BOI Savings Account - Check Interest Rates, Benefits and Features (2024)

In comparison to most other institutions, Bank of India savings accounts provide numerous advantages. They are as follows-

• One can obtain a debit card for free and use the various withdrawal options.
• Transactions at ATMs are unlimited.
• Insurance coverage is provided at no cost.
• Online banking is available.
• Online filing of income tax returns is available.
• On request, a personalized cheque book.
• Epay provides free utility bill payments.

You can easily start a Bank of India Savings Account. Following is the Bank of India saving account offline opening procedure-

• Download the BOI account application form.
• You must fill out the application form, print it, and sign it after downloading it.
• Following that, you must attach all of the documents listed in the preceding step.
• All documents must be attested and verified by well-known bankers.
• Send it to the nearest branch.

The following individuals are eligible to open a savings account with the Bank of India:

• Indian citizens.
• Minors (legal/natural guardianship).
• People who are illiterate can also open an account with BOI. They must, however, visit the bank in person to submit a thumb impression that must be certified by an approved witness (es).

If you wish to start a savings account with BOI, you should be aware of the BOI Savings account documents. The following documents, along with recent photographs, are required to open a BOI Savings account.

1) ID Proof - PAN, Aadhaar, Voter ID, Defence ID, Driver's license.

2) Address Proof - Aadhaar, Credit card, salary slip, Tax order, Telephone bill, Electricity bill, Bank account statement, Letter from a reputed employee, Letter from a recognized public authority, and Ration card.

• On a single account basis, anyone can open this type of account. Individuals with two or more accounts, illiterate persons, blind people, minors, associations, clubs, and so on are all eligible.
• A quarterly balance of Rs. 500 is required for cheque book accounts and Rs. 100 for non-cheque book accounts.
• Charges apply if the average quarterly balance is not maintained.
• There is a nomination option available.
• This account includes internet banking, unlimited ATM transactions at Bank of India ATMs, online IT returns filing, a personalized cheque book on request, and free utility payments.

• The bank has created this product to primarily instil banking habits among the country's youth.
• When you utilize your debit card to withdraw cash from a Bank of India ATM, you can earn reward points.
• Net banking can be used to make utility payments.
• Funds can be transferred through NEFT/RTGS.
• When you open a fixed deposit or recurring deposit account, you will receive 20 reward points.
• Mobile banking services are available.
• This account type includes Personal Accident Insurance.

• This account serves as both savings and a term deposit account.
• The account holder can maximise returns while maintaining liquidity benefits.
• A minimum amount of Rs. 50,000/- in the savings account and Rs. 10,000/- in the term deposit section is required.
• Any sum in the savings section that surpasses Rs. 50,000/- will be immediately moved to the fixed-term scheme.
• Non-maintenance of the savings account balance will result in a Rs. 200/- charge per quarter.
• Nominations are accepted in accordance with current regulations.

• On a single account basis, anyone can open this type of account. Individuals with two or more accounts, illiterate persons, blind people, minors, associations, clubs, and so on are all eligible.
• A deposit of Rs. 20,00,000 is required to open this type of account.
• A quarterly balance of Rs. 5,00,000 must be maintained on average.
• The deposit duration in this sort of account is fewer than six months.
• The interest rate is the same as that of a deposit of Rs. 15,00,000 or more.
• The bank levies a cost of Rs. 350/- per quarter for failure to maintain the minimum balance.
• Premature withdrawal is possible at any time.
• This account type offers an advanced money function.
• There is a nomination option available.

Note: The charges and minimum balance on the savings account differ from one account to the other.