With a major presence in Karnataka, Vijaya Bank is a well-established bank in South India. Dr. A.B. Shetty, along with a group of agriculturists hailing from the local land-owning community of Mangalore had found this bank in 1931. It was set up on the day of Vijayadashami, thereby aptly naming it. The primary objective of starting the bank was to provide credit at a lower interest rate to farmers and other agriculturists and to introduce them to the benefits of a systematic and formal banking system. It has its headquarters at Bangalore since 1969. With almost 2000 branches all over India, it is well-known for its very attentive Customer Care Team.
Types of Vijaya Bank Savings Accounts
V Payroll Savings Bank Account: This is account is designed for salaried individuals. People working in government firms, institutions and private companies can open this type of account for their employees. For an employer to avail this account, at least 10 employee accounts are to be opened in which each account holder must earn a salary above Rs. 5,000 per month. This zero-balance account provides a concession of 50 % on Demand Drafts, standing instruction of deposit accounts and other remittances. Account holders also get access to internet banking and demat facilities. They receive a Debit card if they are eligible. They can also enjoy withdrawals from the bank's ATMs of up to Rs. 20,000 a day.
V Genuth Savings Account: This account is specially made for children. it is a zero balance account which can be opened when the child is born so that parents can save for the future of their child from the very first day of the child's life. The first initial deposit can be as low as Rs. 10. It is a single holder account. The guardian must operate the account until the child becomes an adult. This account facilitates free money transfers from the guardians' or parents' accounts to the child’s account, free internet banking facility on request and chequebook for children above the age of 12 years. Account holders are also eligible for a concession of 0.50% on education loan rates.
V Balika Savings Bank Account: The Indian government has launched many initiatives to promote secondary education for girls. There are schemes where a female student receives Rs.3,000 along with interest on the amount which is deposited into a bank account for future use. Vijaya bank has introduced a few accounts to complement this scheme. The V-Balika Savings Bank Account is a zero balance account which can be opened by female children under 16 years of age if they are Scheduled Caste or Scheduled Tribe students who have cleared Class VIII and are still unmarried or if they are students of Kasturba Gandhi Balika Vidyalaya who have cleared Class VIII. Non-SC/ST female students also qualify for this scheme if they are enrolled in Class IX in any of the government-run or government-aided schools of the Indian States or Union Territories.
V Platinum Savings Bank Account: This type of account was launched by the Vijaya Bank to commemorate its platinum jubilee. This account offers the customers a number of privileges and add-ons, such as 100 free cheques every year, free Debit card and opening a Demat account for no charges. There are additional benefits such as a free credit card with first-year charges waived, accidental death insurance cover worth Rs. 1 lakh, etc. These benefits are available only when the customer maintains the stipulated minimum balance.
Vijaya Saral Savings Account: This is a single-holder account and it can be opened with an initial deposit of just Rs. 10. No charges are imposed for the non-maintenance of minimum balance. 36 withdrawals are permitted in a year.
V Basic Small SB Savings Account: Vijaya Bank has introduced this savings accounts to provide the basic banking functions to their customers. This account is intended for those customers who can comply with the norms of KYC. Customers are not charged for collecting Government-issued cheques and are entitled to receive money through NEFT or RTGS facilities. It is a zero-balance account that can be opened with the initial deposit of Rs. 10. The account holder can get a RuPay debit card, provided that they have a PAN card.
V Basic Savings Bank Deposit (Small): This account is meant for people who do not have all the necessary KYC documents. The account holders receive the same benefits as the customers of the V Basic Small SB Savings Account. However, withdrawals or transfers are restricted to within Rs. 10,000 a month. The account balance can also not exceed Rs. 50, 000 at any point in time. The total account credits must always be less than Rs. 1 lakh in each financial year.
Minimum Balance Requirements for Vijaya Bank 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
These are the eligibility criteria for a Bandhan Bank Savings Accounts:
Documents Required to Open a Savings Account