Lakshmi-Vilas-Bank Personal-NRI Premium-Banking

Rising Star - Savings Account for School Students

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Overview

For school students, LVB Rising Star is an Exclusive Savings Account. The students should be eligible for Government Grants/Scholarship/Subsidies. This is a Zero Balance account which is designed in a way that it will not go to dormant due to non-operation.

Salient Features

  • Zero Balance account with NIL maintenance charges
  • Children’s above age 10 will be issued with free Rupay Debit Card
  • The account shall not become dormant even if not operated for 2 years or more.
  • DDs/POs for payment of school/college fees, Hostel Fees will be issued free

Eligibility

  • Age between 5 years and 18 years
  • Students who are eligible for grants/scholarships and subsidies under state/central Government schemes

Documentation

  • In addition to the KYC documents required for savings account , customer has to submit the following documents as well:
    • Copy of the communication received by the school from the Government Department with details of scholarships/grants/subsidies received for students
    • In case of school/ institution approaches us for opening account for their students then request letter (Annexure II) with the students list.

Interest Rates and Charges

Sr.No Features Remarks

1

Mode of Operation

Singly by student OR singly by guardian on behalf of minor OR jointly with guardian, depending on age of the student

2

Minimum Balance

NIL

3

Cash Withdrawal Charges

i) Base branch

Rs.10,000/- per day there after chargeable at Rs. 2/- per Rs. 1,000/- subject to a minimum of Rs, 25/- per transaction

ii) Non Base Branch

4

Cash Remittance charges

i) Base branch

Free Upto Rs. 100,000/- per month. there after chargeable at Rs. 2/- per Rs. 1,000/- subject to a minimum of Rs, 25/- per transaction

ii) Non Base Branch

5

DD / PO Issue

Up toRs.1000 

Rs.15

Rs.1001-5000 

Rs.20

Rs.5001-10000 

Rs.25

Rs.10001 and above 

Rs.2.25/- per Rs.1000

DDs/POs for payment of school/college fees, Hostel Fees will be issued free of cost. Branches to ensure this manually.

6

TOD/Over draft

Not Allowed

7

Funds Transfer between LVB Branches

Free between LVB Branches.

8

Chq Book Facility

Not available

9

*Debit card

*Age 10 & above:  RUPAY PMJDY Children’s debit card, free

10

ATM Cash withdrawal limit

Rs. 5,000 per day, subject to a maximum of 5 transactions (financial and non-financial) per day

11

POS transaction limit

Rs. 5,000 per day, subject to a maximum of 5 transactions per day

12

E-Com transaction limit

Rs. 5,000 per day, subject to a maximum of 5 transactions  per day

13

Net Banking

Not available

14

Mobile Banking

Not available for minor, will be enabled on guardian’s customer id upon request.

15

Non-maintenance Charges

Not applicable

16

SMS Alerts

Available

17

Account Status 

Dormancy - The account shall not become dormant even if not operated for 2 years or more, as per regulatory guidelines

Negative balance  - The account shall not go into negative balance at any point of time

 

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