Established in the year 1926, Lakshmi Vilas Bank is one of the nation’s fast emerging banks. Founded by V.S.N Ramalinga Chettiar, the bank was set up with the purpose of helping agriculturists, traders and industrialists living in the Karur region. Currently, the bank operates with a widespread network of over 400 branches, 11 regional branches and 800 ATM’s located across the country with a major concentration of the same in the state of Tamil Nadu.
Lakshmi Vilas Bank offers an interest rate of 4-7%. Before applying for an account, one must be informed of the basic rules.
1. An applicant has to provide his or her name for opening an account.
2. An account can be opened by guardian on a minor’s behalf.
3. Most recent photographs must be given while applying for a new account.
4. An applicant has to furnish valid proof of residence and identity. One must have PAN card, Aadhaar card and positively a voter’s id and driving license.
5. The account opening process will begin only when the application form is duly filled.
6. Even illiterate persons can apply for account
Lakshmi bank allows a person to fill and sign a form online. A prospective customer has to access the page https://www.lvbankonline.in/lvbcorp/termsandconditions.html. One can download, fax or mail the relevant documents to the company, with the help of the online interface. The account opening form will take some time to get downloaded on the system, depending upon network connectivity.
When the pdf form gets downloaded, go through the sections carefully. Leave the top section, as it is for office use only. Then fill personal details like name. Also give details about the initial amount to be deposited for account opening.
1. The client must firstly submit the request for opening an account with Lakshmi Vilas Bank. In this request, he has to provide contact number details, details of preferred branch etc.
2. Once the application process is over, the client will get a unique reference number on his mobile number. This number is used for tracking application status.
3. A mail with list of relevant documents which are to be submitted for account opening is sent to client’s email id. A bank officer soon contacts the client notifying about the necessary formalities required for verification.
Also, Don’t miss to activate LVB net banking
Procedure for closing savings/current account
In order to close an account, one has to fill in the Account closure form. The client is required to furnish all his personal and banking related details in the form. In addition he must upload KYC documents. He must provide the reasons for leaving. The client might be required to visit his branch for submitting passbook, cheque book etc.