Shamrao Vithal Co-op Bank Savings Account

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SVC Bank Savings Account

A savings account is basic type of bank account which offers a nominal interest rate but at the same time, it is a tested way of storing your hard-earned money safely. A savings account is often the first bank account for many as it is very easy to open and operate, even for the illiterate. There are different kinds of savings accounts for different needs. Banks also offer zero-balance savings account for those who can’t maintain a regular balance.

Advantages of having a savings account

There are several advantages to having a savings account. Following is an overview:

  • Liquidity: You can deposit and withdraw money from a savings account as per your needs.
  • Interest income: The money sitting in your savings account doesn’t stay idle; it accrues interest. However, the interest in a savings account as compared to an FD or RD account may is lower.
  • Paying bills: With the advent of digital banking, it is extremely easy to pay your utility bills etc.
  • Transfer with ease: You can transfer funds and conduct various banking transactions with a savings account.
  • Safety: It is better to store your money securely in a bank rather than keeping it in your home.
  • Requires minimal documentation: A savings bank account is easy to open and requires minimal documentation. You can even open an account if you have no KYC documents. This scheme varies from bank to bank though.

Disadvantages:

  • There are various fees associated with maintaining a savings account.
  • You need to maintain a specific balance each month 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.

Shamrao Vithal Co-op Bank Savings Account

A Shamrao Vithal Co-op 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 Shamrao Vithal Co-op Bank Savings Account.

Features and Benefit of Shamrao Vithal Co-op Bank Savings Account

There are various benefits to having a savings account with Shamrao Vithal Co-op 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 Shamrao Vithal Co-op Bank Savings Accounts

SVC Bank Star Savings Account

  • Any Minor between the ages of 10-18 years can open the account
  • Self-Operated Minor Account
  • Account can be opened with a nominal deposit of Rs. 100
  • Debit Visa Card with daily withdrawal Limit (from ATM) of Rs. 5000.
  • Internet Banking - View only
  • No Minimum Balance Requirement.
  • Free SMS Banking, Passbook facility
  • SI Facility Available for Fund Transfer from Parent(s) (Natural Guardian) Account to STAR Savings Account.

SVC Bank Minor Account

  • Any Minor between the ages of 0-18 years is eligible to open the account
  • Account can be operated by Guardians Only
  • Debit Visa Card with a Daily ATM Cash Limit of Rs: 10,000/- & POS Limit of Rs. 15,000
  • Internet Banking, Free SMS Banking and Free Passbook Facility
  • 1 Free Cheque book per year of 25 Cheque Leaves

Basic Savings Bank Deposit Account & Small SB A/C

  • Account can be opened with Zero balance
  • ATM Card issued
  • 1 Free Cheque book per year of 25 Cheque Leaves
  • Stop Payment Instructions
  • Pass Book facility available

SVC - Society

  • Society or group of societies or federation having minimum of 50 members or on a case- to-case basis are eligible to open SVC Society account.
  • Account must be opened with a minimum balance as stipulated by the bank from time to time.
  • An Average Quarterly Balance (stipulated by the bank from time to time) must be maintained.
  • Free Maintenance of Bills and Receipts. (Under SVC Society Module Scheme).
  • Free cheque book facility of 250 cheque leaves per annum.
  • Free Cheque Drop box facility shall be provided to the Society subject to terms and conditions stipulated by the Bank from time to time.
  • Free Pay order and Demand Draft shall be issued for any amount.
  • Free Money transfer via RTGS/NEFT.
  • Free execution of Standing Instructions.
  • Penalty charges for non-maintenance of minimum balance per quarter apply.
  • Penalty charges if account is closed within 6 months apply.

SVC-SB Gold

  • The account can be opened by customers aged 18 years and above.
  • Free Pay order and Demand Draft issued for any amount.
  • Free 150 cheque leaves in a financial year.
  • Free Money transfer via RTGS/NEFT.
  • Free SVC International Visa Debit Card with a Cash Limit of Rs. 25,000 per day.
  • Free SMS Banking facility, Free SMS alerts for SVC International Visa Debit Card based transactions and Free NetBanking Facility.
  • Penalty charges for non-maintenance of minimum balance per quarter apply.
  • Penalty charges if account is closed within 6 months apply.

Arogya Vishesh

  • A unique combination of a savings account clubbed with a sweep out fixed deposit to facilitate hassle free hospitalization.
  • Flexibility of payment options at leading partner hospitals
  • Open a Savings account with SVC Bank with balance of Rs.10, 000
  • Set aside the amount you wish to save for your emergency
  • When an emergency arises, rush to the closest hospital that SVC Bank has tied up with
  • Show your AV Card
  • Get admission into the hospital without paying any amount by showing this flash card
  • SVC Bank will remit the funds to the hospital
  • You can also use this for your family, your relatives & friends

SVC-SB Silver

  • Account to be opened with a minimum amount of Rs. 10,000.
  • Free 5 Upcountry collections of cheques in a financial year
  • Free 5 Pay order and Demand Draft each shall be issued for any amount
  • Free 100 cheque leaves in a financial year
  • Free 10 Money transfer via RTGS/NEFT
  • Free SVC Visa Debit Card with a Cash Limit of Rs.15, 000 per day & POS Limit of Rs. 25,000 per day
  • Free SMS Banking facility, Free SMS alerts for SVC Visa Debit Card based transactions and Free Net Banking Facility
  • An Average Quarterly Balance must be maintained
  • Penalty charges for non-maintenance of minimum balance per quarter.
  • Penalty charges if account is closed within 6 months apply

SVC e-trade

  • Free 5 Pay order and Demand Draft each shall be issued for any amount in a Month.
  • Free 100 cheque leaves in a financial year.
  • Free 5 Money transfer via RTGS/NEFT in a Month.
  • Free SVC Visa Debit Card with a Cash Limit of Rs. 15,000 per day & POS Limit of Rs. 25,000
  • Free SMS Banking facility, Free SMS alerts for SVC Visa Debit Card based transactions and Net Banking Transactions.
  • Demat Account Charges & Online Trading Account Charges will be recovered from the Account

Shamrao Vithal Co-op Bank Savings Account Minimum Balance

The minimum balance required in Shamrao Vithal Co-op 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 Minimum Balance Required
SVC Bank Star Savings Account -
SVC Bank Minor Account Rs. 500
Basic Savings Bank Deposit Account & Small Sb A/C -
Arogya Vishesh Rs. 10,000
SVC-SB Silver Rs. 25,000
SVC e-trade Rs. 10,000

Shamrao Vithal Co-op Bank Savings Account Interest Rate

Shamrao Vithal Co-op Bank savings account offers interest rates of up to 4%, 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.

Shamrao Vithal Co-op Bank Savings Account Charges

Different Shamrao Vithal Co-op Bank savings account have a different schedule of charges. It is best to contact Shamrao Vithal Co-op Bank directly for the most up to date charges.

How to open a Shamrao Vithal Co-op Bank Savings Account

Shamrao Vithal Co-op Bank savings account opening is easy and hassle-free. You can visit your nearest Shamrao Vithal Co-op Bank branch and have a representative help you with the forms. You can talk to the representative about your saving needs and open an account accordingly.

Alternatively, you can download the savings account opening form online, fill it and visit your nearest SVC Branch.

Shamrao Vithal Co-op Bank Savings Account FAQS

What is the best interest rate on a Shamrao Vithal Co-op Bank saving account?

The interest rates can go up to 4%. For the latest interest rates, it is best to contact the nearest Shamrao Vithal Co-op Bank branch.

Who is eligible to open a Basic Savings Account with Shamrao Vithal Co-op Bank?

All resident individuals, singly or jointly, minors along with parent or legal guardian, are eligible to open an account.

Is it possible to open a Shamrao Vithal Co-op Bank savings account online?

No. You need to visit your nearest branch to have your account opened.

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