Youth Power

Overview

Lakshmi Vilas Bank’s Savings Youth Power account has been specifically crafted to inculcate the practice of savings in children from an early age. Parents can use the easy-to-operate features of the account to build a sizeable corpus for their children and plan wisely for their future.

The account comes with a Debit Card having variable limits that allows teenagers to access their Savings account in an easy and hassle-free manner.

Salient Features

  • Minimum balance requirement with nominal amount
  • Free Demand Draft facility for Tuition, Hostel and School/College fees.
  • No charges levied on cash deposit at base branch
  • Free Rupay debit card in first year of account operations

Eligibility

  • Age limit between 12-24 years

Documentation

  • The customer will be required to furnish KYC documents and additionally submit any one of the following documents:
    • Birth certificate from competent authority
    • School/College certificate
    • Passport

Interest Rates & Charges

Features Terms and Conditions

Minimum Balance

Rs. 100/-

Other Charges

As per regular SB A/C levies

Funds Transfer

Free between LVB Branches.

Standard Age proof documents

Xerox copy of any one document
1. Birth certificate from competent authority
2. School/College certificate
3.Passport

Cash Remittance charges

i) Base branch

Free

ii) Non Base Branch.

Free - Up to Rs.50,000/- per day and Re.1 per 1000 thereafter

DD/PO Issue

No Service Charges are levied for remitting of school fees, college fees and hostel fees. Other Services will be charged as per Surcharge rates.

Cheque Book Facility

1. No Cheque Book facility for account holders in the age group of 12-17 years. They can avail loose leaf Cheque facilities.
2. Normal Cheque Book issued to account holders of 18 years and above Age 18 & above: Normal Cheque Book is permitted

Rupay Debit card

Free for first Year with Daily Withdrawal Limit of Rs.5000/-per day. Charges of Rs.100/- charges applicable from 2nd year onwards.

Internet Banking

1. No internet Banking facility for account holders in the age group of 12-17 Years
 2. Internet banking facility available for Age 18 Years & above: Net Banking facility available.

SMS/Mobile Banking

Charges Applicable

Non-Maintenance of Minimum Bal.

Penalty of Rs.50/- per month for all account holders.