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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 then, the landing ground for all deposits and its customers are
the opinion leaders. Therefore, LVB attaches a lot of importance to the
efficient functioning of the savings department.
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Minimum Deposit amount of Rs.100 with chequebook facility at Rural
branches
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Miminum Deposit amount of Rs.500/- with Cheque book facility
at Metro,Urban and Semi-Urban branches
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Pass Book facility available
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Standing instructions facility is available on a nominal charge.
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No restrictions on the number or amount of deposits.
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Nomination facility is available.
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Individuals in their own names.
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Two or more persons, payable to any of them/survivor/survivors.
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Two or more persons, payable to all of them jointly.
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A guardian on behalf of a minor.
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A minor himself/herself if he/she has attained the age of 12 years.
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Clubs, associations (Registered or unregistered). Charitable and religious
institutions trusts, local bodies etc., and other bodies of an identical
nature.
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Illiterate persons.
SB Accounts may 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 Programme (DPAP)
(e) District Rural Development Agency/Society (DRDA/DRDS)
(f) District Development Authority (DDA)
(g) Integrated Rural Development Programme ( 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 words "Limited" or the words "Private Limited".
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All savings accounts need to be properly introduced by someone known to the
bank preferably other SB/CA account holders with the branch.
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Latest photograph of the applicant would be necessary to open an account.
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Proof of residence and identity should be furnised through any of the documents
such as Passport,Driving License,Identity Card issued by income tax
authorities,voters identity card.
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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 know to the bank.
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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
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NoT.D.S. is deducted for SB Accounts.
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