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SVC Bank Savings Bank Accounts

SVC Cooperative Bank Limited, previously known as The Shamrao Vithal Co-op Bank Ltd was established in 1906 to help the less fortunate section of the society in their economic enterprise. The bank offers various types of Savings Bank Account types to encourage the habit of saving amongst everyone. Their accounts come with numerous benefits to enable customers to manage their money efficiently and prudently.

Types of Savings Bank Accounts offered by SVC Bank

Svc Bank Savings Account

SVC SB Gold

This account is designed specially for elite customers over the age of 18. It comes with the following premium features

  • Offers 10 Upcountry collection of cheques in a financial year free of charge
  • Customers can avail Pay order and Demand Draft for any amount without any charges
  • Comes with 150 cheque leaves in a financial year
  • Customers can conveniently transfer money via RTGS/NEFT
  • All account holders are given a SVC International Debit Card with a cash limit of 25,000/- per day
  • Account holders can enjoy various other features like free SMS Banking facility, free SMS alerts for SVC International Debit Card based transactions and free Netbanking facility

Eligibility Criteria

  • Accounts can be opened by Elite customers who are above 18 years of age
  • Average Quarterly Balance of Rs.50,000/- should be maintained

SVC SB Silver

This account is available for regular customers too. Comes with features similar to the Gold account

  • This account offers 5 Upcountry collections of cheques in a single financial year free of charge
  • Customers can get 5 Pay Order and Demand Draft each for no charge
  • The account holders get 100 cheque leaves in a single financial year for no charge
  • Customers can do 10 Money Transfer via RTGS/NEFT for no charge
  • All account holders are given a SVC Debit Card with a Cash Limit of Rs.25, 000/- per day & POS Limit of Rs.25,000/-
  • Annual charges on SVC Debit Card shall be waived off
  • Comes with various value added services like free SMS Banking facility, free SMS alerts for SVC Visa & RuPay Debit Card based transactions and free Net Banking facility

Eligibility Criteria

  • Account can be opened by applicants who have attained the age of 18
  • Minimum balance to open account is Rs.10,000/- and the Average Quarterly Balance to be maintained is Rs.25,000/-
  • KYC Compliance is mandatory
  • Rs.200 charged for re-issue of lost/damaged card

SVC Star Savings Account

This account is designed for minors in the age group of 10-18. It can be opened with an opening balance as little as Rs.100/-. This account can be self-operated and inculcates the habit of savings and prudent money management amongst children.

  • This is a self-operated account which can be opened with Rs.100/- only
  • Account holders can opt for SVC Visa & RuPay Debit Card
  • Netbanking facility is available but with viewing rights only
  • This account comes with no minimum balance requirement
  • Offers free SMS banking & free passbook facility
  • The account comes with standing instructions facility for fund transfer from parents’ (natural guardian) account to STAR Savings Account

Eligibility Criteria

  • Minors in the age group of 10 to 18 years
  • Debit card with a daily cash withdrawal limit at ATMs of ₹5000/-

SVC Minor Account

As the name suggests, this account is for Minors but is operated by the parents or guardians.

  • Account can be opened for as little as ₹500/- only
  • This account can be operated by guardians only
  • Comes with features like debit card facility, Netbanking, free SMS banking & free passbook facility
  • All account holders get a free cheque book annually with 25 cheque leaves

Eligibility Criteria

  • Minors in the age group of 0-18 years can open this account
  • A minimum balance of Rs.500 should be maintained
  • Debit card comes with a daily ATM withdrawal limit of Rs. 10,000/- and POS purchase limit of Rs.15,000/-

BSBDA and Small Savings Account

This is a simple savings account for everyone. It comes with NIL minimum balance requirement.

  • There is no limit on the number of deposits made in a single month
  • This is a zero balance savings account and the minimum balance to open the account is also zero
  • Comes with a cheque book with 25 leaves free per year
  • All account holders get an SVC Bank ATM card. There will be no charges for the ATM card for the first year
  • Customers can avail free passbook facility

Eligibility Criteria:

  • This account is available for all individuals
  • A service charge of Rs.20/- per withdrawal & Rs.8.50/- for balance enquiry will be levied from the 5th transaction in ATM
  • No charges shall be levied for in-operative account or for activation of in-operative account
  • KYC norms as per bank policy

SVC Society

This account is designed for Societies who want to manage their funds efficiently.

  • Customers are given free service of maintenance of bills and receipts (Under SVC Society Module Scheme)
  • Comes with a free cheque book facility of 250 cheque leaves per year
  • Societies are given a free Cheque Drop box facility for the convenience of the account holders living in that society
  • Account holders can get free Pay order and Demand Draft for any amount
  • Money transfer via RTGS/NEFT free of cost
  • Free execution of Standing Instructions

Eligibility Criteria

  • Society or group of societies or federation having minimum of 50 members are eligible to open this account
  • Minimum balance to open account is Rs.25,000/-
  • An Average Quarterly Balance of Rs.25,000/- has to be maintained
  • A penalty of Rs.500/- shall be charged for non-maintenance of minimum balance

SVC e-Trade

This account combines the benefit of a savings bank account along with a Demat account and an online trading account

  • Customers can avail 5 Pay order and Demand Draft each for any amount in a month for no charge
  • Comes with a cheque book containing 100 cheque leaves in a single financial year
  • Allows 5 free money transfers via RTGS/NEFT in single month
  • All account holders get an SVC Debit Card with a cash limit of Rs.25,000/- per day & POS purchase limit of Rs.25,000/-
  • Customers can avail various other value added services like debit card facility, Netbanking & free SMS banking facility

Eligibility Criteria

  • This account is available for individuals over the age of 18 years
  • The Average Quarterly Balance requirement is Rs.5000/-
  • Demat account & Online Trading Account charges shall be recovered from the account balance

SVC Smart Savings Account

This account comes with the combined benefit of savings bank and an FD deposit account. This FD deposit amount set aside by the customer can be utilized for emergency hospitalization needs at designated hospitals.

The customer can use this account as a regular savings bank account. They can set aside a set amount of money for emergency needs, that is created as an FD deposit. All account holders are issued an SVC’s Arogya Vishesh Medical Card, which can be used at a number of leading hospitals that SVC Bank has tie-ups with. During emergency hospitalization, customers can use this card and avail cashless hospitalization at these hospitals. The bill amount is remitted from the FD deposit accumulated.

How to open a Savings Bank Account with SVC Bank?

In order to open a savings bank account, the applicants can visit the nearest branch of SVC Bank. Customers can also fill the “Apply Now” form on the official website of the bank and an authorized representative of the bank shall get in touch with them. Customers can also get in touch with the toll-free customer care number listed on the bank’s official website.

Documents required to open a Savings Bank Account with SVC Bank

Documents required for an SVC Bank Savings Account

  • Proof of Identity - PAN Card, Aadhaar Card, Voter ID, Passport, Driving License, etc.
  • Proof of Address- Aadhaar Card, Utility Bills (Electricity and Telephone Bill), Passport, etc.
  • Recent passport size photographs

SVC Bank Savings Bank Account FAQs

1. Does SVC Bank offer Netbanking facility?

Yes, SVC Bank offers Netbanking facility to its Savings Bank account holders.

2. What are the services available through Netbanking?

  • Balance /Statement Enquiry
  • Funds Transfer within own ACs and Third Party Transfers
  • Cheque Book Issue/ Draft Issue
  • Stop Payment
  • Bill Pay
  • Online Shopping

3. What is the information required for NEFT remittances?

In order to carry out a NEFT remittance, the customer shall require the beneficiary name and account number. Name and IFSC code of the beneficiary’s bank branch.

4. Can customers receive foreign remittances through NEFT?

NEFT can be used for Indian rupees remittances within the country only.

5. Are there any charges for the mobile banking app?

There are no charges for using the mobile banking app. However, there might be charges for NEFT/IMPS transfers as pre the bank’s guidelines.

6. Is there a limit on transactions carried out through mobile banking?

Yes, there is a limit of Rs.1 lakh per day for mobile banking (combined with Netbanking).

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