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Vijaya Bank Savings Account

The Vijaya Bank is a Scheduled Bank that was established in the year 1931 by Mr. A.B. Shetty along with local farmers in Mangalore, Karnataka. Set up with the aim of providing access to banking services to the rural populace in western region of Karnataka, the bank grew from operating out of a hostel to a network that is 1786 branches and counting. It also maintains over 1560 ATMs across the country. Its headquarters are currently located in Bangalore and it caters to customers across a wide spectrum.

NOTE: As of 1 April 2019, Vijaya Bank has been amalgamated with Bank of Baroda.

Opening_a_Vijaya_Bank_Savings_Account">Opening a Vijaya Bank Savings Account

Vijaya Bank provides prospective customers with both an online as well as an offline facility to open an account.

Accounts can be opened online by visiting the bank’s website. Click on the “Online SB Account Opening” tab on the right side of the page. An application form will open, where you will have to enter the details requested. Once you have filled out the form, click “Save & Continue”, upon which you will have to select your nearest branch details and provide a time slot when you can visit the bank to complete the account opening process.

You could also visit the bank branch and apply for an account. You would have to fill out the account opening form and submit it along with the documents mentioned to activate your Savings Account.

Types of Vijaya Bank Savings Accounts

  1. V Payroll Savings Bank Account: This is a savings account designed for salaried individuals, such as those working in government firms, private companies and institutions. A minimum of 10 accounts has to be opened, with each account holder earning above Rs. 5, 000 a month. The benefits of opening this zero-balance account are a concession of 50 % on Demand Drafts, standing instruction and other remittances. Account holders will also have access to internet banking and demat facilities and receive a Debit card (if eligible). They can enjoy withdrawals of up to Rs. 20, 000 a day from ATMs.
  2. V Genuth Savings Account: An account especially for children, this zero-balance account can be opened on the birth of a child, so you can save for their future from day 1. The first deposit can be as low as Rs. 10. This is a single holder account, with a guardian operating the account till the child reaches 18 years. The features of this account include free money transfers from the parent’s account to the child’s, internet banking facility (on request) and cheque book (for children above 12 years of age). Holders will also receive a 0.50% concession on education loan rates.
  3. V Balika Savings Bank Account: The Indian government have launched a number of initiatives to promote secondary education for girls, such as a scheme where a girl student would receive Rs. 3, 000 and the interest on the amount that would be deposited into an account for her future use. the bank has come up with the below accounts to complement this scheme:
  4. The V-Balika Savings Bank Account: This is a zero-balance account that can be opened by girl children below 16 years of age if they are:
    • Scheduled Caste/Scheduled Tribe students who have cleared Class VIII
    • Unmarried
    • Students of Kasturba Gandhi Balika Vidyalaya and have cleared Class VIII. Non-SC/ST girl students also qualify.
    • Enrolled in Class IX in any Indian State or Union Territory school that is government-run, government aided or run by Local Bodies.
    • The V-Balika Term Deposit Account: This is a term deposit account where the government scheme incentive money will be deposited and the cumulative interest will be paid out as per domestic term deposit rates. The deposit will be maintained till the student reaches 18 years of age.
  5. V Platinum Savings Bank Account: To commemorate its platinum jubilee, the bank introduced this savings account, which offers account holders a number of privileges and add ons, such as 100 free cheque leaves every year, Debit card free of cost and no charges to open a Demat account. Additional benefits include a free credit card with first year charges waived and accidental death insurance cover for the holder worth Rs. 1 lakh. These benefits are subject to maintenance of the minimum balance as stipulated.
  6. Vijaya Saral Savings Account: This account is a single holder account and can be opened with a starting deposit of just Rs. 10. There are no charges for non-maintenance of balance and the maximum withdrawals in a year is 36. There will be no folio charges for this account.
  7. V Basic Small SB Savings Account:Vijaya Bank has introduced savings accounts that provide the basic banking functions. This account is for holders who can comply with the Know Your Customer (KYC) norms. Holders will not be charged for collection of Government issued cheques and will be able to receive money through NEFT/RTGS facility. The account is a zero balance one, and the initial deposit is Rs. 10 and above. Holder will be eligible for a RuPay debit card, or an ATM card in case they do not possess a PAN card. However holders cannot operate any other accounts with the bank.
  8. V Basic Savings Bank Deposit- Small Account: This account is for individuals who do not possess all KYC documents. Holders will receive the same benefits as the V Basic Small SB Savings Account, but will not be able to withdraw or transfer amounts above Rs. 10, 000 in a month. The account balance also cannot be higher than Rs. 50, 000 at any stage and the total account credits have to be below Rs. 1 lakh for each financial year.

Minimum Balance Requirements for Vijaya Bank Savings Accounts

Vijaya Bank Savings Accounts have differing minimum balance requirements, depending on the type of account, target customers and geographical location. The table lists the balance requirements for the bank’s Savings Accounts:

Type of Savings Account

Minimum Balance Requirement

V Payroll Savings Account


V Genuth Savings Account


V Balika Savings Account


V Platinum Savings Account

Metro- Rs. 50, 000

Urban- Rs. 25, 000

Semi-Urban- Rs. 15, 000

Rural- Rs. 10, 000

Vijaya Saral Savings Account


V Basic Savings Bank Deposit Account


V Basic Savings Bank Deposit – Small Account


Rate of Interest: The rate of interest offered by Vijaya bank for its Savings Accounts is 4% per annum, unless specified otherwise.

Eligibility Criteria to Open a Vijaya Bank Savings Account

Hindu Undivided Families and individuals are eligible to open a Savings Account with the bank. A detailed list is provided below, unless specified otherwise for certain accounts:

  • Individuals ( single or joint account holders)
  • Minors (jointly held with a parent or guardian)
  • Minors above 12 years of age (on furnishing proof of date of birth)
  • Officers of trusts, clubs, associations, schools, religious institutions

Documents to be submitted for Savings Account Opening

  1. The following documents have to be submitted when opening a Savings Bank account. They are mentioned below:
    • Passport sized photographs
    • Proof of residence
    • Proof of identity
  2. Proof of Residence documents:
  3. An applicant can furnish any of the following documents towards proof of residence:
    • Bank account statement
    • Utility bills such as telephone bill or electricity bill
    • Ration card
    • Letter from the applicant’s employer
    • Passport
    • Voter ID card
  4. Proof of Identity documents:
  5. An application can furnish any of the following towards proof of identity
    • Passport
    • Permanent Account Number (PAN) card
    • Valid driving license
    • Government issued photo identity card
    • Letter issued by a public authority or public servant confirming the identity and residence of the applicant subject to the bank’s satisfaction.

GST of 18% is applicable on all banking products and services from July 1, 2017 onwards.

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