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Lakshmi Vilas Bank Savings Account

Lakshmi Vilas Bank is a private sector commercial bank which was established in 1926. Its headquarters are in Karur region of Tamil Nadu. The bank has nearly 500 branches spread across the country.

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Types of Savings Accounts by Lakshmi Vilas Bank

Laxshmi Villas SB 301: This account can be opened with a minimum deposit amount of Rs 500 for accounts without the cheque-book facility and Rs.1000 for accounts with the cheque facility. This account offers a 5% interest rate on accounts with a minimum balance of Rs 5 lakh and 6% if the minimum account balance exceeds Rs 5 lakh. Passbooks, nomination facilities are available apart from other basic banking services. This account can be opened independently by an individual or by joint users. A minor account can also be opened for children above 12 years of age by a guardian  Associations, religious institutions, charitable trusts, clubs, local bodies, etc. can also open this type of account.

Lakshmi Prime: This account lets customers withdraw any amount of cash without any extra costs at any of the bank’s base branch. One can also withdraw up to Rs 1 lakh for free at a non-base branch, after which, a nominal charge of Rs 2 is levied on every Rs 1000 withdrawn. The account holders are entitled to 25 NEFT or RTGS transactions every month. The bank provides Door-step Banking facilities at nominal charges. Customers get to experience the convenient net banking and SMS alerts to manage funds and make payments easily. Customers also get 50 free cheques each year and can track all account activities through monthly e-statements.

Basic Savings Bank Deposit Account: The BSBDA account offers a host of services. Account holders can deposit or withdraw cash at all bank branches and ATMs, transfer or receive funds via electronic payment channels, collect or deposit government cheques.  This account also offers the choice of availing a RuPay ATM Card or a Smart Card. Customers are free to make a maximum of four ATM withdrawals in a month using the card.

However, BSBDA customers cannot create any other type of savings account in the same bank. These accounts are exclusively for adult residents of India.

Lakshmi Titanium: With this type of account, cash withdrawals and remittance are free at the base branch, but chargeable at non-base branches. Fund transfers through RTGS or NEFT transactions are totally free of charge. This account also brings along a Visa Gold Card, whose first year's annual fee is waived.  A discount of 25% on annual fee of a Safe Deposit Locker can be availed. Account holders may keep a track of their account activity through the free monthly e-statements provided. It also provides a free Personal Accident Insurance Cover to the account holders apart from the basic banking facilities like online banking and instant SMS Alerts.

Lakshmi Savings Gold: This savings account facilitates unlimited cash withdrawals at the base branch and the account holders receive free Personal Accident Cover of Rs 1 lakh which is renewed each year. One can keep track of the account activity through instant SMS Alerts as well as monthly e-statements. The account brings along the convenient facilities of internet banking, anytime and anywhere. Account holders also receive a Visa International Debit Card, with the first year's annual fee waived off. Fund transfers via NEFT or RTGS are free of charge, so are the cash withdrawals at any of the bank’s ATM.

Lakshmi Savings Star Gold: This account gives instant credit, up to Rs.20000 per occasion. Unlimited cash withdrawals are allowed at the base branch where the account is hosted. Account holders receive a Visa International Debit Card, with the first year's annual fee waived off. Account holders can keep track of the account activities through instant SMS Alerts and monthly e-statements. The account holders receive free Personal Accident Cover of Rs 1 lakh which is renewed each year. The account brings along the convenient facilities of internet banking, mobile banking, free multi-city cheque-books, fund transfer facilities for free.

Lakshmi Savings Balance Free: This account is meant for salaried individuals, whose employer or organization has an account with the bank. A customer can get their salary directly credited to this zero-balance account in which they needn't maintain a  minimum balance. Account holders can remit or withdraw unlimited cash free of charge at the base branch.

The account holders get a VISA International Debit Card, with the first year's annual fee waived off. They can withdraw up to  Rs 25000/- per day through ATMs and also use the internet banking facility at no extra costs.

Savings Youth Power: This account gives the account holders a VISA International Debit Card, with the first year's annual fee waived off through which one can withdraw Rs 5,000 every day. If the account holder is more than 18, he or she can enjoy the internet banking and cheque-book facilities. Demand drafts or postal orders issued through this account for paying for school, college or hostel fee are free of issuance charges.  Fund transfer funds between any LVB branch are free.

Lakshmi Mahila Power: This account is designed especially for women. It offers a lot of benefits and freebies. Account holders get insurance coverage for death, permanent and complete disability as well as hospital expenses incurred due to an accident. NEFT and RTGS transactions up to Rs 10 lakh in a month are free of charge. Self-withdrawal of cash is free at the bank’s base branch as well as at other non-base branches. The account holders a VISA International Debit Card, with the first year's annual fee waived off. One can avail free internet banking, mobile banking and IMPS facilities; they can also make bill payments easily.

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Minimum Balance Requirement for Lakshmi Vilas Bank Savings Account

Type of Account

Minimum Balance Requirement

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)

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Documents Required to Open a Savings Account

  • Identity Proof: Passport, driver’s license with validity, Permanent Account Number (PAN) card, Voter ID card, Aadhaar Card, Government-issued photo identity card, NREGA Card, etc. 
  • Address Proof: Passport, driver’s license, Passbook of another bank, Electricity or phone bills, Ration card, etc. 
  • Passport sized photographs
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