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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.
About Bank of India 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.
Bank of India savings accounts offer many benefits as compared to most of the other banks. They are listed below:
Savings Bank Ordinary Account
BOI Savings Plus Scheme
BOI Super Saving Plus
BOI Star Yuva Account
BOI Star Mahila SB Account
BOI Star Senior Citizen SB Account
SB Account for Pensioners
Diamond Savings Bank Account
Star Suraksha SB Plus Account
Most of the savings accounts with Bank of India offer zero minimum balance facility. In some cases, a monthly balance of Rs. 500 needs to be maintained.
Bank of India offers 4% interest rate per annum if the account balance is above Rs. 50 lacs. For account balance below Rs. 50 lacs, the rate of interest is 3.5%.
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.
One can open a savings account with Bank of India with much ease and convenience. The fastest and the 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.
1. What is internet banking?
Internet banking is a platform wherein you can carry out banking transactions online through the bank website.
2. What is the interest rate offered on savings bank account by Bank of India?
Bank of India offers 4% p.a. interest rate on balances above Rs. 50 lacs and 3.5% p.a. on balances lesser than Rs. 50 lacs.
3. Are there any charges to operate the savings bank account?
No, Bank of India does not levy any charges to operate savings bank account.
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