Vijaya Bank Savings Account
A savings account is often the first bank account for many as it is very easy to open and operate. It is a safe way to store your hard-earned cash and earn a nominal interest. A savings account is one of the most popular types of bank accounts, despite some of its limitations. There are different kinds of savings accounts for different needs. Banks also offer zero-balance savings accounts for those who want only basic banking facilities like withdrawals and deposits. The no-balance scheme is also to encourage people from all walks of life to open a savings account and to enable them to save and hence, earn a nominal rate of interest.
Benefits of a savings account
- Easy access to your money
- You can deposit and withdraw money from a savings account as you require.
- Earn while your cash is lying in your account: While you earn less interest in a savings account as compared to an FD or RD account, you also have far greater freedom in operating the account.
- Pay your utility bills in a safe, secure and fast manner.
- Transfer funds with ease – at the click of a button!
- Safety: The cash stored in bank account is safe from threat.
- 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. There are zero balance accounts to counter that problem—although it comes with limited facilities that makes it banking with ease a tad tougher.
- 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.
Vijaya Bank Savings Account
A Vijaya 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 Vijaya Bank Savings Account.
Features and Benefits of Vijaya Bank Savings Account
There are various benefits to having a savings account with Vijaya 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 Vijaya 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.
V Genuth Savings Bank Account
- Saving Bank account designed for Children – Aged 1 day and above. Students undergoing various courses are also eligible
- Account can be opened with minimum initial deposit of Rs.10 and can continue with Zero balance
- Cheque book and withdrawal facility provided for children above twelve years
- Add-on Credit Card and ATM Card for children above the age of twelve on authorization from parents
- Free transfer to Child's account from parents' account
- Internet banking facility provided on request
- Balance in Savings bank Account in excess of Rs. 10,000 transferred to Term Deposit Account in multiples of Rs. 5,000 to earn more interest
- No fee for payment of School fees, Hostel fees, etc. through the account
- Free collection of cheques / DDs gifted to the child – up to Rs. 25,000 per annum
- Offer of Education loan at concession of 0.50% on the prevailing rate, in recognition of continued relationship.
V Balika Savings Bank Account
- Any girl child below the age of 16 years (as on 31st March) under the following categories are eligible to open the account:-
- All SC/ST Girls who pass class VIII
- All Girls who pass class VIII examination from Kasturba Gandhi Balika Vidyalaya (irrespective of whether they belong to SC/ST)
- Girl child should be unmarried
- Girl child should enroll for Class IX in State/Union Territory Government, Government Aided or Local Body Schools in the academic year 2008-09 onwards
- The account can be opened with zero balance and the interest on this account is as applicable to normal SB A/c of the Bank.
V-Balika Term Deposit Account (VSU Cumulative)
- After receiving the incentive to the credit of V_Balika Savings Bank account of the child, the amount will be transferred to V Balika Term Deposit Account
V Platinum Savings Bank Account
- Free issue of 100 cheque leaves in a year
- Free issue of multicity cheque books with 25 leaves at CBS Branches
- Free Debit Card
- Free Credit card (with personal accident death insurance cover of Rs.1.00 lakh) for the first year
- Zero commission remittances upto Rs.1.00 lakh per annum in Urban/Metropolitan branches and up to Rs.50000/- per annum in Rural / Semi - urban branches
- No charges for standing instructions
- Demat account - Account opening free
- Immediate credit of outstation cheques up to Rs.25000/- with normal charges
- Individuals and HUFs welcome to open their account under this scheme
Vijaya Saral Savings
- The Vijaya Saral Savings Account can be opened with a minimum initial deposit of Rs.10 by using the existing deposit account opening form.
- Cheque book will not be issued to the account holders. Withdrawal will be only by way of withdrawal slips by presenting the pass book
- No debit/ATM cards available in the scheme
- No third party cheque is to be collected in this account
- Total withdrawals shall not exceed 36 per financial year
- No folio charges will be levied
- No penalty for non-maintenance of minimum balance
- No charges will be levied for noting standing instructions. However, for execution of standing instructions, the charges will be levied
V-Basic SB Deposit Account
- All normal cash/transfer/ clearing credit/debit transactions allowed like any other account.
- Loans can be extended to this account holder as per banks guidelines.
- Account are opened with initial deposit of Rs.10
- The cash withdrawal can be made at the branch and through ATMs.
- One cheque book of 10 leaves, per annum may be issued free of cost on request.
- Rupay branded debit card in association with NPCI will be issued, free of cost.
- There is no ceiling on the number of receipts to account.
- Four withdrawals per month allowed including ATM withdrawals by the account holder.
- Receipts through NEFT/RTGS/Intersol channels are allowed.
- Cheques issued by Central /State Government Agencies and departments can only be collected, without any service charges.
- Cheques issued by others/third parties in favour of the depositor cannot be collected for the credit to this account.
- No charges for non- operation / activation of inoperative account.
Vijaya Bank Savings Account Minimum Balance
The minimum balance required in a Vijaya 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 Monthly Balance Required|
|V Genuth Savings Bank Account||Nil|
|V Platinum Savings Bank Account||Metro: Rs. 50,000; Urban: Rs. 25,000; Semi-Urban: Rs. 15,000; Rural: Rs. 10,000|
|Vijaya Saral Savings||Nil|
|V-Basic SB Deposit Account||Nil|
|V Plus Savings Bank Account||Rs. 25,000|
Vijaya Bank Savings Account Interest Rate
Vijaya Bank savings account offers interest rates of 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.
Vijaya Bank Savings Account Charges
Different Vijaya 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 Vijaya Bank Savings Account
It is simple to open a Vijaya 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 download the savings account opening form online, fill it and visit your nearest Vijaya Bank Branch.
Vijaya Bank Savings Account FAQS
What is the best interest rate on a Vijaya Bank saving account?
The interest rates are currently at 4 %. For the latest interest rates, it is best to contact the nearest branch.
Who is eligible to open a Basic Savings Account with Vijaya 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 Vijaya Bank savings account online?
No. you need to visit your nearest branch to have your account opened.