Bank of India Savings Account: Everything You Need to Know

A 40-year-old Jaipur store owner named Ramesh has always handled his business dealings with cash. He never saw the need for a bank account until he lost money while travelling. He learnt from that experience how crucial it is to keep his savings safe and within easy reach.

Determined to change, Ramesh investigated savings account choices at a nearby Bank of India office. The bank employees warmly greeted him and helped him learn the procedure.

The attractive interest rates, simple withdrawal procedures, and tension-free Internet transactions impressed him. He promptly deposited his first funds into a Bank of India funds account.

He was surprised to learn that the bank had pre-approved a credit card for him in a matter of days. For him, it changed everything. He no longer had to worry about bringing significant amounts of cash to acquire supplies for his shop. 

Additionally, he began paying his vendors using Internet banking, making commercial transactions easier. Ramesh realised how much simpler his financial life had gotten a few months later. He began saving for his daughter’s education and was relieved of the burden of managing money.

Appreciative of the Bank of India’s effective services, he told other shops about the savings account and how it had improved his business management and helped him save his profits.

Types of Bank Of India Savings Account

To meet the diverse needs of its customers, the Bank of India provides a range of savings accounts. Here are a few of the most critical choices.

Pratham Savings Account: This account is perfect for people new to the banking system because it is meant to encourage banking habits.

Savings Bank Account General: A straightforward and efficient savings account that offers hassle-free banking. It provides access to a range of banking channels and competitive interest rates.

Pensioners Savings Account: Regardless of the account holder’s age, this account, made especially for seniors, guarantees simple access to pension funds and associated services.

BOI Star Parivaar Savings Account: Providing perks that family members can split, this account is made to meet the banking needs of families.

Nari Shakti Savings Account: This account is a complete banking solution made to empower women; it provides a range of advantages specifically customised for female account holders.

BOI Savings Plus Scheme: This plan seeks to optimise profits without sacrificing liquidity by fusing the characteristics of a team deposit and a savings account. It has an auto-sweep feature that allows excess money to be moved to term deposits, which yield more excellent interest rates.

BOI Super Savings Plus Scheme: This account, intended for elite customers, offers improved features and advantages, emphasising optimising profits while maintaining liquidity.

Star Yuva Account: This account, created especially for students and young people, has features that meet their banking needs while encouraging independence and financial awareness.

Each of these accounts has specific features to satisfy customers' various needs. Please click the corresponding links for more details on terms, perks, and eligibility.

Bank of India Saving Account Interest Rate 2025

Bank Of India Savings Account Opening Online & Offline

Here is a step-by-step guide to open a savings account

Step 1: Visit the official website of Bank of India.

Step 2: On the top, you must click “Personal.”

Step 3: You will see the Savings Account option. Click on it, and you will be redirected to a new page.

Step 4: Click on “Apply Now.”

Step 5: You will be redirected to a new page and asked to verify your mobile number here. Below, click on the box and click on Continue.

Step 6: After you complete this first step of mobile number verification. You will proceed to the next page to fill in your personal information, consent, and documents, which are your PAN and Aadhar cards.

Step 7: All the steps are completed now.

Offline Method to Open a Savings Account

Opening a Bank of India savings account is simple. The steps to open a Bank of India savings account offline are as follows.

• Download the application for a BOI account.
• After downloading the application, you must complete it, print it, and sign it.
• All of the documents mentioned in the previous step must then be attached.
• Renowned bankers must attest to and verify all paperwork.
• Forward to the closest branch.

Document Required to Open a Savings Account with Bank of India

You should be familiar with the BOI Savings account documentation to open a savings account with BOI. To start a BOI savings account, you must have the following paperwork and recent photos.

1. ID Proof: PAN, Aadhaar, Voter ID, Driving License.
2. Address Proof: Aadhar, Credit card, salary slip, Tax order, Telephone bill, Electricity bill, Bank account statement, Letter from a reputed employee, Letter from a recognised public authority, and Ration Card

Tips while opening a savings account in Bank of Bank

The following helpful advice should be taken into account when opening a Bank of India savings account:

Choose the Right Account Type: To determine which savings account type best meets your needs, review the options available (such as women’s accounts, retirees’ accounts, and general savings accounts).

Check Minimum Balance Requirements: A minimum balance may be necessary for specific accounts. To prevent fines, make sure you understand the balance requirements.

Prepare Required Documents: Before beginning the application process, gather the required paperwork, such as proof of address (bank statements, utility bills) and proof of identity (passport, PAN card, and Aadhaar).

Opt for Online Banking: Online and mobile banking services are provided by the Bank of India. For simple account administration and access, be sure to activate these services.

Consider the Benefits of Auto-Sweep: You must seek out accounts with auto-sweep features if you have extra money to turn into term deposits and earn more interest.

Understand Account Charges: Check the fees for checking books, ATM withdrawals, and account upkeep. Certain accounts might provide services for free, while others would charge for them.

Nomination Facility: To ensure a smooth cash transfer in the event of an emergency, designate a nominee for your account.

Use the Video KYC Option: Use the bank’s video KYC option to complete the KYC for a streamlined and expedient process.

Review Terms and Conditions: To prevent surprises later, always review the account terms and conditions before completing your application.

Bank Of India Saving Account Eligibility

The following people are qualified to open a Bank of India savings account:

• He or she should be an Indian citizen.
• Minors (legal/natural guardianship).
• BOI also allows illiterate people to create an account. However, to submit a thumb impression that needs to be verified by an authorised witness(es), they must physically visit the bank.

Bank Of India Saving Account Fees and Charges

Click here to see the fees and charges listed on the official website (Link).

Features of the Bank of India Savings Account

Benefits of the Bank of India Savings Account

Conclusion

A wide variety of savings accounts are available from the Bank of India to accommodate the different needs of its clients. With their excellent interest rates, these accounts guarantee a steady growth in your money. 

Specialised accounts like the Nari Shakti Savings Account and the BOI Star Parivaar Savings Account provide additional advantages, including service charge discounts and personal accident insurance. Bank of India's savings accounts offer convenience, security, and value-added services to meet the various needs of its clients.

FAQs Related to Bank of India Savings Account

Q. What is the interest rate on a BOI savings account?

Customers can earn 2.90% p.a. interest on their BOI savings account.

Q. What should be the minimum balance in the BOI savings account?

Savings Bank Ordinary Accounts (BOI savings accounts) should have a minimum Average Quarterly Balance (AQB) of Rs. 500 for rural and semi-urban areas and Rs. 1,000 for metro and urban areas.

Q. What is the toll-free customer care number of Bank of India?

Consumers can register or have their questions answered by calling the toll-free number 1800 103 1906.

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