs, societies, institutions, etc.

Lakshmi Vilas Bank SAANVI

This account is specially designed for women. It can be opened solely or under joint ownership. The objective of this savings account is to empower women and also inculcate savings habit among women. Here are some of the benefits offered -

  • A minimum average quarterly balance of Rs. 5,000 has to be maintained under this account if it is opened in Metro and urban branches. In case it comes under semi-urban or rural area, a minimum balance of Rs. 3,000 has to be maintained every quarter
  • Customers can avail of RuPay Platinum International debit card which comes free for the first year and chargeable at Rs. 100 afterward
  • ATM transactions are free of cost at any of the bank ATMs
  • Internet and mobile banking can also be opted along with this account

Eligibility:

This savings account can be opened only by women who are at least 18 years of age or above. This is applicable for individual ownership or sole ownership accounts. For joint ownership, there is no age limit defined as per bank norms.

Basic Savings Bank Deposit Account

As the name suggests, this savings account comes with all the basic features without any big investment requirements. Here are the key features -

  • This is a zero minimum balance account
  • It comes with a free RuPay ATM/smart card
  • Account owners can make up to 4 free withdrawals per month, including ATM withdrawals. There is no defined limit as far as deposits are concerned
  • It does not have internet banking facility attached
  • If an individual opts for this account, he or she cannot apply for any other savings account with Lakshmi Vilas Bank. In case there is an already existing account at the time of applying for this account, the applicant has to close the previously existing account within a month from the time of this account opening date

Eligibility:

Individuals who are above 18 years of age can apply for this account.

TASC Account

This account is specially designed for clubs, trusts, associations, societies, etc. This account is segregated into three sub-account types for personalization of services. Following are the special characteristics of this account -

  • Minimum average monthly balance requirements are as below:
    • Lakshmi Vilas Bank TASC SB/CA – Rs. 10,000
    • Lakshmi Prime TASC SB/CA – Rs. 1 Lakh
    • Lakshmi Premium TASC SB/CA – Rs. 5 Lakh
  • Salary account is available among the various facilities offered by this account
  • Unlimited cash withdrawals can be made at the base branch. These do not attract any charges
  • The account comes with NEFT and RTGS facilities. For Lakshmi Prime and Lakshmi Premium TASC accounts, these services are free of cost

Eligibility:

This account can be opened by entities and non-profit organizations like trusts, societies, clubs, associations, etc.

Lakshmi Titanium Savings Account

Following are the basic features of this account -

  • A minimum average monthly balance of Rs. 1 Lakh has to be maintained under this account
  • The account offers free Visa Gold card for the first year of account opening and chargeable thereafter
  • Locker facility can be availed at a 25% discount on the annual charges
  • It comes with free NEFT, RTGS, and net banking facilities

Eligibility

Any Indian residents between the ages of 18-70 years can apply for this account.

Lakshmi Corporate Salary Account

Basic features of this account are as follows –

  • There is no minimum balance requirement under this account
  • For a monthly salary up to Rs. 50,000 customers can get Visa Classic card and for monthly salary above Rs. 50,000 customers can get Visa Gold card under this account
  • The account offers free personal accidental cover of Rs. 2 Lakh which is renewable every year
  • NEFT, RTGS, and Net banking facilities are free with this account

Eligibility

A minimum number of 7 accounts need to be opened under this savings account scheme. A minimum monthly salary of an individual employee should be Rs. 15,000 and the age of the employee should be between 18-70 years.

Lakshmi Savings Gold

Basic features of this account are as follows –

  • A minimum balance of Rs. 10,000 has to be maintained per month
  • Free Visa international debit card can be availed for the first year of account opening
  • The account comes along with a free personal accidental cover of Rs. 1 Lakh for every first account holder
  • Account also offers free internet banking facility

Eligibility

The applicant has to be in the age range of 17-80 years.

Lakshmi Savings Star Gold

Basic features of this account are as follows –

  • A minimum balance of Rs. 20,000 has to be maintained per month
  • Free Visa international debit card can be availed for the first year of account opening
  • The account comes along with a free personal accidental cover of Rs. 2 Lakh for every first account holder
  • Account also offers free internet banking facility

Eligibility

The applicant has to be in the age range of 17-80 years.

Lakshmi Savings Balance Free

This account is primarily meant for salaried individuals. Basic features of this account are as follows –

  • This is a zero-balance account
  • Free Visa international debit card can be availed for the first year of account opening
  • ATM withdrawals of Rs. 25,000 per day are permitted
  • Account also offers free internet banking facility

Eligibility

For an individual to apply for this account, the individual’s employer must have an account with Lakshmi Vilas Bank.

Lakshmi Savings Youth Power

Individuals in the age range of 12-24 years can apply for this account. Basic features of this account are as follows –

  • Minimum balance requirement is Rs. 100
  • Free Visa international debit card can be availed for the first year of account opening
  • ATM withdrawals of Rs. 5,000 per day are permitted
  • Account also offers free internet banking facility for account holders above 18 years of age

Eligibility

Applicants must be in the age range of 12-24 years to qualify for this account.

Lakshmi Vilas Bank Savings Account: FAQs

1. What are the documents required for opening a savings account with Lakshmi Vilas Bank?

An applicant needs to furnish proof of ID which can be either of PAN card, Aadhaar card, Voter ID, Passport, or Driving license. As Proof of address, an applicant can submit either of the before-mentioned documents or bank account statement or utility bills. As proof of age, the applicant needs to submit a birth certificate or passport or school/college certificate.

2. How can I open a savings account with Lakshmi Vilas Bank?

You can visit one of the Lakshmi Vilas Bank branches to complete account opening formalities and submit necessary documents. The documents need to be self-attested and submitted along with a recent passport-sized photographs. After the documents are thoroughly verified, you will be notified about the account activation.

3. Can I open a savings account with Lakshmi Vilas Bank online?

Yes. You can opt to use the online service for opening a savings account with the bank. The application form can be sourced from the bank website and after filling in the necessary details, bank staff will contact you to complete the remaining formalities of opening a savings account.

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