Services
Facilities Available
RTGS
NEFT
Demand Drafts
Pay Orders
Locker Facility
Nomination Facility
IFSC Code has been allotted
Your deposits are Insured
Rate of Interest on Loans & Advances
| Loan Type | Rate of Interest (%) |
|---|---|
| Salary Loan | 14.00% |
| Vehicle Loan | 9.90% |
| Cash Credit / Overdraft | 13.50% |
| Housing Loan | 9.75% |
| Gold Loan | 9.70% |
| Mortgage Loan | 13.50% |
| Unsecured Loan | 14.00% |
Vision: How we deliver our promise to members
- A trusted service provider to the growth of our customer.
- To be an icon of service excellence of the bank
Mission: What we do
- We grow and prosper together with our customers, by providing services of greater value to them
- We aim to maximize our shareholder’s value through the continuous growth of our business
Values: Principles
- Transparent-
- Accessible –
- Teamwork- Work as a team to reach our goal
- Accountability- My actions are my responsibilities
- Integrity-Loyalty and honesty
- Customer Oriented-We commit to provide best service
Services
1. Savings Account
Save today, for a better tomorrow
A savings account is a financial tool that allows you to securely deposit and store money while earning interest. We offer competitive savings account interest rates, ensuring your money grows effortlessly. Enjoy the flexibility to manage your savings bank account with the bank.
A Savings account is a secure deposit account offered by the bank that allows you to save the money while earning interest. It provides you easy access to funds for daily expenses and transactions, while offering nominal growth on the balance through interest.
Savings Account Eligibility:
Resident of Indian above 18 years of age (with valid ID and address proof)
Documents Required for Opening Savings Account:
- Minimal documentation: Just provide your PAN card and Aadhar card.
- (Aadhar and PAN should be linked)
- 3 Passport Size Photos latest
Interest Rate on Savings Account:
- Currently the interest rate on Savings Account is 3.%
- Interest on Savings Account is automatically computed based on the banks offered and your maintained monthly balance
- The interest is calculated daily on the maintained balance and the interest is credited on half Yearly and Yearly basis to your account.
2.Current Account
Save today, for a better tomorrow
SMVS Bank is a fast-growing Co-operative banking sector which provides personalized business banking solutions. SMVS Bank is a Co-operative banking sector, and it offers customized current account banking products to businesses as well as individuals. A current account is a demand deposit account which includes deposits, withdrawals, and business transactions. A current account is meant for the enterprise or business professionals who deal with large transactions on a daily basis. The current account allows the business entities to carry out unlimited transactions without any limit, subject to a banking transaction tax if any levied by the government.
Facilities:
The following are some of the important features and benefits of opening a current account with SMVS Bank.
- SMVS Bank, provide businesses with any kind of banking solutions as per their various requirements.
- Free cash deposits and free cheque payments and collections can be made with the SMVS bank current accounts
- Current accounts are non-interest bearing accounts and need a higher minimum balance to be maintained as compared to the savings account.
- Multi-city cheque books are provided with account opening, and the nomination facility is also accessible
Eligibility Criteria:
- Resident Individual
- Hindu Undivided Family (HUF)
- Sole Proprietorship Firm
- Partnership Firm
- Private or Limited company
- Limited Liability Partnership
- Trust/ Association/ Club/ Society
Documents Required:
The below given are the documents (KYC) need to be furnished at the time of opening a current account in SMVS Bank.
For Individuals:
- Prescribed Application Form
- Proof of Identity: PAN Card, Aadhar Card, Driving License, Voter ID Card, etc.
- Proof of Address: Aadhar Card, Valid Passport, Utility bill, Property tax bill, etc.
- Latest Passport size colour photos
For Partnership Firm:
- Identity Proof as per KYC norms: PAN Card, Aadhar Card, Driving License, Voter ID Card, etc.
- Address Proof as per KYC norms: Aadhar Card, Valid Passport, Utility bill, Property tax bill, Telephone bill, etc.
- Partnership Registration Certificate (in the case of a registered concern).
- Partnership Deed
- Passport-size photographs of the partners.
For Public/Private Limited Companies:
- Application form in the prescribed form.
- Memorandum and Articles of Association.
- Identity Proof: PAN Card, Aadhar Card, Driving License, Voter ID Card, et
- Address Proof: Aadhar Card, Valid Passport, Utility bill, Property tax bill, Telephone bill, etc.
- Commencement of Business Certificate.
- Incorporation and Board Resolution Certificate.
- Registration certificate
- License Certificate issued by the Municipal Authorities under Shop & Establishment Act.
- Passport-size photographs .
Trust/Society/Associations and Club:
- Constitution document of the entity
- The updated directors list to be submitted.
- Proof of Identity: PAN Card (entity)
- Proof of Address: Aadhar of the sole proprietor or entity, Valid Passport of the sole proprietor, etc.
Limited Liability Partnership (LLP)
- Power of Attorney (POA)
- Registration Certificate issued by Registrar of LLP.
- Identity Proof of POA holders: PAN Card of the entity.
- Address Proof: Aadhar Card of the sole proprietor/ entity, Valid Passport, etc.
- Latest Two passport size colour photographs.
- LLP agreement.
- Designated partners updated list.
3.Deposits
The reasons behind the growing popularity of fixed deposits are multifaceted. A major key incentive is the guarantee of fixed returns, which proves to be invaluable in meeting the risks that often accompany other financial options. This investment option is highly favored by those who value reliability and safety over high-risk avenues. Additionally, they act as a stepping-stone towards disciplined investing, allowing investors to mitigate their short-term goals with ease.
A low initial deposit requirement makes this instrument accessible to a wide range of investors, from beginners to seasoned savers. The investment tenure further increases the appeal of fixed deposits. Ranging from a short span of seven days to a longer investment horizon of 5 years, these distinct tenures help meet diverse financial goals. Moreover, senior citizens are provided preferential treatment on such accounts. They are offered an additional interest rate of 0.50 per cent. Note that such rates are over and above the regular fixed deposit interest rate.
FD interest frequency and maturity instructions –
The FD account allows investors to select the regular FD interest pay out option. This means they can choose to receive regular income through monthly or quarterly of Half yearly or Yearly pay outs, permitting them to mitigate their regular financial commitments with ease. For those looking for compounding returns, the reinvestment option with quarterly compounding interest serves as strategic option.
Moreover, SMVS Bank’s FD account goes beyond conventional offerings by introducing the facility of sweep-in and sweep-out. This feature allows investors to prematurely withdraw the required amount through their FD account via the sweep-in facility. Additionally, the deposit account extends the possibility of obtaining an overdraft option, offering up to 80 per cent of the principal FD amount. This feature also is considered invaluable during financial emergencies.
For those concerned regarding tracking their FD maturity, the SMVS Bank FD accounts eliminates this burden with its automatic renewal facility. This means that once your FD matures, it automatically will be renewed at the existing interest rates, permitting your wealth to continue growing without any interruptions. With this feature, SMVS Bank provides a hassle-free and seamless experience to their customers.
Basically we have two types of deposits,
- Term Deposit-Which is simple Interest
- Special Term Deposit: Which is Compounding Interest
Interest Rates on Fixed Deposits
Key features and benefits of a fixed deposit account at SMVS BANK
- Flexibility to choose a suitable duration
- Versatile interest pay-outs
- Liquidity benefit
- Higher rate of interest
- Auto-renewal of policy
- Advance on Fixed deposits
Recurring Deposit (RD)
At SMVS BANK, we continuously strive to provide you with best-in-class products with a superior service excellence. SMVS BANK RD has higher potential for earning, as we provide the best interest rates in the banking sector, Recurring Deposits offer investors the opportunity to deposit a set amount each month. RD provides customers with convenience and complete flexibility by allowing them to deposit funds based on availability of the amount.
Interest Rates on Recurring Deposits
Note:
- Senior Citizen rates are applicable only for Resident Individual deposits
- Rates are subject to change from time to time at the sole discretion of SMVS BANK
- If the Recurring Deposit is closed before completing the original term of the deposit, interest will be paid at the rate applicable on the date of opening of Recurring Deposit, for the period for which the deposit has remained with the Bank. Additionally, a penalty of 1 % will also be charged.
LOANS
1. Vehicle Loan
SMVS Bank offers the best deals for financing your car at lower interest rates and with minimal paperwork and quick disbursement.
The Vehicle Loan Interest Rate is 9.90%
Overview
The thrill of bringing your brand-new Vehicle to home is special. Vehicle has been the driver behind fulfilling the dreams of people to own vehicle. What if we told you that there was an easy, quick and seamless way to get your vehicle at SMVS BANK vehicle Loan is committed to making your vehicle buying experience smoother than ever. It provides 70 % on Ex show room financing on selected vehicles, pocket-friendly Monthly Interest, and flexible repayments
Flexible repayments
SMVS BANK comes with flexible repayment tenures tailored to your needs at the most affordable Vehicle Loan rates. You get to select the repayment tenure from 12 to 60 months along with quick and easy processing and approval.
Eligibility:
Resident of Indian above 18 years of age (with valid ID and address proof)
Documentation:
- Aadhar Card and Pan Card
- Latest 3 Years IT Returns (With Balance sheet and P&L)
- Latest 3 Photos
Fees and Charges
- Application charges-₹118 per case (charges NOT to be refunded in case of case cancellation.)
- Stamp duty-As per actuals which are applicable in laws of the state
- Processing fees-1% of the loan amount + GST
- Shares-2.5 % of the loan amount
- Pre closure charges-NIL
2. Housing Loan:
At SMVS Bank, we understand that a home loan is not just a financial transaction. It is much more than that. It is a warm little corner of the world that is yours, tailored to your tastes and needs. It is the place where you celebrate the joys, deal with the sorrows, and enjoy the journey called life. There is no place like home, and with SMVS Bank Home Loans, you can gather hopes, achieve your dreams, and create memories in your own space
Housing Loan Documents:
For home loan approval, you need to submit the following documents for applicant / all co-applicants along with the completed and signed Loan application form.
1)- Identity and address:
A.PAN Card
B.Aadhar Card
2) – Proof of Income
3)-List of Property Documents:
- Title deeds of the property and link documents
- NA order copy with Layout Map
- E-Khata
- Tax Paid Receipts
- Construction Permission
- EC for last 25 Years
Processing fees and Charges:
- Share Fees: 2.5% of the loan amount + GST 18%
- Loan Processing Charges: 1% of the loan amount + GSt 18 %
- C.Building Fund: Rs 5000 (In case of the first time borrower)
Housing Loan Interest Rate:
The Bank offers home loan interest rates 9.75*% p.a and Penal Interest at rate 2%
Loan Amount and Tenure:
At SMVS bank we offer maximum housing loan up to of Rs 25,00,000/-and Maximum tenure is up to 20 Years
3)- Gold Loan:
Fulfill your needs with SMVS Bank Gold Loan which allows you to get funds in 1 hour, Whatever your need may be – education, business expansion, personal requirement,medical crisis or any other specified end-use, our Loan against Gold is all you need. In volatile times and during a contingency you can take a Loan on Gold, for any use other than to purchase jewellery. Gold is a valuable asset, and with it comes surety and stability, so why not let it work for you? With minimal documentation and quick disbursal, a Gold Loan is a seamless solution. You can avail a Loan against Gold at any time.
Features:
- Gold Loan Repayment: Monthly Payment /Bullet Payment
- Gold Loan Interest: 9.75 % p.a and 2 % Penal Interest
- Gold Loan Tenure : 1 Year
- Gold Loan Processing : Fastest Turnournd, Enjoy simple documentation and speedy disbursals
Fees and Charges:
- Loan processing charges: 0.5 % of the loan amount + GST 18 %
- Valuation Charges: Rs 500/-
4)- MTL (U) Loan:
A MTL (U) Loan is an unsecured loan where you can borrow funds without having to pledge any form of security. The approval for your SMVS Bank unsecured Loan will depend on the 2 compulsory share holder’s sureties
Benefits of MTL (U) Loan:
- No Collateral required
- Quick access to funds.
MTL (U) Loan Interest Rates and Charges:
- Rate of Interest: 14 %
- Loan Processing Charges: 1 % of the loan amount + GST 18 %
- Stamp Duty: At actuals (Per applicable state laws)
- Loan Period: 24 Months