BOI Current Account: Bank of India (BOI), headquartered in Mumbai, Maharashtra, stands as the largest lender in the country, with the majority owned by the Government of India. The BOI Current Account benefits, eligibility, opening offers optimal value, maintaining a Minimum Average Quarterly Balance (AQB) of Rs. 5,000/- for Metro Branches, Rs. 2500/- for Urban/Semi-Urban Branches, and Rs. 1000/- for Rural Branches.
With an extensive network of 16,995 branches across India and 190 in other countries, BOI is a prominent figure in the financial landscape. It has an agreement with GE for credit card services and is the sole bank from India listed in Forbes’ 500. BOI holds a significant market share in personal loans (20%), home loans (25.5%), and car loans (26%), making it highly sought after by customers. Known for its wide reach, BOI remains the most searched and preferred bank, easily accessible across the nation.
A current account, also referred to as a financial account, is a deposit account designed for individuals engaged in numerous transactions with banks regularly. This account type, established upon request, offers immediate access for frequent financial interactions. Current accounts specialize in liquid deposits, providing diverse options to facilitate financial transactions, including the use of checks for payments to creditors. BOI Current Account benefits, eligibility, opening
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Types of BOI Current Accounts
Bank of India (BOI) offers a range of current accounts tailored to meet various business needs. Here are some of the current account options available:
- Normal Current Account
- Silver Current Account
- Gold Current Account
- Gold Plus Current Account
- Diamond Plus Current Account
- Platinum Current Account
- Platinum Plus Current Account
- Star Benefit CD Plus Current Account
- Current Deposit Plus Account
- BOI Super Current Plus Account
Features of BOI Current Bank Account
A current bank account is a crucial requirement for initiating a business. In today’s banking landscape, financial institutions provide an array of attractive offers and advantages for current accounts to cater to diverse business needs. Below are some fundamental features of a current bank account: BOI Current Account benefits, eligibility, opening
- Allows transactions beyond the scope of a savings account
- Designed for frequent transactions such as fund transfers, cheque receipts, cash handling, etc.
- Requires a higher minimum balance compared to a savings account
- No limit on the number of transactions per day
- Open to individuals, proprietary concerns, public and private companies, associations, trusts, etc.
- Non-maintenance of the minimum balance may lead to penalty charges.
BOI Current Account
|All individuals with valid KYC documents
|Mode of Operation
|Singly, jointly, or with Either or Survivor, Former or Survivor, anyone or Survivor etc. facility
|Rate of Interest
|First 50 cheque leaves free, Mobile and Internet banking, Free ATM card for the first year, Free cash deposit up to Rs. 25,000 per day, Free account transfer between branches, Statements issued per requirement (monthly/quarterly/half-yearly/annually), Statement delivery via email, Optional personal accident insurance
|Most Important Terms & Conditions
|Account statements sent via email; Customers can update their email ID at the Home Branch or through Internet banking. Printed statements can be requested at the Home Branch if preferred. Bank of India Current Account
BOI provides various types of current accounts tailored to suit the needs of different entrepreneurs. Here is the list of current account products offered by BOI: Bank of India Current Account, BOI Current Account benefits, eligibility, opening
BOI Regular Current Account
Our Regular Current Account provides excellent value for your finances. Maintain a Minimum Average Quarterly Balance (AQB) of Rs. 5,000/- for Metro Branches, Rs. 2500/- for Urban/Semi-Urban Branches, and Rs. 1000/- for Rural Branches.
|Name of Scheme
|Diamond Current Account
|Cash Deposit Facility (Base & Non-Base Branches)
|Unlimited (subject to chargeable for cash handling charges)*
|Base Branch Cash Withdrawal Facility
|Non-Base Branch Cash Withdrawal Facility
|Cash withdrawal up to Rs 50,000/- per day at other than Base branch
|Free Funds Transfer within the bank (Self A/c or Third party A/c)50% of normal charges to apply Collection of Cheques /Outstation Cheque collection across Bank of India locations all over the country.
|Free 75 Cheque leaves per Quarter
|50% of normal charges to apply on payment of NEFT/RTGS whereas Collection is free of costFree NEFT/RTGS payment through Net Banking
|Demand Draft/Pay Order
|10 DD/ PO – Free per Quarter (up to Rs.5.00 Lacs per instrument)
|Discount / Relaxation in POS offer Discount offered in Foreign Exchange*
|Up to 15 basis point (0.15%) Merchant Discount on Credit card from Prevailing rates* USD:-TTB–ACR+3P, TTS–ACR-3P
|Nil Processing Charges on Retail Loans*Free Gold International Corporate Credit Card*Free ATM cum Debit Card with Nil Renewal ChargesCorporate Salary Package available*Cash Management facility at attractive rates*Waiver of AMC Charges on Demat A/c for Ist Year
|Phone BankingCorporate Net bankingFree statements of AccountMissed Call alert facility for obtaining account balanceOnline Income Tax return filing facilityFree utility bills payment facility through E-payATM cum International Business Debit Card. Bank of India Current Account
Documents Needed for Opening a Current Account
To open a current account at your bank, you’ll need to provide the following documents:
- PAN card
- Address proof
- Companies or trusts must submit a certificate of incorporation and memorandum of association
- Partnership agreement in case of partnership firms
- ID and residence proof of all partners
- A color photograph of the applicant(s)
- Cheque from an existing savings account for account opening
- Companies should provide the address of communication
Note: Ensure that the KYC documents you submit are valid on the date of submission.
BOI Current Account FAQ
All individuals with valid KYC documents are eligible to apply for a BOI Current Account.
A BOI Current Account can be operated singly, jointly, or with facilities like Either or Survivor, Former or Survivor, anyone or Survivor, etc.
No, a BOI Current Account does not accrue any interest.
No, there is no maximum balance limit for a BOI Current Account.
Yes, nomination facility is available for BOI Current Account holders.