Bank Of India Current Account – Complete Guide 2025 (Open, Features & Charges)

Gaurav Goswami runs a textile business in Mumbai. He makes transactions worth ₹1,500,000 monthly, paying suppliers, receiving customer payments, and managing overhead costs. If he uses a savings account, he may face restrictions on transaction limits, delays in processing, and no special business perks. 

This is where a Bank of India (BOI) Current Account becomes a game-changer. With higher transaction limits, complimentary business services, and financial flexibility, a current account ensures smooth business operations. Let’s explore how BOI Current Accounts can benefit him.

Overview of Bank of India

Bank of India (BOI) was founded in 1906 in Mumbai and has grown into one of India's leading public sector banks, with over 5,000 branches nationwide. Over the decades, BOI has expanded its offerings, catering to individuals, businesses, and large corporations.

One of its most essential offerings is the Current Account, designed specifically for businesses, traders, and professionals who need high liquidity and frequent transactions.

Why is a Current Account Important for Businesses?

A current account is essential for businesses and professionals due to:

• Unlimited Transactions: Unlike savings accounts, which have transaction limits, current accounts allow multiple withdrawals and deposits daily.
• Higher Withdrawal Limits: Businesses often deal with bulk payments and need seamless fund management.
• Easy Fund Transfers: With facilities like RTGS, NEFT, and IMPS, transferring large amounts is hassle-free.
• Cheque Collection & Payments: BOI offers cheque collection facilities for businesses, making fund flow management smoother.
• Business Perks: Discounts on loans, insurance benefits, and dedicated business banking services.

Types of Bank of India Current Accounts

BOI offers multiple current account variants tailored to different business needs. Here’s a breakdown:

Benefits and Features of a Bank of India (BOI) Current Account

A BOI Current Account is specifically created to address the dynamic financial requirements of businesses, professionals, and organizations. If you are an owner of a small business, a large business firm, or a self-employed professional, BOI's current account facilitates smooth financial transactions with numerous benefits. Here's a closer examination of the advantages:

1. Smooth Business Transactions

One of the largest benefits of a BOI Current Account is the possibility to make unlimited deposits and withdrawals. As compared to savings accounts, where the number of transactions is limited, BOI Current Accounts are highly liquid, meaning businesses can take care of their cash flow needs with ease. This is highly advantageous for retailers, wholesalers, and service providers who require high-frequency transactions.

2. Customised Business Solutions

BOI provides various forms of current accounts to meet varied business needs. Ranging from the Normal Current Account with minimum balance requirements to high-end accounts such as Gold, Diamond, Platinum, and Super Current Plus, small to large businesses have an account type that suits them. This leaves businesses paying for services only where their transaction frequency and financial demands are.

3. Exclusive Discounts & Waivers

BOI offers significant cost-saving advantages, such as discounts on processing charges for retail loans. For instance, the Star Gold Current Account has a 50% rebate on loan processing charges, while the Star Diamond and Platinum accounts have zero processing fees. These rebates can go a long way in lightening the financial load of entrepreneurs who wish to grow or invest.

4. Sophisticated Banking Services

Current Account customers of BOI get avant-garde banking services, which comprise free NEFT/RTGS, internet banking, cheque collection facilities, and electronic transfer of funds. Such services guarantee businesses the opportunity to deal with finances at any time from any place without the hindrances of paperwork or delay. Further, free monthly account statements aid in the easy monitoring of financial transactions.

5. Security & Insurance Coverage

BOI expands the usual banking advantage with complimentary personal accident insurance cover for account owners. The insurance coverage depends on the type of account:

• Star Gold Account owners are covered for ₹25 lakh
• Star Diamond Account owners are covered for ₹50 lakh
• Star Platinum Account owners have a ₹1 crore insurance cover

This supplementary security protects against financial loss in the event of an unexpected situation, making BOI Current Accounts a great option for risk management.

Bank of India Current Account Charges & Fees

How to Open a Bank of India (BOI) Current Account?

Opening a Bank of India (BOI) Current Account is a simple process that can be done both online and offline. Whether you prefer visiting a branch or completing the procedure from the comfort of your home, BOI ensures a smooth account-opening experience. Below is a step-by-step guide for both methods:

Opening a BOI Current Account Offline (Branch Visit Method)

Step 1: Visit the Nearest BOI Branch

Locate the closest Bank of India branch using the bank’s official website or a quick Google search. Carry all the necessary documents with you.

Step 2: Request an Application Form

Visit the customer service desk and request the Current Account Opening Form. Ensure you choose the right account type based on your business needs (e.g., Normal, Gold, Diamond, Platinum, or Super Current Plus).

Step 3: Submit Required Documents

Provide Know Your Customer (KYC) documents, including:

• Identity Proof: PAN Card, Aadhaar, Passport, or Voter ID
• Address Proof: Utility Bill, Rent Agreement, or Aadhaar
• Business Documents: GST Certificate, Business Registration Certificate, or Partnership Deed (for firms)

Step 4: Deposit the Minimum Balance

Deposit the minimum average balance (MAB) required for your chosen account type. For example:

• ₹5,000 for metro branches (Normal Current Account)
• ₹50,000 to ₹2 lakh for Gold Account
• ₹2 lakh to ₹10 lakh for Diamond Account

Step 5: Account Activation & Kit Collection

Once the bank verifies your documents, your current account is activated. You will receive:

• Chequebook
• ATM/Debit Card
• Net Banking Credentials

Opening a BOI Current Account Online

Step 1: Visit the BOI Website

• Go to the Bank of India official website and navigate to the “Business Account”> “Current Accounts” section.

     Step 2: Click on “Know more” for the account you want to open.

     Step 3: Read all the instructions and apply for the Current Account opening process in the nearest branch.

Eligibility Criteria & Documents Required for BOI Current Accounts

Bank of India (BOI) offers multiple types of current accounts, each catering to different business needs. The eligibility criteria and required documents vary depending on the type of entity opening the account. Below is a detailed breakdown for each type of BOI Current Account:

1. BOI Normal Current Account

Eligibility Criteria:

• Individuals, Sole Proprietors, Partnerships, Private & Public Limited Companies
• Business entities requiring frequent transactions and high liquidity
• Must maintain the minimum average balance (MAB) as per the branch location

Documents Required:

• Identity Proof: PAN Card (mandatory)
• Address Proof: Aadhaar Card, Passport, or Voter ID
• Business Proof:
  • GST Registration (if applicable)
  • Business Registration Certificate
  • Trade License (for sole proprietors)
  • Partnership Deed (for partnership firms)
• Address Proof for Business: Electricity Bill, Rent Agreement, or Telephone Bill
• Current Account Opening Form (duly filled & signed)

2. BOI Gold Current Account

Eligibility Criteria:

• Individuals, businesses, partnerships, and corporations with moderate to high transaction volumes
• Must maintain a minimum average balance (MAB) of ₹50,000 to ₹2,00,000

Documents Required:

• Identity & Address Proof: PAN Card & Aadhaar Card/Voter ID/Passport
• Business Proof:
  • GST Registration (if applicable)
  • Business Incorporation Certificate
  • Trade License for proprietors
  • Partnership Deed for partnerships
  • Memorandum & Articles of Association (for companies)
• Address Proof for Business: Utility Bill, Lease Agreement, or Telephone Bill
• Bank Reference (if required by BOI)

3. BOI Diamond Current Account

Eligibility Criteria:

• Medium to large businesses with high transaction needs
• Entities willing to maintain an MAB of ₹2,00,000 to ₹10,00,000
• Suitable for corporate firms, import/export businesses, and high-value transactions

Documents Required:

• Identity & Address Proof: PAN Card, Aadhaar, Passport, or Voter ID
• Business Proof:
  • Business Registration Certificate
  • GST Registration (if applicable)
  • Trade License (for proprietors)
  • Partnership Deed (for firms)
  • Company Incorporation Certificate (for Pvt. Ltd./Ltd. companies)
  • Board Resolution (for companies authorising account opening)
• Business Address Proof: Utility Bill, Rent Agreement, or Office Ownership Documents

4. BOI Platinum Current Account

Eligibility Criteria:

• Large corporations, high-net-worth businesses, and export/import businesses
• Entities capable of maintaining an MAB above ₹10,00,000
• Firms requiring premium banking features and personalised services

Documents Required:

• Identity & Address Proof: PAN Card, Aadhaar, Voter ID, or Passport
• Business Documents:
  • Business Incorporation Certificate
  • GST Registration (if applicable)
  • Partnership Deed (for firms)
  • Board Resolution (for company accounts)
  • Company Memorandum & Articles of Association
• Business Address Proof: Electricity Bill, Lease Agreement, or Property Tax Receipt
• Additional Requirements: If required, a bank reference or financial statements

5. BOI Super Current Plus Account

Eligibility Criteria:

• High-value businesses, corporations, and large firms with significant transaction volumes
• Eligible for Individuals, Corporates, Sole Proprietors, and Partnerships
• Must maintain a Minimum Average Quarterly Balance (AQB) of ₹35 lakh + ₹15 lakh in TDR

Documents Required:

• Identity & Address Proof: PAN Card, Aadhaar, Voter ID, or Passport
• Business Proof:
  • Business Registration Certificate
  • GST Certificate (if applicable)
  • Company Incorporation Certificate
  • Board Resolution (for corporate accounts)
  • Partnership Deed (for partnerships)
  • Business Financial Statements (if requested)
• Business Address Proof: Latest Electricity Bill, Lease Agreement, or Landline Bill

BOI Current Account vs Competitor Banks

Conclusion:

A Bank of India Current Account is a necessity for professionals, institutions, and businesses who require smooth financial transactions. BOI Current Accounts are not savings accounts as they possess high liquidity, free transactions, and the entire set of value-added services such as business loan concessions, insurance cover, and priority banking support. Whether you are a small business household, a start-up company, or a large business organization, BOI offers a range of different current account schemes that will meet your unique financial needs.

With a BOI Current Account, managing cash flow is made easy, some privileges are unique, and the process is easy. And with the added comfort of opening both online and offline accounts, it's even easier, so your business stays financially active. If you want a bank where your business is its top priority, then a BOI Current Account is the ideal answer. Open an account now and take your business transactions to the next level.

FAQs about BOI Current Account

1. Can I open a BOI current account online?
Yes, you can apply online, but you’ll need to visit the branch for document verification.

2. What happens if I don’t maintain the required balance?
A penalty will be deducted based on your account type and location.

3. Does BOI offer free chequebooks?
Yes, free chequebooks are provided depending on your account type.

4. Can I get a BOI current account without GST registration?
Yes, but businesses with GST should provide GST details.

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