Bank Of India Savings Account

What is a Savings Account?

A savings account is the most simple and basic type of account that one can open with a bank. You can withdraw money, transfer it, make investments or simply leave the money in there to earn interest. These days, it is quite easy and fast to open a savings account.

Most banks have a policy of minimum balance that needs to be maintained in the savings account. The interest earnings and charges to maintain the account differs with different banks. There are withdrawal limits issued by the bank depending on the type of account.

Savings account is just a storage place for your money and does not earn interest as much as proper financial investments. The interest earned is much lesser than a fixed deposit or mutual funds. However, savings account offer liquidity and easy accessibility to money when you need it.

Features and Benefit of Bank of India Savings Account

Bank of India savings accounts offers many benefits as compared to most of the other banks. They are listed below:

• One can avail a debit card free of cost and use withdrawal benefits available
• Complimentary insurance cover
• Internet banking facility
• Unlimited ATM transactions
• Online Income tax return filing facility
• Personalized cheque book on request
• Free utility bill payment facility through epay

Types of Bank of India Savings Accounts

Savings Bank Ordinary Account

• Any individual can open this type of account on a single account basis. Two or more individuals in joint accounts, illiterate people, blind people, minors, associations, clubs etc. as well
• An average quarterly balance of Rs. 500 needs to be maintained with a cheque book operated account and Rs. 100 for non-cheque book ones
• Charges are applicable for non-maintenance of the average quarterly balance
• Internet banking facility, unlimited ATM transactions at Bank of India ATMs, Online IT Returns filing, personalized cheque book on request and free utility payments are some of the features of this account
• Nomination facility is available

BOI Savings Plus Scheme

• This account functions as a savings account and term deposit account as well
• The account holder can get maximum returns without compromising on the liquidity benefits
• Minimum balance of Rs. 50,000/- needs to be maintained in the savings account and Rs. 10,000/- in the term deposit section
• Any amount that exceeds Rs. 50,000/- in the savings section will be automatically transferred to the fixed term scheme
• Non-maintenance of savings account balance will attract a charge of Rs. 200/- per quarter
• Nomination facility is available as per prevailing norms

BOI Super Saving Plus

• Any individual can open this type of account on a single account basis. Two or more individuals in joint accounts, illiterate people, blind people, minors, associations, clubs etc. as well
• An initial deposit of Rs. 20,00,000 needs to be made in this type of account
• An average quarterly balance of Rs. 5,00,000 needs to be maintained
• The period of deposit in this type of account is less than 6 months
• The interest rate is the same as a deposit of Rs. 15,00,000 and above
• The bank charges a fee of Rs. 350/- per quarter for non-maintenance of minimum balance
• Premature withdrawal can be done at any time
• There is an advance money facility in this type of account
• Nomination facility is available

BOI Star Yuva Account

• This product has been introduced by the bank to specifically inculcate banking habit amongst the youth in the country
• Reward points can be earned for using the debit card for cash withdrawals at Bank of India ATMs
• Utility payments can be made through net banking
• Transfer of funds can be done through NEFT/RTGS
• For opening a fixed deposit, recurring deposit accounts, 20 reward points will be credited into the account
• Mobile banking facility can be used
• Personal Accident Insurance is offered in this type of account

BOI Star Mahila SB Account

• The first account holder of this type of account should be women in the age group of 18 years and above
• Salaried government employees, self Employed professionals like doctors, entrepreneurs can apply for this account
• An average quarterly balance of Rs. 5000/- needs to be maintained
• There is no daily minimum balance requirement
• There is a penalty charge for not maintaining a minimum balance
• Personalized cheque book of 50 leaves are available with this account
• 6 demand drafts can be issued free of cost in a month

BOI Star Senior Citizen SB Account

• This account can be opened by citizens who are 57 years old and above and are drawing pension from other banks
• It can be opened on a single basis or joint account basis
• An average quarterly balance of Rs. 10,000/- needs to be maintained
• There is no minimum daily balance requirement
• Personalized cheque book of 50 leaves in a year
• 6 DDs per quarter are given free if the previous quarter has recorded the minimum balance

SB Account for Pensioners

• This account can be opened by all who are drawing pension through Bank of India
• It can be opened on a single basis or a joint account
• There is no average quarterly balance requirement
• There is no minimum balance requirement on a daily basis
• Personalized cheque books of 50 leaves in a year
• 6 DD/Pay Slips per quarter are free
• Demat Account annual maintenance fee is waived off
• Group personal accident death insurance cover of Rs. 5 lacs is available
• Overdraft facility that equals to 2 month’s pension amount

Diamond Savings Bank Account

• There is no initial deposit minimum balance requirement
• Average Quarterly Balance of Rs. 1,00,000 needs to be maintained
• There are no charges to the issuance of cheque books
• There are no debit entry charge applicable
• There is no charge on DD issued and it is free up to Rs. 1,00,000DD
• There are no charges applicable n RTGS or NEFT banking
• Waiver of fee on stop payment of cheque charges
• There is a 100% waiver on processing charges on home loan, car loan and personal loan. The account should have been active in the diamond category for at least 6 months prior to the sanction date of the loan

Star Suraksha SB Plus Account

• Any individual – single or joint can open this type of account except minors, NRIs and those under the diamond category
• An initial balance and average quarterly balance needs to be maintained at Rs. 500/-
• There are penalty charges applicable on non-maintenance of the minimum balance
• Group personal accidental death insurance cover of Rs. 50,000/-, One DD upto Rs. 25000/-, Online IT returns filing facility and free utility bills payment facility are available
• Nomination facility is available

Bank of India Savings Account Minimum Balance

Most of the savings accounts with the Bank of India offer zero minimum balance facility. In some cases, a monthly balance of Rs. 500 needs to be maintained.

Bank of India Savings Account Interest Rate

Bank of India offers a 2.9% interest rate per annum on balances above Rs. 1,00,000 or below Rs. 1,00,000.

Bank of India Savings Account Charges

Bank of India does not charge any fee for operating a savings account however this is subject to change at the discretion of the bank. One needs to check this information as and when you go to open a savings account.

How to open a Bank of India Savings Account

One can open a savings account with Bank of India with much ease and convenience. The fastest and easiest way is to apply for a new account on the website. In case you need to clarify any point or require more information, it is advisable to visit the nearest bank branch for a consultation and then submit the application form with the required supporting documents.

About Bank of India Savings Account

One can open a savings account with Bank of India with ease and convenience. It offers many benefits like online and mobile banking, competitive interest rate, bill payment facility, debit card and rewards on spends and loan facility. One can use the savings account to make investments as well.

Bank Of India Savings Account FAQ