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  • Lakshmi Vilas Bank Savings Account

    Lakshmi Vilas Bank Savings Account

    Established in the year 1926, Lakshmi Vilas Bank is one of the nation’s fast emerging banks. Founded by V.S.N Ramalinga Chettiar, the bank was set up with the purpose of helping agriculturists, traders and industrialists living in the Karur region. It was between the years of 1961 and 1965 when the bank displayed rapid growth and after 1974, it started expanding to other regions of India as well. Currently, the bank operates with a widespread network of over 400 branches, 11 regional branches and 800 ATMs located across the country with a major concentration of the same in the state of Tamil Nadu.

    Minimum Balance Requirement for Lakshmi Vilas Bank Savings Account

    SB 301

    N/A

    Lakshmi Prime Account

    Rs 1 lakh (Average Quarterly Minimum Balance)

    BSBDA

    None

    Lakshmi Titanium

    Rs 1 lakh (AMMB)

    Lakshmi Savings Gold

    Rs 10,000 and above

    Lakshmi Savings Star Gold

    Rs 20,000 and above

    Savings Balance Free

    None

    Savings Youth Power

    Rs 100

    Mahila Power

    Rs 5,000 (metro / urban areas); Rs 3,000 (rural / semi urban areas)

    Types of Savings Accounts by Lakshmi Vilas Bank

    Laxshmi Villas SB 301

    • You can open this account with a minimum deposit amount of Rs 500, along with the cheque book facility (for Rural & Semi Urban branches) or Rs 1000 with cheque book facility (for urban & metro branches).
    • This account offers an interest rate of 5% per annum (for accounts with minimum balance of Rs 5 lakh and 6% for a minimum account balance above Rs 5 lakh)
    • Avail Pass Book facility with this account.
    • Avail standing instructions facility at a nominal charge.
    • Make unlimited number of deposits for an amount without any charge.
    • This account offers nomination facility.

    Lakshmi Prime

    • Withdraw cash, free of charge at any of the bank’s base branch. At a non-base branch, withdraw up to Rs 1 lakh, free of charge. Thereafter, a charge of Rs 2 will be levied for every Rs 1000 withdrawn, with a maximum of Rs 50 per transaction.
    • Carry out up to 25 NEFT or RTGS transactions each month.
    • Avail Door-step Banking at nominal charges.
    • Experience the convenience of net banking and SMS alerts to easily manage your funds and make payments.
    • Cheque book facility is available with this account. You get a 50 leaf cheque book each calendar quarter.
    • Track your account activity better by receiving monthly e-statements, free of charge.

    Basic Savings Bank Deposit Account (BSBDA)

    • This account offers a slew of services like cash withdrawal / cash deposit at bank branches and ATMs, credit or receipt of funds via electronic payment channels, collection or deposit of cheques drawn by State or Central government departments or agencies.
    • You can make up to a maximum of 4 withdrawals in a month (from ATMs and branches). Beyond the free limit, standard service charges may be applicable.
    • With this account, you also have the choice of availing a RuPay ATM Card (for non-FI account) or a Smart Card (FI Account).
    • Customers who have opened a Basic Savings Bank Deposit Account' (BSBDA), cannot open any other type of savings account with the bank. In case the customer has any other savings bank account at the time of opening a BSBDA, they must close the same within 30 days from the date on which their BSBDA has been opened.

    Lakshmi Titanium

    • Cash withdrawals can be done free of charge at the base branch. Charges will apply for the same at non-base branches.
    • Cash remittance can be done free of charge at the base branch (cash handling charges will apply).
    • RTGS or NEFT transactions can be done free of charge.
    • With this account, you get a Visa Gold Card, with a waiver on the first year’s annual fee.
    • Avail a discount of 25% on the Safe Deposit Locker annual fee.
    • Keep a track of your account activity with monthly e-statements provided free of charge.
    • This account provides you with free Personal Accident insurance Cover of Rs lakhs.
    • Make the most of the 24x7 online banking facility, along with instant SMS Alerts.

    Lakshmi Savings Gold

    • Carry out unlimited cash withdrawals at the base branch where your account is opened.
    • First account holders are entitled to free Personal Accident Cover worth Rs 1 lakh, renewable each year.
    • Keep track of your account activity via instant SMS Alerts and monthly e-statements for your account.
    • Experience the convenience of net banking, anytime and anywhere.
    • With this account, you get a Visa International Debit Card, with a waiver on the first year’s annual fee.
    • Avail the facility of free multi-city cheque books with his account.
    • Remit funds via NEFT or RTGS without any charge.
    • Enjoy charge free cash withdrawals at any of the bank’s ATM.

    Lakshmi Savings Star Gold

    • Get instant credit up to Rs 20,000 per occasion.
    • Carry out unlimited cash withdrawals at the base branch where your account is opened.
    • With this account, you get a Visa International Debit Card, with a waiver on the first year’s annual fee.
    • Keep track of your account activity via instant SMS Alerts and monthly e-statements for your account.
    • Experience the convenience of net banking, anytime and anywhere.
    • Avail the facility of free multi-city cheque books with his account.
    • First account holders are entitled to free Personal Accident Cover worth Rs 1 lakh, renewable each year.
    • Remit funds via NEFT or RTGS without any charge.

    Lakshmi Savings Balance Free

    • This account has been specially designed for salaried individuals, whose employer organization has an account with the bank.
    • With this account, a customer can have their salary directly credited to their account.
    • This is a Zero Balance account, which means that you needn’t maintain a  minimum balance.
    • Enjoy unlimited cash withdrawals with this account at your base branch where your account is opened.
    • Enjoy cash remittance, free of charge, at the base branch. (Cash handling charges are applicable)
    • Balance Free account holders are entitled to a VISA International Debit Card, with a waiver on the first year’s annual fee.
    • Enjoy a high ATM withdrawal limit of Rs 25000/- per day.
    • Experience the convenience of net banking anytime and anywhere.

    Savings Youth Power

    • Account holders are allowed unlimited cash withdrawals at the bank’s base branch where the account has been opened.
    • Any demand draft or postal order issued for the purpose of payment of school, college or hostel fee will be done free of charge.
    • Transfer funds, free of charge between any LVB branch.
    • Cheque book facility available to customers above 18 years.
    • Account holders are entitled to a Visa International Debit Card, with a waiver on the first year’s annual fee.
    • ATM debit card comes with a daily withdrawal limit of Rs 5,000.
    • Internet banking facility available to account holders above the age of 18.
    • Enjoy mobile banking and SMS alerts to keep a track of account activities.

    Lakshmi Mahila Power

    • Designed specially for women, this account offers a host of benefits and freebies.
    • First account holders are entitled to insurance coverage for death of an insured member, permanent total disability and hospital expenses incurred due to an accident.
    • NEFT / RTGS transactions up to Rs 10 lakh per month can be carried out free of charge. Thereafter, standard rates will apply.
    • Enjoy free cash withdrawal not only at bank’s base branch but also other non-base branches (only for self-withdrawals).
    • Account holder is entitled to a Visa International Debit card , for which first year’s annual fee is waived off.
    • Enjoy additional features like free fund transfers within LVB branches and facility of e-statements, free of cost.
    • Avail internet banking and mobile banking (IMPS) free of charge with this account.
    • Pay bills and make payments easily.

    Eligibility Criteria for Lakshmi Vilas Bank Savings Account

    SB 301

    1. Can be opened by an individual in their own name.  
    2. Two or more persons, payable to any of them/survivor/survivors.
    3. Two or more persons, payable to all of them jointly.
    4. By a guardian on behalf of a minor.  
    5. A minor who has attained the age of 12 years can open this account.
    6. Associations, clubs, local bodies, religious institutions, charitable trusts, etc. and bodies of a similar constitution.  
    7. Illiterate persons

    BSBDA

    Account can only be opened by adults.

    Lakshmi Titanium

    1. Individuals aged between 18 to 70 years.
    2. Hindu Undivided Families (HUF).

    Lakshmi Savings Gold & Lakshmi Savings Star Gold

    Accounts can be opened by individuals between 17 to 80 years.

    Lakshmi Savings Youth Power

    Account can be opened only by individuals between 18 to 24 years.

    Lakshmi Mahila Power Account

    1. Can only be opened by women who are 18 years & above.
    2. Account can be opened singly or jointly but with women only.

    Documentation Required for Lakshmi Vilas Bank Savings Account

    SB 301

    1. All those wishing to open this account must be introduced by an individual already holding an account with the bank. Preferably other savings bank or current account holders with the branch.
    2. Most recent photograph of applicant.  
    3. Applicant must furnish proof of residence and identity via documents like their passport, driving license, an ID card issued by tax authorities, Voter ID card, etc.
    4. The account opening process will be initiated only once the applicant has submitted a duly filled application form, initial deposit of cash along with a suitable introduction made by an existing customer of the bank.

    Lakshmi Savings Youth Power

    1. Duly filled Savings Bank account Form.
    2. Applicant’s photograph.
    3. Proof of age.
    4. All KYC related documents
    5. Once the original documents have been verified, the applicant must submit and get attested any one of the following documents – Passport, school/college certificate or Birth Certificate from a valid authority
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