SVC Full Form- Shamrao Vithal Co-op. Bank

What is SVC? The full form of SVC is Shamrao Vithal Co-op. Bank. One of the first co-ops to be founded in India is Shamrao Vithal Co-operative Bank, also known as SVC Cooperative Bank Limited. 

It was founded in 1906, just as cooperation was starting to gain traction in India. The main goal of this bank's founding was to encourage more individuals to save. Additionally, SVC Bank wished to establish a fund for society's economically disadvantaged citizens. 

In order to help people purchase necessities at a reduced price, SVC Cooperative Bank also established cooperative stores. The bank established several welfare plans and initiatives, including relief funds and cash credits.

The principal designer of the bank, the late Rao Bahadur Shripad Subbarao Talmaki, the Maharishi of Cooperation, named it after the late Shamrao Vithal Kaikini, his principal mentor and teacher. 

On December 27, 1906, the bank was first registered as a Co-operative credit society. The bank operates in 11 Indian states and has 198 branches.  

When it was first founded, its primary objectives were to promote saving, assist the less fortunate members of the community in their financial endeavours, and generate funds for worthy causes.

Products and Services of SVC

SVC SB Gold

This account is only intended for top users who are at least eighteen. It has the following high-end characteristics.

• provides ten free upcountry check collections over a fiscal year.
• Pay orders and demand drafts are available to customers for any amount at no cost.
• includes 150 check leaves for the fiscal year.
• Consumers may use RTGS/NEFT to easily transfer money.
• An SVC International Debit Card with a daily cash limit of 25,000/-is provided to all account users.
• Other benefits available to account users include free SMS banking, free SMS notifications for transactions using SVC International Debit Cards, and free Netbanking.

Eligibility

• Elite clients who are over the age of eighteen may create accounts. 
• An average quarterly balance of Rs. fifty thousand should be kept.

SVC SB Silver

This account provides five complimentary upcountry check collections in a single fiscal year.

• Five demand drafts and pay orders are available to customers at no cost.
• Account holders are entitled to 100 complimentary check leaves in a single fiscal year.
• Ten money transfers via RTGS/NEFT are available to customers at no cost.
• Every account user receives an SVC debit card with a daily cash limit of Rs. 25,000 and a POS limit of Rs. 25,000. There are no annual fees associated with the SVC Debit Card.
• includes a number of value-added features, such as free SMS banking, free SMS notifications for transactions with SVC Visa and RuPay debit cards, and free Net Banking facility.

Eligibility

• Applicants who are at least eighteen years old may open the account.
• A minimum amount of Rs. 10,000 is required to start an account, and Rs. 25,000 is the average quarterly balance that must be kept.
• KYC compliance is required; reissuing a lost or damaged card will cost you Rs. 200.

SVC Star Savings Account

Kids between the ages of 10 and 18 are the target audience for this account. Even with a mere Rs. 100 initial balance, it may be opened. Children may use this account on their own and learn the value of saving money and handling it wisely.

• Only Rs. 100 is needed to start this self-operating account, and account users have the choice of using an SVC Visa or RuPay debit card.
• There is a netbanking service; however, it simply allows viewing privileges.
• There is no minimum balance requirement for this account.
• provides a free passbook service and free SMS banking.
• The account has a standing order feature that allows money to be sent from the natural guardian's parents' account to STAR Savings.

Eligibility

• Children between the ages of ten and eighteen 
• Debit card holders with a Daily cash withdrawal cap of Rs. five thousand from ATMs