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Lakshmi Vilas Bank Review

The lakshmi Vilas bank was founded in the year 1926 by a group of seven people under the leadership of Shri V.S.N. Ramalinga Chettiar to meet the financial demands of various customers. To meet the challenging requirements of the customers the bank expanded it business network by over taking 9 banks from year 1961-65. At present the bank has 246 branches, 5 extension counters and 5 satellite branches over 14 states and a union territory of Pondicherry. The bank’s main vision is customer satisfaction by providing high class service in the present challenging banking world. The main focus of the bank is on the domains of retail, banc assurance and cooperate banking.

The LVB savings bank is mainly aimed for the one’s steady growth of money in the bank. It believes that the customer satisfaction is the best advertisement for the bank. The salient features of the bank are that in the rural branch a savings account can be opened with a minimum amount of RS 100 and cheque book provided where as in metro urban and sub urban it is Rs 500 and with cheque book facility. It provided even standard instruction at normal charge. There is no restriction on number or amounts of deposits. The present depositor gets an interest of 3.75% per annum.

To meet the peoples financial needs the bank gives loans with many salient features like very less formalities are required and operational convenience. The interest rate is 15.5% per annum. The loans can be repaid back up to 15 years or till the person attains 65 years of age. The bank offers loan amount up to 40 lakhs.

This bank provides locker facility for the safe storage of valuable things of the customers. Unlike other banks this locker can be accessed any number of times. Depending on the valuable thing the rent on the locker depends.

The bank has the facility of internet banking to conduct financial transaction on a secured website. They can view print and download their account details instantly form time to time. This helps in saving lot of time to the customers