Vijaya Bank Savings Account
In order to fulfil the needs of rural population, Mr.A.B.Shetty, along with the local farmers in Karnataka and Manglore, established The Vijaya Bank (Scheduled Bank) in the year 1931 whose headquarters at present is located in Banglore to cater the needs of the customers across wide range. Although it was set with an aim to provide banking facility to the western part of Karnataka, the bank spread its network through 1786 branches and also it got 1560 ATM s around the country. The rate of interest is 4% unless specified.
Individuals and Hindu Undivided Families are eligible to open a Savings Account with the bank. A detailed list is provided below, unless specified otherwise for certain accounts:
1. Minors (jointly held with a parent or guardian)
2. Trusts, clubs, associations, schools, religious institutions
3. Individuals ( single or joint account holders)
4. Minors above 12 years of age (on furnishing proof of date of birth)
To open an account with Vijaya Savings account customer needs to submit any of the following documents as address proof: Voter ID, Ration card, Passport, Ration card, Letter from the applicant's employer or Utility bills such as telephone bill or electricity bill. In addition to the above documents, customers need to submit any of the following documents as Identity proof like:
1. Govt.Issued photo identity card.
2. PAN card.
4. Letter issued by a public authority or public servant confirming the identity and residence of the applicant subject to the bank's satisfaction.
5. Valid driving license.
There are different types of savings accounts of Vijaya Bank such as:
- V Balika Savings Bank Account: On the guidelines provided by the government for development of women, Vijaya Bank has designed different types of savings account where a girl student will receive Rs.3,000/ and interest on this amount will be deposited in her account for her future use. To complete these requirements Vijaya Bank has different types of savings accounts such as:
a.The V-Balika Savings Bank Account: This is for the students from Scheduled caste/scheduled tribes who have cleared VIII class can open this by a girl student who is below 16 years of age with zero balance and Enrolled in Class IX in any Indian State or Union Territory school that is government-run, government aided or run by Local Bodies. Non-SC/ST girl students also qualify. Unmarried Students of Kasturba Gandhi Balika Vidyalaya and have cleared Class VIII. The deposit will be maintained till the student reaches 18 years of age.
b.The V-Balika Term Deposit Scheme: This account is designed for the government incentive scheme for the girl students in the form of term deposits where cumulative rate of interest is applied for the term deposits and this term deposit is continued till students attain the age 18.
- V Payroll Savings Bank Account: This account is designed for salaried employees working for institutions, organisations and govt where minimum 10 accounts should be opened with zero balance. They can avail the facility like withdrawal of Rs.20,000/ a day from ATM, 50% concession on standing instructions for other remittances and Demand Drafts.An account holder receive Debit card (If eligible). Account holder also will have access to internet banking and demat facilities. There is no minimum balance required in this account.
- V Genuth Savings Account: This account comes with the facility to meet the needs of children in future by the guardian where the guardian can open the account in the name of the child on the very first day of birth of a child with a very low amount of Rs.10. This account is single holder account operated only by the guardian till the child reaches 18 years of age. This account comes with facilities like internet banking transfer of money from parents account to the child's account. The holder of the account also receives a concession of 0.50% on education loan. Free cheque book will be issued to children above age of 12 years.
- V Platinum Savings Bank Account: The bank has introduced this account to mark their Platinum Jubilee where it comes out with many ad on offers like free debit card , 100 leaves cheque book, demat facility and free credit card with no charges for first year . One lakh free accidental death insurance coverage. The account holder has to maintain a minimum balance in Metro Rs.50000, Urban Rs.25000, rural area Rs.10,000/ and in semi urban areas it is Rs.15,000/- to avail all the above facilities.
- V Basic Small SB Savings Account: This account is designed for the customers who can comply with KYC formalities where customer need not to pay any charges for collection of govt issued cheques and can receive money through RTGS/NEFT. This savings bank account comes with basic banking functions. Here in this account if the customer does not have a PAN card he would be eligible for Rupay debit cards or ATM cards. However he cannot operate any other account in this bank. This savings account is zero balance account with an initial deposit of Rs.10.
- Vijaya Saral Savings Account: This account comes out with feature maximum withdrawals 36 in a year. It is a single holder account where no charges are levied for non maintenance of minimum balance. There are no folio charges for this account. Customer can start this account with Rs.10/.
- V Basic Savings Bank Deposit- Small Account: This account is designed for the customers who cannot comply with KYC formalities but enjoy the same benefits as the V Basic Small SB Savings Account, but the total credit balance cannot exceed 1, 00,000 in a financial year and balance in the account at any stage should not be higher than 50,000 and holder cannot transfer or withdraw more than 10,000/- in a month. The minimum balance in this account to be maintained is zero.