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Savings Account

Savings accounts are the initial step for the urban and rural masses to start developing the habit of savings for a secure and brighter future. Banking institutions in India are coming up with various unique features and benefits so as to inculcate the habit of savings among people of all age groups. Savings accounts give good interest rate on the saving amount and the accountholders can withdraw money anytime.

Vijaya Bank is one of the fastest growing public sector banks in our country with its corporate office in Bangalore, Karnataka, India. It is one of the nationalised banks of India. The bank has established with network of 1,863 branches, 49 extension counters and over 3,500 customer touch points throughout the country including 1,651 ATMs. Savings with Vijaya Bank is favoured among the customers because the bank offers a wide range of financial product and services through various channels.

Like its other range of products including retail loans, Vijaya Bank offers a multitude of Savings Accounts for the different needs of individuals. The Vijaya Bank savings accounts have various attractive features making them more suitable for the banking needs of every individual.
 

Types of Vijaya Bank Savings Account

Vijaya Payroll Savings Bank Account: This is a salary savings account from Vijaya Bank which has the zero balance facility. Other features of the savings bank account include:

  • Vijaya Bank saving account is meant for salaried employees working in corporations, firms, institutions, companies, Government departments, etc.
  • The minimum number of employees in an organization to open a savings account should be 10
  • The average salary of the employee opting for this Vijaya Bank savings account should be Rs. 5,000
  • It is a zero balance account which does not mandate the maintenance of a minimum balance
  • Vijaya Bank offers a sweep in facility wherein balance in the account exceeding Rs. 20,000 is automatically swept in a fixed deposit account to earn a higher rate of interest in multiples of Rs. 5
  • The savings account with Vijaya Bank provides a 50% discount in service charges which the bank levies on remittances, DDs, etc.
  • There is a daily limit of Rs. 20,000 on ATM Cash withdrawal
  • Vijaya Bank offers the facilities of a Debit Card, internet banking and Demat account
  • The higher level employees with a minimum monthly salary of Rs.50,000 would be offered with a Platinum Savings Account

V Genuth Savings Bank Account: A Vijaya Bank savings account meant for children having the following features:

  • Children aged 1 day and above can open this savings bank account. Even students undertaking various courses can opt for the account
  • The account can be maintained as a zero balance account and the Vijaya Bank minimum balance requirement to open the account is only Rs. 10
  • Cheque book, cash withdrawal facility and an add-on credit card can be availed by children if they cross 12 years of age
  • The account facilitates free transfers of funds from the parent’s account to the child’s account
  • The facility of sweep outs balances in the savings account in multiples of Rs. 5,000 to a term deposit account if the balance exceeds Rs. 10,000
  • Vijaya Bank offers payment of school fees, hostel charges, etc. through the account does not attract any charges
  • If the savings account with Vijaya Bank is continuously maintained with the bank the bank provides a concession of 0.5% on an Education Loan availed from it

V Balika Savings Account:

This Vijaya Bank women’s savings account was launched for the welfare of a girl child, with the following benefits:

  • Girls aged less than 16 years can open this Vijaya Bank savings account if they belong to the following categories:
  • All SC/ST girls who have passed Class VIII
  • All girls, whether belonging to SC/ST or not, who have passed Class VIII examinations from Kasturba Gandhi BalikaVidyalaya
  • The girl child should not be married
  • The girl should enrol in Class IX for further studies in State or Union Territory Government, Government Aided or Local Body schools from the academic year 2008-09 onwards
  • The Vijaya Bank savings account can be opened as a zero balance account and still earn a normal rate of interest payable on other savings accounts of the bank

V Platinum Savings Bank Account: A premium savings bank account for customers able to maintain a higher minimum balance in the account. It has the following features:

  • 100 cheque leaves are issued free every year to the accountholders of this account
  • Vijaya Bank offers a free multi-city cheque book containing 25 leaves of cheques applicable for CBS branches
  • A free ATM cum Debit Card
  • A free credit card which comes pre-loaded with a free Personal Accident Death Insurance cover worth Rs.1 lakh in the first year
  • Free remittances without charges for up to limits of Rs.1 lakh in metro or urban branches and Rs. 50,000 in semi-urban and rural branches
  • Free opening of a Demat Account and no charges levied on Standing Instructions
  • Both individuals and HUFs can open this savings account with Vijaya Bank
  • The minimum balance criteria in the account depend on the area. It is Rs. 50,000 in metropolitan areas, Rs.25,000 in urban areas, Rs.15,000 in semi-urban areas and Rs.10,000 in rural areas

Vijaya Saral Savings: A simple Vijaya Bank savings account where the following features are present:

  • Only individuals can apply for this account through any of the Vijaya Bank branches
  • A minimum initial deposit of Rs.10 is required to open this savings bank account. Further, the account can operate on a zero balance also
  • Cheque books are not issued with the account. For withdrawing money, withdrawal slips present at the branches are to be used
  • No debit or ATM card is issued with this type of savings account
  • Third party collection cheques are not allowed
  • There is a limit on total withdrawals on the account made in the year. It should not exceed 36 withdrawals
  • The savings bank account has no folio charges or penalty for non-maintenance of the minimum balance
  • Placing a standing instruction does not attract charges but executing it would attract normal charges

V Basic SB Account: It is a small savings account with simple features and facilities.

  • This account is segregated in to the basic SB account and a small basic SB Account. Small Basic SB account is for those who do not have complete KYC documents.
  • The minimum initial deposit required to open and operate the account is Rs.10 and the account can operate as a zero balance account
  • One free cheque book shaving 10 cheque leaves is issued with the account
  • A RuPay branded Debit Card is issued with the account
  • Only 4 monthly withdrawals are allowed including ATM withdrawals but there is no limit on the number of credit transactions
  • NEFT / RTGS / INTERSOL transactions are not allowed
  • Cheque issued by other third parties favour of the depositor cannot be collected for crediting the account. However, cheques issued by Central or State Government agencies or departments can be accepted
  • No other savings account can be opened by holders of this account.

Vijaya Bank savings account eligibility: The following individuals can open a Vijaya Bank savings account:

  • An individual can open the savings bank account in his / her name
  • More than one individual can also open the account as joint savings account, payable to all of them jointly or any one or more survivors
  • Guardian on behalf of a minor furnishing a declaration about the date of birth of the minor
  • A minor over the age of 12 years can also open the Vijaya Bank savings accounts in his or her name under the specific Genuth and Balika schemes, provided the minor produces a satisfactory proof of his / her date of birth such as “date of birth certificate” issued by the corporation / hospital, school certificate, etc. As per the terms and requirements for Vijaya Bank savings account for youngsters, any balance above Rs. 10,000 is transferred to a term deposit account in multiples of Rs. 5,000 to earn more interest
  • Treasures / secretaries / managers or duly constituted / authorised officers of the clubs, associations (registered or unregistered), schools, charitable institutions and such other body of like nature in their names, by giving clear operational instructions and furnishing the constitution / bylaws and rules governing such associations and other necessary information

Documentation for Vijaya Bank Savings Account: The prospective account holder should comply with listed documents and KYC norms by producing one or more of the following documents in the support of address and identity:

Proof of identity

  • PAN card
  • Aadhar Card
  • Passport
  • Voter identity card
  • Driving licence
  • Identity card subject to the bank’s satisfaction
  • Letter from recognised public servant or public authority verifying the identity and residence of customer to the satisfaction of the bank

Address proof:

  • Telephone bill
  • Electricity bill
  • Rent agreement
  • Latest bank account statement
  • Letter from any recognised public authority
  • Ration card
  • Letter from the employer subject to satisfaction of the bank

Minimum balance requirement of the savings account with Vijaya Bank:

Vijaya Bank Savings Accounts

Minimum balance to be maintained

 

Urban / Metro

Semi Urban / Rural

For opening and maintaining savings bank account (without cheque book facility)

Rs. 250

Rs. 100

For opening and maintaining savings bank account (with facility of cheque book)

Rs. 500*

Rs. 250

ATM and debit card holders

Rs. 250

Rs. 250

Special category of Vijaya Bank savings account (pensioners/ students)

Savings Account with Vijaya Bank

Minimum balance to be maintained

Without cheque book facility

Rs 50

Rs 50

With Cheque book facility

Rs 500*

Rs 250

ATM/Debit card holders

Rs 250

Rs 250

 

Note: Account holders with cheque book facility can bring down the balance up to Rs. 250 subject to paying penalty for non-maintenance of minimum balance. Vijaya Bank savings account penalties and other service charges at prescribed rate if the minimum balance falls below the level as set by the bank.

Vijaya Bank Savings Account Interest Rate

Interest on savings accounts is paid at the prescribed rate on daily products. Such interest is calculated from starting of February to July and August to January and is credited on the 1st day of succeeding month. Interest so calculated is rounded off to the nearest rupee. The amount deposited into the account, above and over the recommended limit shall attract service charge as fixed by the bank from time to time.

The savings accounts of the bank earn an interest rate of 4% per annum while the V Genuth Account pays an interest rate of 3.75% per annum. The interest is calculated on the daily balance in the account and credited every half-year.

Passbook and sheets:

  • Computerised account statements are also issued in the place of pass book, if the customer so desires. Such statement will be sent in a soft copy to the available email id of the customer , if he or she wishes
  • An arbitrary delay in getting back the passbook / statement of account periodically should be brought to the notice of the branch head
  • No entries should be made in the passbook /account statement by the deposit, account holder
  • Any manual entry made in the statement of bank account by the bank’s staff should be given for authentication by the office / branch manager
  • The passbook should be offered in the branch while withdrawing and depositing money or at least once a fortnight for getting the entries written up
  • The depositor should check up the entries in the pass book / account statement and report immediately to the Branch Manager, if any discrepancies are observed / found
  • If no representation is received within 3 days from the date of updating the passbook, the bank will presume that the entries are correct and will bind on the customer

Cheque book facility:

  • The customers can opt for cheque book facility by maintaining the prescribed minimum balance. All such account holders are provided with 2 cheque books per annum without any extra charges
  • Other account holders without cheque book facility can withdraw cash from their accounts using the withdrawals slip available at any of Vijaya Bank branches

Applying for the savings accounts from Vijaya Bank online:

To apply for a Vijaya bank savings account online you can visit the bank website or visit Paisabazaar for faster application process.