Bank of India Account Opening: Step-by-Step Guide & Requirements

Rina had just started her first job, but she was too busy to go to the bank and wait in long lines to open an account. Feeling frustrated and wanting to manage her money better, she remembered hearing about how easy it was to open an account with Bank of India.

As soon as she got home, she grabbed her phone, visited the BOI website, and in just a few minutes, she had her new account – all while sitting comfortably on her couch! She smiled, realizing that even on her busiest days, banking could be quick and simple.

About Bank of India

The Bank of India, established on 7th September 1906 by a group of prominent businessmen from Mumbai, initially operated under private ownership. However, in July 1969, it was nationalised along with 13 other banks. 

With over 5,100 branches across India, spanning all states and union territories, the bank's operations are managed through 69 Zonal Offices and 13 FGMO Offices. Internationally, the bank operates 47 branches and offices in 15 countries, including its branches in key financial hubs like Tokyo, Singapore, Hong Kong, London, Paris, New York, and Dubai, alongside subsidiaries and a joint venture. 

BOI Account Types and Services

For Personal Accounts

• Savings Account: A basic account for individuals to save money and earn interest.
• Salary Account: For individuals receiving their salary regularly.
• GPA (General Power of Attorney): For managing your finances through a power of attorney.
• Cards: Debit and credit cards for easy access to your funds.
• Loans: Personal loans for various needs, including home and education loans.
• Deposits: Fixed and recurring deposits for saving money with interest.

For Business Accounts

• Current Account: For businesses that need to manage their day-to-day transactions.
• RERA Account: For real estate businesses to manage project funds.
• MSME Account: For small and medium-sized enterprises to access loans and business banking services.
• Corporate Account: For large organizations that require specialized banking services.
• Merchant Acquiring Business: For businesses to accept payments via card swiping machines or online payment gateways.
  
  

Eligibility Criteria for BOI Account Opening

Who Can Open an Account?

• Individuals: Both residents and NRIs can open an account.
• Minors: Minors can open an account through a guardian.
• Businesses: Business entities can open current accounts.

Basic Requirements

• Age Restrictions: Accounts can be opened by individuals who are above a certain age (typically 18 years and above).
• Indian vs. NRI Account Types: There are separate accounts for residents and Non-Resident Indians (NRIs).
  
  

Documents Required for BOI Account Opening

• Identity Proof: A government-issued ID (Aadhar card, Passport, Voter ID, etc.).
• Address Proof: A utility bill, rent agreement, etc.
• Other Documents: Recent passport-sized photographs, a PAN card (for tax purposes), and a signature proof may be required.

Bank of India Account Opening Process

To open a personal or business account with BOI, you’ll need to visit their website and fill out the necessary forms. Here’s a brief overview of the process:

1. Choose the Type of Account:
   • Personal Accounts: Savings, Salary, and Other Types.
   • Business Accounts: Current, MSME, and corporate accounts.
     
     
2. Fill Out the Application:
   • Provide the required personal details and documents for verification.
     
     
3. Complete the KYC Process:
   • Complete the Know Your Customer (KYC) process as per BOI guidelines.
     
     
4. Account Activation:
   • After verification, your account will be activated, and you can start using BOI online account.
     
     

How to Open a BOI Account?

• Visit the BOI website: Go to the official BOI website portal.
  
  
• Navigate to the Digital Product option: Locate the “Digital Products” Option on the top-right corner of the homepage.
  
  
• Select the Account type: Choose the Account type you wish to open- “Saving Account or Current Account.” 
  
  
• Click on Apply now: Click on the “Apply now” button for the selected account type. 
  
  
• Complete the Application Form in 3 steps:
  
  
  • Basic Details: Fill in your basic information, such as name, date of birth, and contact details.
  • Personal Details: Provide additional personal information, including address and identification details.
  • Consent and Documents: Upload the required documents (e.g., Aadhaar, PAN, proof of address) and give your consent as required.
    
• Submit the application: Review all the details and submit the application.
  
  

Offline Account Opening at the Bank of India (BOI)

Step 1: Visit the Nearest Branch

• Go to the nearest Bank of India branch where you wish to open an account.
  
  

Step 2: Obtain and Fill Out the Account Opening Form

• Request an account opening form from the bank representative or take it from the branch's counter.
• Carefully fill out the form with your personal details (name, address, contact information, etc.).
  
  

Step 3: Gather the Necessary Documents

• Identity Proof: A valid government ID (e.g., Aadhar card, passport, voter ID).
• Address Proof: Documents like a utility bill, rent agreement, or bank statement that show your address.
• Other Documents: Recent passport-sized photographs, PAN card (for tax purposes), and your signature proof.
• NRI Accounts: For Non-Resident Indians, additional documents such as a valid visa, passport, or proof of overseas address may be required.
  
  

Step 4: Submit the Form and Documents

• Submit the completed form along with the necessary documents to the bank officer.
• The bank will verify your documents and personal details.
  
  

Step 5: Verification and Account Setup

• Once the documents are verified, the bank will process your application and create your account.
• You may be asked to sign a few forms or agreements at this stage.
  
  

Step 6: Receive Account Details

• After the account is successfully opened, you will be provided with your account details, such as account number and customer ID.
• A welcome kit, which may include a passbook, debit card, and chequebook (depending on the type of account), will also be handed over to you.
  
  

Step 7: Set Up Online Banking (Optional)

• If you wish, you can also request to set up online banking services or mobile banking at this point.
  
  

How to Register for a BOI Account?

If you're a new customer or have just opened your account, you must register for BOI Banking. The registration process is straightforward, and here’s how you can do it:

1. Visit the Bank of India website:
   • Open your browser and go to the official Bank of India website.
     
     
2. Click on 'New User':
   • On the login page, click on the "New User" button to begin registration.
     
     
3. Enter Your Account Information:
   • Account Number: Enter your BOI account number.
   • Registered Mobile Number: Enter the registered mobile number with the bank.
   • Facility Type: Choose between two options:
     • View Only: You can only view your account details.
     • View & Transaction: You can view and perform transactions on your account.
   • Captcha Code: Enter the characters in the image to verify you're not a robot.
     
     
4. Click 'Continue':
   • After entering the details, click “Continue” to proceed.
     
     
5. Set Your Username and Password:
   • Create a unique username and password that you'll use to log in to your BOI account in the future.
     
     
6. Completion:
   • Once your details are verified, you will be successfully registered for BOI Account.
     
     

Features and Benefits of BOI Account

BOI Account provides a range of useful features for easy management of your finances:

These features enhance your banking experience, making it convenient and secure.

BOI Bank charges and minimum balance requirements

Security Tips for BOI Account

Online banking comes with its own set of security concerns. To ensure your BOI account remains safe, follow these tips

1. Avoid Public Wi-Fi: Never access your account on an unsecured public Wi-Fi network.
2. Enable Two-Factor Authentication: Use an OTP for extra security during transactions.
3. Change Password Regularly: Update your login and transaction passwords periodically.
4. Do Not Share Personal Information: BOI will never ask for personal details via email or phone.
5. Log Out After Use: Always log out of your account, especially when using a shared device.
   
   

How to Report Unauthorised Transactions or Phishing?

If you notice any unauthorised transactions or receive fraudulent emails or phone calls (phishing or vishing), take immediate action:

1. Report Unauthorised Transactions:
   • Visit the Unauthorised Transaction Report page on BOI’s website.
     
     
2. Report Phishing or Vishing:
   • Use the Report Phishing and Vishing page to report fraudulent communications.
     
     
3. Customer Support:
   • For further assistance, call the Bank of India’s toll-free customer support numbers at 1800 220 229 or 1800 103 1906.

Conclusion

Opening a bank account with Bank of India (BOI) is a straightforward and efficient process. BOI offers every facility on an easy and viable basis to fulfill the diverse requirements of an individual as well as a firm. A customer can open a savings account, a current account, or special services like NRI accounts with ease using online and offline methods. 

The bank is customer-friendly, and hence, with a variety of services, it becomes an excellent option for management of personal finances. The simple and detailed account registration makes banking secure and convenient, which is why BOI is the bank of choice for financial needs.

FAQs Related to Bank of India Account Opening

How can I open a BOI account online?
You can open a BOI account online by visiting the official BOI website or using their mobile banking app.

Can I open a BOI zero balance account?
Yes, you can open a BOI zero balance account online through the BOI website or app.

What documents are needed for BOI account opening?
For BOI account opening, you need valid identity proof, address proof, and a recent photograph.

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LoansJagat Team

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