Bank of India Savings Account: Hard to Miss Interest Rate 2024

Bank of India provides a wide range of Savings Account alternatives to suit your needs, which may cause you to feel confused as you evaluate the benefits and features of each. Numerous alternatives are available, including high-end, normal, and basic accounts as well as online and offline savings accounts. All people have access to these functionalities. In addition, the Bank of India offers higher savings account interest rates than the majority of its rivals (up to 2.90% at the time). Let’s have a look at the various Bank of India Savings Account options they offer and the guarantees they make. The eligibility details for most Bank of India savings accounts, which are all the same, are listed in the account facts below.

What are the Features and Benefits of Bank of India Savings Account?

In comparison to the majority of other banks, Bank of India savings accounts offer a number of advantages. Here is a list of them:-

• One can obtain a debit card for free and utilize the offered withdrawal privileges.
• Free insurance protection
• Online banking service
• Unlimited use of ATMs
• Online filing of income tax returns
• Personal chequebook available upon request
• Epay offers a free utility bill payment option.

What are the Types of Bank of India Savings Accounts?

To meet the numerous financial demands of its clients, the Bank of India, one of India’s well-known private sector banks, offers a variety of savings account kinds. The following are some of the standard categories of savings accounts that the Bank of India provides:-

1. Star Suraksha SB Plus Account

2. Savings Bank Ordinary Account

3. BOI Savings Plus Scheme

The goal of the BOI Savings Plus account, which combines a savings bank account and a term deposit account, is to maximize customer earnings while maintaining their funds’ liquidity.

4. BOI Super Saving Plus

5. Diamond Savings Bank Account

6. BOI Star Yuva Account

7. BOI Star Mahila SB Account

8. BOI Star Senior Citizen SB Account

9. SB Account for Pensioners 

Minimum Balance Requirement of the Bank of India Savings Account

The majority of Bank of India savings accounts allow for no minimum balance requirements. A monthly balance of Rs. 500 must be kept in specific circumstances.

Bank of India Savings Account Fees and Charges

Operating a savings account at Bank of India is free of charge; however, this is subject to change at the bank’s discretion. Every time you try to open a savings account, you should double-check this information.

How to Open a Savings Account in the Bank of India?

Opening a savings account with the Bank of India is quite simple and convenient. Applying for a new account on the website is the quickest and simplest method. If you have any questions or need more information, it is best to check with a bank representative first before submitting your application and the necessary supporting paperwork.

Online Procedure: Open Bank of India Savings Account

 One can easily open a savings account in the Bank of India online, given below are the steps:-

1. Visit the BOI’s official website, hover the mouse over the ‘personal’ category on the home page and click on the option of ‘Savings’.
2. Once the new page opens, click on the option of ‘Apply Now’
3. You will now need to fill in your contact number and all the necessary information, then submit the documents required to submit.
4. You will receive a confirmation once all your documents are approved, and your account will be opened.

Offline Procedure: Open Bank of India Savings Account

 One can easily open a savings account in the Bank of India offline as well, given below are the  steps:

1. Visit the nearest branch of Bank of India and ask for a savings account opening form. 
2. The executive will assist you accordingly
3. Fill in the form and submit all the necessary documents along with the form.
4. Your account will be opened once the executive at the bank verifies all your details and documents.

What is the Eligibility to Open Savings Account in the Bank of India?

The eligibility requirements for different types of savings accounts are distinct, but there are some criteria which are necessary for any kind of savings account in the Bank of India:-

1. Permanent resident of India
2. Minors (Under 18 years of age are allowed to apply under the natural or legal guardian)
3. People who are unable to read or write can open an account with BOI as well. They must, however, travel to the bank in person to submit a thumb impression that must be witnessed by one or more authorized witnesses.

What are the Documents Required to Open a Savings Account in the Bank of India?

You must be aware of the BOI Savings account documentation if you intend to open a savings account with the Bank of India. The required documentation and recent photos are shown below in order to open a BOI Savings account.

Identity Proof:

PAN Card

Aadhar Card

Passport

Voter ID Card

Defense ID Card

ID Cards for salaried individuals

Driving License

Address Proof:

Aadhar Card

Statement of Credit Card

Salary slips

Income Tax Assessment Order

Electricity Bill

Telephone Bill

Bank Account Statement

Recommendation Letter from a reputed employer

Recommendation Letter from a recognized govt. Org.

Ration Card

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