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Savings Account
  1. Bank Profile

Savings accounts are the most common type of deposits held at a bank by customers and this allows them to keep their money safe in return of moderate interest rate afforded by the banks. People favour savings with Bank of India (BOI) as the bank offers several incentives and benefits to its customers. A BOI savings account can be opened by a single individual or by two or more individuals (as joint savings accounts), minors, associations, clubs and societies. The BOI women’s savings bank account is especially designed for women and offers several benefits that are not applicable to standard accounts.

Bank of India offers a host of savings accounts for its customers to take care of all of their banking needs. Premium accounts, salary savings accounts, basic savings accounts or specialised accounts for senior citizens or minors, the bank has every variety of savings accounts. Let us have a look at types of BOI savings account. The BOI Savings account eligibility criteria are also provided for the savings accounts.

2. Types of Accounts

a)  Star Suraksha SB Plus Account – a BOI savings account with the following features:
o    The initial and minimum amount of deposit required to open the savings account is Rs. 500
o    For non-maintenance of the minimum balance in the savings bank account, a charge of Rs. 30 every 2 months is charged.
o    The account offers a free Accidental Insurance coverage for up to Rs. 50,000
o    One free DD or PSI up to Rs. 25,000 is allowed every month
o    A free 50 leaves cheque book is issued every year
o    This BOI savings account does not attract any ledger folio or transaction charges
o    The AMC of the Demat Account is waived for the first year if this account is opened
o    An International Debit-cum- ATM is issued with the savings bank account wherein the first year charges are free
o    Utility Bills can be paid through the E-Pay service offered by the bank free of cost
o    Free NEFT and RTGS transactions available with BOI savings accounts
o    Free Star Sandesh an SMS facility for ATM related transactions, internet banking facility, SMS and Tele-banking facility and unlimited internet and ATM transactions
Eligibility 
o    Individuals can opt for this savings bank account either as an individual or jointly except in case of Minors
o    NRIs can also open the savings accounts as well as accounts under Diamond Category

b)    BOI Salary Plus Account Scheme – a salary BOI saving account for Central and State Government Employees, para-military forces and private sector employees differentiated for each category. The eligibility requirements for BOI savings account under this scheme varies according to the type of employing organisation. 

i)    Salary Package for Para-military Employees – the features of the savings bank account are:
o    There is no BOI minimum balance requirement with this BOI savings account.
o    A group Personal Accident Death Insurance Coverage of Rs. 10 lakh is available
o    Platinum Debit Card for free with Rs. 50,000 cash withdrawal limit and Rs. 1 lakhs POS transaction limit. Also a free add-on card is available with this BOI savings account.
o    Free NEFT, RTGS, Internet Banking, Mobile Banking, SMS banking
o    Free 100 leaves cheque book every year
o    24 free DDs and Pay orders up to Rs. 50,000 each
o    The AMC of the Demat Account is waived for the first year
o    Incentives on availing loans is also provided under this savings account with BOI 
o    Utility Bills can be paid through the E-Pay service offered by the bank free of cost
o    Discounted Health Check-up facility is offered by this savings account with BOI
Eligibility 
o    All employees of Para-military forces with a min. take-home salary of Rs. 10,000 per month for at least 70% of the employees whose BOI savings accounts are to be opened

ii)    Salary Package for Government employees – the features of this BOI savings account are as follows:
o   There is no requirement of a minimum balance with this savings account from BOI 
o    A group Personal Accident Death Insurance Coverage of Rs. 10 lakh is available
o   BOI offers a Platinum Debit Card for free with Rs. 50k cash withdrawal limit and Rs. 1 lakhs POS transaction limit. Also an add-on card is available for free.
o     BOI offers free NEFT, RTGS, Internet Banking, Mobile Banking, SMS banking
o     BOI offers free 100 leaves cheque book every year
o    24 free DDs and Pay orders up to Rs. 50,000 each
o    The AMC of the Demat Account is waived for the first year
o    Incentives on availing loans is given to customers having such a BOI savings account
o    Utility Bills can be paid through the E-Pay service offered by the bank free of cost
o    Discounted Health Check-up facility
o    A discounted rate for online Income Tax Return filing
Eligibility 
o    All employees on regular payroll of the Central or State Government or Public Sector Undertakings with a minimum take home salary of Rs. 10,000 per month for at least 70% of the employees whose accounts are to be opened

iii)    Salary Package for Private Sector Employees – the features of these savings accounts are as follows:
o    There is no requirement of a minimum balance
o    A group Personal Accident Death Insurance Coverage of Rs. 5 lakh is available
o    Free International Debit Card to employees whose net monthly salary is Rs. 25,000 or average quarterly balance in SB account is Rs. 1 lakh
o    Free Gold BOI Credit Card to employees with a net take-home salary exceeding Rs. 25,000 and above
o    Free NEFT, RTGS, Internet Banking, Mobile Banking, SMS banking
o    Free 100 leaves cheque book every year
o    24 free DDs and Pay orders up to Rs. 50,000 each
o    The AMC of the Demat Account is waived for the first year
o    Incentives on availing loans 
o    Utility Bills can be paid through the E-Pay service offered by the bank free of cost
o    Discounted Health Check-up facility
o    A discounted rate for online Income Tax Return filing
Eligibility 
o    All employees on the regular payroll of the private company with a minimum take home salary of Rs. 10,000 per month for at least 70% of the employees whose accounts are to be opened

c)    Savings Bank Ordinary Account – a basic BOI Savings Account with the following features:
o    The minimum amount of deposit required to open the account is Rs. 500 for cheque book operated account and Rs. 100 for non-cheque book operated accounts. For pensioners, the minimum amount of deposit is Rs. 100 and Rs. 10 for cheque book or non-cheque book operated account respectively
o    For non-maintenance of the minimum balance in the Savings Account, a charge of Rs. 30 every 2 months is charged
o    Free 50 leaves cheque book for cheque book operated accounts
o    The account does not attract any ledger folio or transaction charges
o    Free Global ATM cum Debit Card with Star Sandesh SMS facility at no extra charge for debit transactions
o    Utility Bills can be paid through the E-Pay service offered by the bank free of cost
o    Free NEFT and RTGS transactions, mobile banking, net banking facility
o    Personalized cheque book on request at select branches
Eligibility 
o    Individuals either solely or jointly, illiterate persons, blind persons, minors, associations, clubs, societies, trusts, institutions or agencies permitted by the RBI

d)    Basic Savings Account – the features are:
o    A zero balance account
o    Free Debit – cum – ATM card
o   2 monthly withdrawals permitted from ATM or branch and no third party withdrawals permitted
o    Cheques up to Rs. 5,000 can be collected in the account
o    One free cheque book to illiterate accountholders
o    Free quarterly statements 
o    Account can be converted to normal Savings Account by maintaining the minimum balance requirement of that account

Eligibility 

o    Any adult individual can open the account.

e)    BOI Savings Plus Scheme – a combination of savings and tern deposit account with the following features:
o    The minimum balance in the savings account should be maintained at Rs. 25,000 and any excess above this amount will be transferred to a fixed deposit account in multiples of Rs. 5,000 on a daily basis for higher interest earning
o    The tenure of SDR is 15 – 179 days while that for Double Benefit Deposit (DBD) is 6 months to 10 years
o    On maturity of the deposit, the principal will be reinvested while the interest portion will be credited to the Savings Account
o    If the balance in the Savings Account is deficient in meeting any debit transaction, the relevant amount will be swept out from the SDR or DBD deposit in multiples of Rs. 1,000 daily to meet the deficit.
o    If the minimum balance is not maintained in the Savings Account, a penalty of Rs. 200 per quarter will be charged
o    TDS will be applicable on the interest earned on deposits 

f)    BOI Super Saving Plus – an account for anyone who is eligible to open a Savings Account. The features are:
o    The initial deposit required to open the account is Rs. 20 lakh
o    A minimum quarterly average balance of Rs. 5 lakh has to be maintained 
o    A charge of Rs. 500 per quarter will be levied in case of non-maintenance of the minimum balance
o    Amounts in excess in the savings account will be swept out to a deposit account in multiples of at least Rs. 15 lakh and if there is a deficit, the deposit account will be swept out to meet the deficit
o    The period of deposit for the deposit account is less than 6 months
o    Free Debit-cum-ATM card, personalized cheque book, internet banking facility, NEFT, RTGS up to Rs. 5 lakh
o    Free cash transactions at bank branches up to Rs. 25,000 daily.

g)    Star Diamond Saving Scheme – a premium Savings Account with the following features:
o    A minimum quarterly average balance of Rs. 1 lakh has to be maintained 
o    Free branch debit transactions, SMS / Phone/ ATM / Internet Banking, home delivery of Demand Drafts, statement of account, International Gold Credit Card, International Debit Card.
o    A personalized cheque book is offered to the accountholder
o    Processing charges on loans, AMC of Demat Accounts and inward cheque return charges or local stop payment of cheque charges are waived.
o    Free NEFT and RTGS transfers via the internet banking route
o    A free Air Accident Travel Insurance coverage of up to Rs. 5 lakhs.

h)    BOI Star Mahila SB Account – an account for women with the following features:
o    Account is available to women aged 18 years and above including salaried, professional or self-employed women.
o    A minimum quarterly average balance of Rs. 5,000 has to be maintained 
o    For non maintenance of the minimum balance requirement, a penalty of Rs. 50 per quarter will be levied for cheque book operated accounts and Rs. 25 per quarter for non cheque book operated accounts
o    A 50 leaves personalized cheque book is issued free of cost
o    6 free Demand Drafts per quarter if an AQB of Rs. 10,000 is maintained
o    Free Global Debit – cum – ATM card
o    AMC of Demat account is waived for the first year
o    Discounted health check-ups
o    Internet banking, fund transfer facility online, utility bills payment, SMS, tele-banking, missed call alert facility at no extra cost
o    Discounted health check-up facility
o    A group Personal Accident coverage of Rs. 5 lakh on the Debit Card 

i)    BOI Star Senior Citizen SB Account – an account for senior citizens with the following features
o    The account is available to individuals aged 57 years and above drawing a pension from other banks
o    A minimum quarterly average balance of Rs. 10,000 has to be maintained 
o    For non maintenance of the minimum balance requirement, a penalty of Rs. 50 per quarter will be levied for cheque book operated accounts and Rs. 25 per quarter for non cheque book operated accounts
o    A 50 leaves personalized cheque book is issued free of cost
o    6 free Demand Drafts per quarter if an AQB of Rs. 10,000 is maintained
o    Free Global Debit – cum – ATM card
o    AMC of Demat account is waived for the first year
o    Discounted health check-ups
o    Free internet banking, fund transfer facility online, utility bills payment, SMS, tele-banking, missed call alert facility
o    Discounted health check-up facility
o    A group Personal Accident coverage of Rs. 5 lakh on the Debit Card 


j)    BOI Star Gurukul Savings Account: a type of savings account which offers several benefits. Some of them are discussed here: 

•    Group personal death insurance coverage of Rs. 5 lakh on the debit card which shall be activated with a single POS swipe
•    Free fund transfer through internet banking
•    Unlimited ATM transactions with BOI ATMs and unlimited internet banking
•    Free telebanking and SMS facility
•    This savings account with BOI offers free utility bills payment facility through e-pay
•    Free of cost RTGS / NEFT through internet banking for single transaction

k)    Jai Jawan Salary Plus Account: a BOI savings account with following features: 

•    The account offers basic mobile banking and internet banking facility
•    Savings accounts from BOI also offer Star Sandesh facility
•    Free RTGS / NEFT payment through internet banking

l)    Star Power Salary Account: A BOI savings account with following benefits and features:
 
o    No minimum balance is required to be maintained
o    There is no ledger folio charges and no transaction charges
o    Free international debit with ATM card with annual charges applicable from 2nd year
o    You can freely access non BOI ATMs under cash tree
o    You get free account statement of savings bank every quarter from any of the BOI branches (no passbook is supposed is delivered)
o    Free utility bills payments through e-pay facility
o    Wavier of processing fees and concession from savings account in interest up to 25 bps for processing retail loans of employees. 
o    BOI offers the facility of free online share trading 
o    There are no BOI savings account charges

3.    Interest Rates
 BOI Savings accounts interest rate is 4% per annum calculated on a daily end of day balance. The interest is credited on a quarterly basis in the months of May, August, November and February each fiscal year.

4.    Documents required for opening BOI savings accounts: If you are planning to open new savings accounts with BOI, then it is necessary to be aware of the documentation for BOI savings account. This will save you time when you go to the bank to open the account. Documents listed below are standard ones required by the bank before opening an account. These documents are in line with what is recommended by the Reserve Bank of India to monitor any malignant financial activities and malpractice that may be committed by swindlers using your account credentials.
•    Recent passport size photographs 
•    Any of the following identity proof: 

  • PAN card
  • Aadhar Card
  • Passport
  • Voters ID Card
  • Driving license
  • Any other form of identity card (college identity card, or employee identity card)
  • Letter from a recognized college public servant or public authority verifying the identity of customer

•    Any of the following address proof: 
•    Telephone bill (some banks often insist on seeing billing from BSNL or MTNL and do not accept private telephone operators bill, so be prepared if your bank asks for the same, which case you may need some other address proof)
•    Letter from recognized public authority or public servant verifying the residence of the customer
•    Bank account statement
•    Ration card
•    Electricity bill
•    Letter of employer from the organisation where you are currently working

5.    Apply Online for a BOI Savings Account through Paisabazaar
Opening a BOI savings account through paisabazaar.com is simple and easy. All you need to do is log on the Paisabazaar website and choose the savings account option from the “Investments” dropdown menu or the icon on the home page. Subsequently, you will be required to provide some key information about yourself and based on this info, our tool will provide you a list of savings accounts that may suit your unique requirement. You can select Bank of India from the list and submit your application electronically. A Bank of India representative will get in touch with you at a later date in order to complete the necessary formalities.  

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