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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.
About Lakshmi Vilas Bank Savings Account
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 -
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 -
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 -
Individuals who are above 18 years of age can apply for this 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 -
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 -
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 –
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
The applicant has to be in the age range of 17-80 years.
Lakshmi Savings Star Gold
Lakshmi Savings Balance Free
This account is primarily meant for salaried individuals. Basic features of this account are as follows –
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 –
Applicants must be in the age range of 12-24 years to qualify for this account.
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.
Withdrawals at Lakshmi Vilas Bank capped at Rs. 25,000 until December 1618 Nov 2020
Chennai-based Lakshmi Vilas Bank becomes the latest bank to struggle under the weight of bad loans. The RBI has assured the bank’s customers that there is no need to panic. The RBI is currently finalising a deal with the Indian wing of Singapore-base...
Chennai-based Lakshmi Vilas Bank becomes the latest bank to struggle under the weight of bad loans. The RBI has assured the bank’s customers that there is no need to panic. The RBI is currently finalising a deal with the Indian wing of Singapore-based DBS bank to inject money into the ailing Lakshmi Vilas Bank and to work out a rescue plan. Till the deals are finalised, the RBI has capped withdrawals at Rs. 25,000 per account. The Central Bank hopes to iron out a deal with DBS before 16th December.
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