BOI Savings Account

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.

The Bank of India saving account online procedure can be completed by visiting the online portal of the Bank of India.

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.

Following are the various types of Savings Accounts that can be opened at Bank of India-

• 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.