Lakshmi Vilas Bank

Lakshmi Vilas Bank was set up in 1926 in the Karur region of Tamil Nadu (Karur Vysya Bank is another bank with origins from that region). The bank has a strong presence in South and Central India, and offers its customers various accounts. It, however, does not have an account dedicated to children below 12 years of age. It offers minors below that age its general savings account called Savings Bank 301 through a guardian. It does have an account for kids who have crossed 12 years of age.

Savings Youth Power

This account is designed for kids in the 12-24 years age group.

Features

  • The account comes with a minimum balance of Rs. 100
  • There are no cash withdrawals at the home branch but at the same time, these withdrawals are not allowed at the non-home branches
  • Cash remittances are free at the home branch for all amounts but not for amounts over Rs. 5,000 at non-home branch
  • Demand draft or postal order charges are waived off for educational payments but are charged at standard rates for DDs made for other reasons
  • The bank does not provide any chequebook for kids up to 17 years of age. The same age criteria exist for internet banking also. Mobile banking is free
  • The Savings Youth Power Account, however, does offer an international debit card powered by Visa with a daily withdrawal limit of Rs. 5,000 per day. The card is free for the first year and a fee of Rs. 100 is charged from the second year

Savings Bank 301

The primary savings account of the bank. The standard features of the account are listed below and are likely to be different for minor accounts. (We suggest readers interested in opening this account for their child to discuss the specifics with the bank.)

Features

  • It allows guardians to open accounts for minors below 12 years while kids above 12 years can open and operate the account under their own name
  • The minimum deposit is Rs. 1,000 for rural, Rs. 3,000 for semi-urban and Rs. 5,000 for urban branches
  • The Savings Bank 301 Account does not have any restrictions on deposit or withdrawals

Reference Facts

  • Lakshmi Vilas Bank Website: www.lvbank.com
  • Headquarters: Chennai, Tamil Nadu
  • Call Centre Number: 1800 425 2233