Bank of India Saving Account

Bank of India Saving Account

A savings account is a type of bank account intended to help individuals save money for future use. If you're considering opening one, a Bank of India savings account can be a good option for those who want to earn interest on their savings while keeping their money easily accessible. Additionally, your deposits will be insured by the DICGC.

Let's explore the Bank of India savings account interest rates, features, and the steps to open a Bank of India savings account both online and offline.

Disclaimer: Interest rates are subject to change. Please check the BOI website for the latest information.

BOI (Bank Of India) Savings Account & Features

There are several types of savings accounts that BOI offers, and the requirements for each account can differ slightly. Detailed description offered on the various types of BOI savings accounts and their salient features:

General Savings Account

This is a normal savings account provided by Bank Of India. Ideal for: Light & hassle-free banking solution dependent people

Features:

• Zero balance and free debit card
• Unlimited ATM transactions
• Inbuilt life insurance
• Online banking
• No tax deduction at sources
• Interest rate depends on the required levels of minimum maintaining a bank account, but that will be more than regular savings

BOI Savings Plus Scheme

A blend of savings bank account and term deposit account.

Benefits:

• Higher interest rates as compared to normal savings accounts
• Flexibility of withdrawal
• Minimum balance requirements

BOI Super Savings Plus Scheme

This is a premium saving account specially crafted for high-net-worth individuals, non-individuals like companies and trusts. It provides additional features and privileges.

Features:

• Premium customer service
• Higher returns
• Personalized saving services
• Increased balance minimum requirements

BOI Star Yuva Account

The above account has been tailor-made for individual adults between the ages of 18 to 25 years. It offers glowing features as well.

Features:

• Lower minimum balance requirements
• Special offers and discounts
• Personal accident insurance
• Online banking and mobile banking

BOI Star Mahila SB Account

This account is designed for the ladies only. In addition to giving access, it provides additional benefits and privileges.

Features:

• High interest rates provided
• Personal accident insurance
• Special treatment
• Less minimum balance requirement

BOI Star Senior Citizen SB Account

This is specifically for the senior citizens providing higher rates of interest, special treatments, and more.

Key points:

• Reduced interest rates
• Special treatment
• Tax advantages
• Nomination facility

Features:

• Smooth credit of pension
• Nomination facility
• Tax benefits
• Preferential treatment

Other Accounts

In addition to the general savings account, BOI also offers other segment-based accounts such as NARI SHAKTI SAVINGS ACCOUNT and Pratham Savings Account (for children). It is possible that the accounts offered different features and benefits.

BOI Savings Account Key Features

Here is a list of common features that come with most BOI savings accounts:

• Free debit card - Access your money easier.
• Unlimited ATM Transactions - Withdraw Cash without Limits.
• Get protection with insurance policy.
• Platform Usage: Online Banking - Keep the account disaster through the internet.
• File Income tax: A Hassle-Free Way of Filing Your ITR Online.

Bank of India Savings Account Eligibility

Contenders can apply for a Bank of India savings account. However, there can be some specific criteria based on the type of account you want to open.

Basic Eligibility:

• Indian Resident: Candidate must be a citizen of India or an applicant who is not already based in the country.
• Age: It's very simple to open a general savings account, and there is no age limit.

Account Eligibility:

• Minor Accounts: Can be opened under the legal or natural guardian.
• Illiterate Persons: Can operate an account but need to visit the bank personally for a thumb impression attested by a witness.
• Different Accounts: There are such accounts like BOI Star Yuva (for Youth), BOI Star Mahila (for Women), and BOI Star Senior Citizen (for Senior Citizens) where special conditions apply.

Note: Although the overall eligibility is straightforward, it's always good to confirm with your nearest BANK OF INDIA branch, as this article provides information in general, not specifics. Specific types of savings accounts have certain eligibility conditions that need to be met, like minimum balance features or a legal age limit.

How to Open a Bank of India Savings Account Online

To open a Bank of India savings account online, follow these steps:

• Go to the official Bank of India website.
• Navigate to Personal > Accounts > Savings Account.
• Browse through the types of accounts and select one by clicking on ‘Learn More’.
• Click on ‘Apply Now’. You’ll be redirected to the BOI E-Platform.
• Enter your mobile number in the provided space and give your consent (refer to the image below).
• Click on “Continue”.
• Enter the OTP sent to your mobile number.
• Provide your email ID and enter the OTP for verification.

Next, follow the on-screen instructions. Ensure your device has a microphone and camera, as you will need to authenticate your identity via a video call with bank personnel.

How to open a Bank of India savings account offline:

Step 1: Visit the nearest branch location

Step 2: Account Opening Form: Ask for an account opening form from the bank counter.

Step 3: Complete an Application Form: Fill out the form with accurate and reliable information.

Details typically include:

• Name
• Date of Birth
• Address
• Occupation
• PAN card details (mandatory)
• Aadhaar Card details (mandatory)
• Nominee details
• Initial deposit amount
• Account type (savings, salary, senior citizen, etc.)

Step 4: Attach Necessary Documents

• Proof of identity like PAN, Aadhaar, or passport.
• Proof of address like Aadhaar or utility bills.
• Passport-sized photographs.
• Other documents required in some cases (age proof, income proof, etc.)

Step 5: Submit the Application: Submit the application form and necessary documents at the bank counter.

Step 6: Account Opening and Initial Deposit: Make the initial deposit as specified in the form.

The bank will open your savings account and provide you with an account number and a debit card, if applicable.

Important Considerations:

• Minimum Balance: Account cannot be free; you must keep a balance in your account.
• Account Type: Select the type of account that suits your requirements (savings, salary, senior citizen, etc.)
• Nominee: Choose a nominee for your account.
• Debit Card: Ask for the availability of debit cards and applicable charges.
• Internet Banking and Mobile Banking: Inquire about the process to activate internet and mobile banking facilities.
• KYC (Know Your Customer) verification: The bank may choose to carry this out, which might ask for additional document verification.

Documents Required Opening BOI Saving Account:

• Proof of Identity: PAN card, Aadhaar card, passport, voter ID, driving license, etc.
• Proof of Address: Aadhaar card, utility bills (electricity, gas, telephone), passport, voter ID card, driving license, etc.
• Passport-sized Photographs: Two recent photographs.
• Other Documents: Depending on the account type, you might need additional documents like age proof, income proof, etc.

Note: Always carry original documents for verification and submit photocopies for record.

By following these steps and submitting the required documents, you will be able to open a Bank of India savings account through offline mode.

BOI Savings Account Customer Care 2024

Bank of India (BOI) offers multiple channels to reach out to its customers for assistance with savings accounts or other banking queries.

• Contact Information
• Toll-Free Number: 1800 103 1906

This is the primary number for customers to contact BOI customer care for general inquiries, including savings account-related issues.

Email: BOI[dot]Callcentre[at]bankofindia[dot]co[dot]in

You can send an email to this address for detailed queries or complaints.

BOI Website: https://bankofindia.co.in/customer-care

The BOI website provides additional contact information, including branch locations and customer support resources.

Additional Contact Options

• BOI Mobile Banking App: Many banking-related queries can be resolved through the BOI mobile app.
• BOI Internet Banking: You can access account information, raise service requests, and more through internet banking.
• Branch Visit: For complex issues or to submit physical documents, you can visit your nearest BOI branch.

Important Note:

• Customer service hours may vary.
• For urgent matters, it's advisable to contact the bank through the toll-free number or visit your nearest branch. And for confirmation toll free numbers or email, visit official website.
• By utilizing these contact channels, you can effectively address your BOI savings account-related concerns.