Vijaya Bank is one of the major public sector banks in India. The bank has its corporate office in Bangalore, Karnataka. It offers a number of financial services such as savings account, current account, fixed deposits, loans, PPF and other saving schemes. Each and every customer is provided with a Vijaya Bank account number for every product.
Current accounts are used by companies, firms, public enterprises, businessmen who require a high number of regular transactions. This particular account provides deposits, withdrawals and contra-transactions. A current account can be opened in most commercial banks. A current account holder does not have a limit on the number of transactions.
A savings account is one of the most common types of deposit accounts in India. To open a savings account with Vijaya Bank, you need to visit the nearest Vijaya Bank branch and meet a representative who will guide you through the application process. You would have to fill up a form for opening a new savings bank account after which you will be assigned a Vijaya Bank account number. You can use this number to transfer funds and make use of other banking facilities.
Eligibility
Current accounts can be opened by an individual/ HUF, a proprietary concern, a partnership firm, a company, a trust, a local body, Government establishments signing prescribed account opening forms, and with proper introduction, identification, address proof, etc, accompanied by prescribed documents.
Minimum Balance
- A sum of Rs. 3,000 is required for banks situated in urban and Metropolitan regions.
- A sum of Rs. 2,000 is required for banks situated in rural/ semi-urban branches.
KYC Norms
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Types of Current Account
Vijaya Bank provides five types of Current Account to its customers. They are
- Current Account Ordinary
- Current Account Platinum
- Current Account Silver
- Current Account Gold
- V Plus Current Account
Current Account Ordinary
Current Account Ordinary is applicable for individuals, joint names, partnership, companies, trusts, HUF, Government Department and other.
Minimum Balance
Minimum balance for opening and maintaining Current Account.
For banks in urban and metropolitan branches, a minimum balance of Rs. 3,000 is required.
For banks in other regions, a minimum balance of Rs. 2,000 is required.
Current Account Platinum
The minimum average quarterly balance is Rs. 3,00,000 and provides 100% concession on various charges like folio charges, cheque book charges, RTGS/NEFT remittance charges, outstation cheque collection charges, DD exchange, Service charges on Cash deposits/withdrawals. There are no charges applicable on Standing instructions within the Bank, Mobile Banking, Net Banking, ATM card issue, Credit card issue, Temple donations, RTGS/NEFT through V-Net Banking for all three variants of Current accounts. A sum of Rs. 650 is required for Point of Sale installation.
| Particulars | Platinum |
| Minimum Quarterly Average Balance | Rs.3,00,000 |
| Folio Charges | Free |
| Cheque book charges | Free |
| Fund Transfer NEFT/RTGS transactions | Free |
| Internal transactions | Free |
| Cash remittance Limit | Free |
| Outstation cheques collections Charge | Free |
| Credit Card | Free |
| Demand Draft Charges | Free |
| Service charges on cash deposits or withdrawals | Free |
| Standing Instruction Charges within the Bank | Free |
| Temporary Overdraft Facility | As per the Lending Policy |
| Mobile Banking Charges | Free |
| Net Banking Charges | |
| ATM Card Cash Withdrawal Limit | Up to Rs. 50,000 |
| Demat Account Charges | Free |
| Monthly e-statement through e-mail | Free |
| Charges for not maintaining AQB | Rs. 128 p.m.
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| NEFT/RTGS Transfer through V-Net Banking | Free |
| Donation for Temples | Free |
| Cash handling charges | Free |
| Point of Sale Installation | Rs. 650 |
| Point of Sale (Commission) | 2% of the transaction amount. |
Current Account Silver
| Particulars | Silver |
| Minimum Quarterly Average Balance | Rs. 1,00,000 |
| Folio Charges | 50% |
| Cheque book charges | 50% Discount |
| Fund Transfer NEFT/RTGS transactions | 50% Discount |
| Intersol transactions | 50% Discount |
| Cash remittance Limit | Free |
| Outstation cheques collections Charge | 50% Discount |
| Credit Card | Free |
| Demand Draft Charges | 50% Discount |
| Service charges on cash deposits or withdrawals | 50% Discount |
| Standing Instruction Charges within the Bank | Free |
| Temporary Overdraft Facility | As per the Lending Policy |
| Mobile Banking Charges | Free |
| Net Banking Charges | Free |
| ATM Card Cash Withdrawal Limit | Up to Rs. 50,000 |
| Demat Account Charges | – |
| Monthly e-statement through e-mail | Free |
| Personalized ATM Card | Free |
| Charges for not maintaining AQB | Rs. 128 p.m. |
| NEFT/RTGS Transfer through V-Net Banking | Free |
| Donation for Temples | Free |
| Cash handling charges | Free |
| Point of Sale Installation | Rs. 650 |
| Point of Sale (Commission) | 2% of the transaction amount |
V Plus Current Account
The bank has not specified any details regarding this current account.
Current Account Gold
The Minimum Average Quarterly balance required is Rs. 2,00,000 and provides a concession of 75% on various service charges like folio charges, cheque book charges, RTGS/NEFT remittance charges, outstation cheque collection charges, DD exchange, Service charges on Cash deposits/withdrawals.
| Particulars | Gold |
| Minimum Quarterly Average Balance | Rs. 2,00,000 |
| Folio Charges | 75% Discount |
| Cheque book charge | 75% Discount |
| Fund Transfer NEFT/RTGS transactions | 75% Discount |
| Intersol transactions | 75% Discount |
| Cash remittance Limit | Free |
| Outstation cheques collections Charges | 75% Discount |
| Credit Card | Free |
| Demand Draft Charges | 75% Discount |
| Service charges on cash deposits or withdrawals | 75% Discount |
| Standing Instruction Charges within the Bank | Free |
| Temporary Overdraft Facility | As per the Lending Policy |
| Mobile Banking Charges | Free |
| Net Banking Charges | Free |
| ATM Card Cash Withdrawal Limit | Up to Rs. 50,000 |
| Demat Account Charges | Free |
| Monthly e-statement through e-mail | Free |
| Personalized ATM Card | Free |
| Charges for not maintaining AQB | Rs. 128 p.m. |
| NEFT/RTGS Transfer through V-Net Banking | Free |
| Donation for Temples | Free |
| Cash handling charges | Free |
| Point of Sale Installation | Rs. 650 |
| Point of Sale (Commission) | 2% of the transaction amount. |
Penalty/ Statement of Accounts
- A computerized account statement is issued instead of passbooks. This statement will be directly sent to the account holder’s E-Mail ID.
- Any delay made in receiving the account statement should be reported to the Branch Manager.
- No entries should be made in the account statement by the deposit/ account holder.
- Every manual entry made by the Bank’s staff should be insisted for authentication by the Officer/ Branch Manager.
- The depositor should check the entries made in the statement account and report it immediately to the Branch Manager.
- If there is no representation within 3 days from the date of updating the passbook, the bank assumes that all the entries are correct.
- If the depositor desires for an additional statement of account, it will be issued when a written request is submitted to the bank.
Transactions
- The account credits will be given through pay-in-slip that is given by the bank unless if the bank permits which will be acknowledged by authorized officials of the bank.
- A depositor can remit through other branches by using an ‘Alternate Delivery Channel’ such as NEFT / RTGS / ECS / Net banking / Mobile Banking etc.
- Withdrawals can be made by submitting a cheque to the bank.
- A customer can do cash/ non-transaction without using chequebooks.
- All cheques, drafts and other instruments sent by a customer by post should be transmitted only be registered post.
- The bank is not liable to give notice of dishonour of cheque until the bank acquires the dishonoured instrument.
- While returning a cheque, the bank does not requires to mention the name and address of the cheque drawer even if a request is made by the payee.
- Disclosure will be decided according to the Court’s order.
Interest and Charges
- No interest will be paid on a Current Account.
- Bank reserves the right to charge service charges on current account from time to time on various counts.
- Cash deposited over and above the prescribed limit, shall attract service charges as given by the Bank.
- On closing the account, incidental charges will be levied (except if an account is closed due to the death of the account holder, transferring the account to another branch, the transfer for term deposits or to open another joint account).
FAQs
What is a Vijaya Bank Current Account?
A Vijaya Bank Current Account is a type of bank account primarily designed for businesses and individuals who need to make frequent transactions. It offers easy access to funds, with no restrictions on the number of deposits and withdrawals.
What are the key features of Vijaya Bank Current Account?
- Unlimited transactions: No limit on the number of deposits and withdrawals.
- Overdraft facility: Allows account holders to withdraw more money than they have in the account, subject to approval.
- Free cheque book: Some accounts offer a certain number of free cheque books.
- Internet banking: Access to online banking services.
- Demand Drafts (DD): Facility to issue demand drafts at minimal charges.