Bank of India (BOI) DD Charges: Established on September 7, 1906, by affluent entrepreneurs in Mumbai, Bank of India had its initial office located in Mumbai. Sir Sassoon J. David played a pivotal role as the lead promoter of the bank. The bank was incorporated with an authorized share capital of Rs. 1 crore, divided into 1,00,000 shares of Rs. 100 each. Commencing its operations on November 1, 1906, Bank of India has since been a significant financial institution.
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Bank of India: Pioneering Leadership and Services
The initial Board of Directors for Bank of India comprised esteemed individuals such as Sir Sassoon David, Sir Cowasjee Jehangir, Cowasjee Jehangir, Sir Frederick Leigh Croft, Ratanjee Dadabhoy Tata, Gordhandas Khattau, Lalubhai Samaldas, Khetsety Khiasey, Ramnarain Hurnundrai, Jenarrayen Hindoomull Dani, and Noordin Ebrahim Norrdin.
Notably, Bank of India holds the distinction of being the first Indian bank to establish its branch in London, a significant milestone achieved in 1946. Subsequently, in 1969, the bank underwent nationalization and has since remained under the governance of the Government of India.
Understanding Demand Drafts with Bank of India
A Demand Draft (DD) is a financial instrument that enables a bank to allocate a specified amount mentioned in the DD to a designated account. This implies that the funds are debited from the DD maker’s account upon its creation. However, the actual transfer of funds to the receiver’s bank account occurs when the DD is encashed after being deposited.
Bank of India’s DD Services
Bank of India, in line with other leading banks, offers the convenience of creating and canceling Demand Drafts. The creation of a DD through Bank of India can be initiated either through a bank account or by outsiders who do not hold an account with Bank of India, allowing DDs to be created via cash transactions.
Bank of India DD Charges
Now, addressing the concern of whether creating a DD is an expensive affair, the answer is no. Bank of India extends this facility free of charge to its premium account holders. For other account holders and external individuals, the bank levies nominal charges as DD fees or DD commission.
BOI DD Charges
The charges for the creation of a DD are as follows:
| Demand Draft Amount | Demand Draft Charges |
|---|---|
| Less than and up to Rs. 5,000 | 💵 Rs. 25 |
| Rs. 5,000 to Rs. 10,000 | 💵 Rs. 50 |
| Rs. 10,000 to Rs. 1 lakh | 💵 Rs. 5 per thousand or part thereof. (Minimum Rs. 60) |
| Above Rs. 1 lakh | 💵 Rs. 4 per thousand or part thereof. (Minimum Rs. 600 and maximum Rs. 2,000) |
BOI DD Charges
Thus, it is very easy to get a DD Made from Bank of India. It is hassle free and the charges are also very nominal.
Comprehensive Services Offered by Bank of India
Bank of India extends a diverse range of services, catering to both consumer and corporate needs. These include:
- Consumer and Corporate Banking Services
- Finance and Insurance Solutions
- Investment Banking Facilities
- Mortgage Loans
- Trade Finance Assistance
- Cash Management Services
- Safe Custody Services
- Debenture Trustee Services
Additional Information
- The bank’s headquarters are situated in Bandra Kurla Complex, Bandra East, Mumbai.
- With a vast network, Bank of India boasts over 5000 branches throughout India, 60 offices, 5 subsidiaries, and 1 joint venture abroad. Its global presence spans 18 countries across 5 continents.
- As a pioneer, Bank of India is a founding member of SWIFT (Society for Worldwide Inter Bank Financial Telecommunications), facilitating cost-effective financial processing and communication services globally.
- In 2019, the bank employed 48,807 individuals, generating a revenue of Rs. 462.68 billion, an operating income of Rs. 80.92 billion, and possessing total assets worth Rs. 6.31 trillion.
Key Personnel
- Shri Atanu Kumar Das: Managing Director and CEO of Bank since January 20, 2020.
- Shri Chaitanya Gayatri Chintapalli: Executive Director of Bank since October 9, 2017.
BOI DD Charges FAQ
Bank of India levies charges based on the amount specified in the DD. The charges vary according to different slabs.
For a DD less than or up to Rs. 5,000, the charge is Rs. 25.
The DD charge for an amount between Rs. 5,000 to Rs. 10,000 is Rs. 50.
For a DD within the range of Rs. 10,000 to Rs. 1 lakh, the charge is Rs. 5 per thousand or part thereof, with a minimum of Rs. 60.
For a DD exceeding Rs. 1 lakh, the charge is Rs. 4 per thousand or part thereof, with a minimum of Rs. 600 and a maximum of Rs. 2,000.
