Bank of India provides 9 types of savings accounts to meet the different needs of its customers. With BOI savings accounts, you can access services like internet banking, mobile banking, and earn rewards on credit card purchases.
| Table of Contents | ||
|---|---|---|
| BOI Savings Account Interest Rates | ||
| Eligibility Criteria | ||
| Documents Required | ||
| Features of BOI Savings Account | ||
| Types of BOI Savings Accounts | ||
| FAQs | ||
| BOI Savings Account Balance | Rate of Interest |
|---|---|
| Up to Rs. 1 lakh | 2.75% p.a. |
| Above Rs. 1 lakh | 2.90% p.a. |
People who can open a savings account with Bank of India include:
1. Residents of India
2. Minors under guardianship, whether legal or natural
3. Illiterate individuals are also eligible to open an account with BOI. However, they must visit the bank in person to provide a thumb impression, which needs to be attested by an approved witness or witnesses.
If you want to open a savings account with Bank of India, you need to know what documents are required. Here are the important papers you'll need, along with recent photos, to open a BOI Savings account.
1. Proof of Identity (any one):
2. Proof of Address (any one):
| Savings Bank Ordinary Account | Features |
|---|---|
| Initial Balance & Average Quarterly Balance requirement |
|
| Internet Banking Facility | Available |
| Nomination Facility | Available |
| Eligibility Criteria |
Individual, Illiterate Persons, Blind persons, Minors, Associations, Clubs, Societies, etc. Trusts, Institutions/Agencies specifically permitted by the RBI |
| Star Suraksha SB Plus Account | Features |
|---|---|
| Initial Balance | Rs. 500 |
| Average Quarterly Balance requirement | Rs. 500 |
| Interest Rate | 2.90% p.a. |
| Personal Accidental Death Insurance Cover | Rs. 50,000 (Premium Paid by Bank) |
| Eligibility Criteria | Individuals, except Minors, NRIs and accounts under Diamond Category |
| BOI Super Saving Plus | Features |
|---|---|
| Initial Balance | Rs. 20 lakh |
| Average Quarterly Balance requirement | Rs. 5 lakh |
| Period of Deposit | Less than 6 months |
| Nomination Facility | Available |
| Eligibility Criteria | All those who can open Savings Account are eligible to open this account |
| BOI Savings Plus Scheme | Features |
|---|---|
| Minimum Balance Requirement |
|
| Auto Sweep Facility | Yes |
| Interest Rate | - |
| Nomination Facility | Available |
| Eligibility Criteria | Resident Indian |
*The interest rate on the regular savings account part will be the usual rate for regular savings deposits. The interest rate on the SDR/DBD part will depend on how long each deposit is kept and the interest rate at the time of placing or renewing the deposit.
| BOI SB Account for Pensioners | Features |
|---|---|
| Minimum Balance Requirement | Zero Balance Savings Account |
| Internet Banking Facility | Available |
| Issuance of DD/Payslips | Free 6 DD/ Payslips per Quarter |
| Eligibility Criteria | All Pensioners drawing pension from Bank of India irrespective of age |
| Diamond Savings Bank Account | Features |
|---|---|
| Initial Balance | NIL |
| Average Quarterly Balance* | Rs. 1 lakh & above |
| Debit Card | Free Issuance of International Platinum card |
| Free Group Personal Accidental Death Insurance Cover | Rs. 5 lakh |
| Other Features |
|
| BOI Star Yuva Account | Features |
|---|---|
| Average Quarterly Balance Requirement |
|
| Internet & Mobile Banking Facility | Available |
| Personal Accident Insurance |
|
| BOI Star Mahila Account | Features |
|---|---|
| Average Quarterly Balance Requirement | Rs. 5000 |
| Internet Banking Facility | Available |
| Group Personal Accident Death Insurance | Cover of Rs.5 lakhs (Premium paid by Bank) |
| Personal Accident Insurance |
|
| BOI Star Senior Citizen SB Account | Features |
|---|---|
| Average Quarterly Balance Requirement | Rs. 10000 |
| Internet Banking Facility | Available |
| Group Personal Accident Death Insurance | Cover of Rs.5 lakhs (Premium paid by Bank) |
| Personal Accident Insurance |
|
| Types of Bank of India Savings Account | Primary Features |
|---|---|
| Savings Bank Ordinary Account |
|
| Star Suraksha SB Plus Account |
|
| BOI Super Saving Plus |
|
| BOI Savings Plus Scheme |
|
| SB Account for Pensioners |
|
| Diamond Savings Bank Account |
|
| BOI Star Yuva Account |
|
| BOI Star Mahila SB Account |
|
| BOI Star Senior Citizen SB Account |
|
No, BOI does not levy any charges in such cases.
You need to keep at least Rs. 500 in your BOI savings account (Savings Bank Ordinary Account) if you live in rural or semi-urban areas. For those in metros or urban areas, the minimum balance required is Rs. 1,000.
Right now, customers can earn an interest rate of 2.90% per annum on their BOI savings account.
Customers can get their questions answered or register their concerns by calling the toll-free number 1800 103 1906.
Indeed, BOI has provided a toll-free Covid support service at 1800 220 229.