One of the first co-operative banks to be established in India, the Shamrao Vithal Co-operative Bank was set up in the year 1906 in the erstwhile Bombay Presidency. The main purpose behind founding the bank was to encourage people to save and establish a fund for the economically backward members of society.
In addition to providing banking services, the bank also set up co-operative stores, enabling people to buy essentials at a lower cost. The bank set up a number of welfare schemes and programs such as cash credit and relief funds. Originally accessible to the members of the committee, the bank permitted all communities to take advantage of its banking facilities and schemes in the year 1956.
Opening a Shamrao Vithal Co-op Bank Savings Account
Those looking at securing their financial future by setting up a Savings Account can do so from the comfort of their homes. Individuals, trusts or Hindu Undivided Families can download the form from the bank’s website. Simply go to the “Personal Banking” section of the site and select “Deposits”. Click on the “Download Form” tab and fill out the printed form. The next process would be going to the nearest bank branch and submitting the filled in form along with the required documents, upon which the bank would issue the account holder with the new Account kit.
Forms are also available at the bank’s branches. Those wishing to open an account can collect a copy and submit the filled out form with the requirement documents to the branch. They would then be issued with the new account kit and can begin enjoying the benefits and privileges associated with the Shamrao Vithal Bank Savings Accounts.
Types of Shamrao Vithal Bank Savings Accounts
SVC Youth Savings Account: Targeted at the individuals between the ages of 18 to 35 years of age, this account aims to encourage them to begin saving. The account comes with a number of benefits and features, such as free SMS banking and internet banking services. Account holders will also receive a free Debit card and no charges on Demand Drafts or Pay Orders.
SVC Bank STAR Savings Account: this zero balance savings account is specially designed for children between the ages of 10 to 18, with the objective that they learn to save from a young age. This account can be opened with a minimum deposit of just Rs. 100 and holders will receive a free passbook as well as other benefits. The account comes with SMS banking services free of cost as well as a Debit card that can be used for ATM withdrawals.
SVC Bank Minor Savings Account: This is a Savings Account that can be opened by anyone from birth to the age of 18. The account serves as a way for parents to save in their children’s names, with the account being managed by the guardians or parents. Holders will receive a Debit card with a daily POS limit of Rs. 15, 000 as well as access to internet banking. in addition, they will be provided with 25 cheques free every year.
SVC Women Savings Account: To promote savings among women, the bank has introduced the SVC Women account, which comes with numerous benefits. Available exclusively to women, the account holders can enjoy services like free passbook, no charges for internet and SMS banking facilities as well as an International debit card at no cost. Charges for executing Standing Orders will also be waived for account holders.
SVC Senior Citizen Savings Account: Designed for senior citizens above the age of 60 years, this savings account provides holders with access to a free ATM card as well as SMS banking services at no charge. Holders will enjoy free RTGS and NEFT money transfers as well as 100 cheque leaves free each year. Other benefits include no charge for Demand Drafts and Pay Orders. Security deposit for the bank’s locker facilities will be waived for holders.
SVC SB-Silver Savings Account : Enjoy an array of benefits and services with the SVC Silver savings account, such as free internet and SMS banking facilities. Holders will receive 100 free cheque leaves in a year as well as 10 NEFT/RTGS transfers free of cost. Holders will also receive a Debit card with a POS limit of Rs. 25, 000 per day and no annual charges.
SVC-SB Gold Savings Account: Introduced to cater to the banking needs for elite customers, this account provides its holders with a number of benefits such as 150 cheque leaves free every financial year and free internet banking facility. SMS banking and alerts will also be free of cost. In addition, holders will not have to pay any charges for transfers through NEFT/RTGS. They will also receive a free International Debit card.
SVC Society Savings Account: Designed for societies and federations, this account provides these institutions with features such as free NEFT and RTGS money transfer facility and no charges for standing order execution. Other benefits include waiver of fees for Demand Draft and Pay Order issuance.
Basic Savings Bank Deposit Account: This account is designed for individuals who do not possess all the documents required to open a regular Savings Account. This account does not require a minimum balance amount and holders will receive a cheque book of 25 leaves every year. They will also receive an ATM card. Holders can also avail of a pass book.
Basic Savings Bank Deposit—Small SB Account: The bank introduced this savings account for those who do not have the documents necessary to open a savings account. This zero balance account provides account holders with 25 free cheque leaves a year and an ATM card. They can also apply for a passbook.
Minimum Balance Requirements for Shamrao Vithal Bank Savings Accounts
The bank has set a minimum balance requirement for its savings accounts, which are mentioned in the below table:Savings Account Average Quarterly Balance Requirement SVC Youth Rs. 1, 000 SVC Bank STAR Savings Account Nil SVC Women Savings Account Rs. 1, 000 SVC Senior Citizen Savings Account Rs. 3, 000 SVC Society Savings Account Rs. 25, 000 SVC – SB Silver Savings Account Rs. 25, 000 SVC – SB Gold Savings Account Rs. 50, 000 SVC Bank Minor Savings Account Rs. 500 SVC Basic Savings Bank Deposit Account Nil SVC Basic Savings Bank Deposit Account- Small SB Nil
Eligibility Creiteria for Shamrao Vithal Bank Savings Accounts
The below list details those eligible to open a savings account with the bank:
- Hindu Undivided Families
- Individuals 18 years of age and above (either single or joint accounts)
- Minors (joint account with a parent or guardian)
- Trusts, federations, clubs and societies
Documents to be Submitted when Opening a Savings Account
When opening a Savings Account, prospective account holders should furnish the following documents:
- Recent passport sized photographs
- Proof of identity
- Proof of address
Proof of Identity Documents
The list of documents that can be submitted towards identity proof are:
- Valid passport
- Valid driving license
- PAN (Permanent Account Number)
- Government issued ID card (with photograph) or a Defence Card
Proof of Address Documents
The list of documents that can be submitted towards address proof are:
- Valid passport
- Valid driving license
- Ration card
- Utility bills like electricity bill, phone bill
- Bank account statement
When the account is held jointly, the applicant as well as the co-applicant will have to submit the above mentioned documents to open the account.