Savings Bank

LVB Savings Bank is intended to promote the healthy habit of saving and for the steady growth of one's money in the bank.

LVB recognizes that Savings Bank customers are the pulse of all banking activity and that a satisfied customer at the SB counter is the best advertisement to the bank.

Savings Bank is the landing ground for all deposits and its customers are the opinion leaders. Hence LVB attaches a lot of importance to the efficient functioning of the savings department.

Salient Features

• Minimum Deposit amount of Rs.100 with cheque book facility at Rural branches
• Minimum Deposit amount of Rs.500/- with cheque book facility at Metro, Urban and Semi-Urban branches
• Pass Book facility available
• Standing instructions facility is available on a nominal charge.
• No restrictions on the number or amount of deposits.
• Nomination facility is available.

Eligibility

• Individuals in their own names.
• Two or more persons, payable to any of them/survivor/survivors.
• Two or more persons, payable to all of them jointly.
• A guardian on behalf of a minor.
• A minor himself/herself if he/she has attained the age of 12 years.
• Clubs, associations (Registered or unregistered). Charitable and religious institutions trusts, local bodies etc., and other bodies of an identical nature.
• Illiterate persons.
• SB Accounts can also be opened in the name of the following organizations/ Agencies
(a) Primary Co-operative Credit Society which is being financed by the Bank.
(b) Small Farmers' Development Agency (SFDA)
(c) Marginal Farmers' an Agricultural Laborers Agencies ( MFAL)
(d) Drought Prone Areas Program (DPAP)
(e) District Rural Development Agency/Society (DRDA/DRDS)
(f) District Development Authority (DDA)
(g) Integrated Rural Development Program ( IRDP)
(h) Integrated Tribal Development Agency (ITDA)
(i) Agriculture Produce Market Committees
(j) Khadi and Village Industries Board
(k) Societies Registered under the Societies Registration act, 1860 or any other corresponding law in force in State or a Union territory
(l) Companies governed by the Companies Act, 1956which have been licensed by the Central Government under section 25 of the said Act, or under the corresponding provision in the Indian companies Act, 1913 and permitted, not to add to their names the word "Limited" or the word "Private Limited".

Documentation

All savings accounts need to be properly introduced by someone known to the bank preferably other SB/CA account holders with the branch.
• Latest photograph of the applicant would be necessary to open an account.
• Proof of residence and identity should be furnished through any of the documents such as Passport, Driving License, Identity Card issued by income tax authorities, voter’s identity card.
• The account opening process starts on submission of the duly filled in application form along with the initial deposit amount in cash, suitable introduction from a person known to the bank.

 Interest Rate

• Savings Bank account at LVB earns interest at 3.5% per annum at present. This may change from time to time as per RBI directives. Such interest is paid to the customer twice per year
• No T.D.S. is deducted in SB Accounts.