Bank of India Savings Account

Tenure
Rate of Interest (%) for deposits less than Rs.2 crore
180 days 269 days 4.75
270 days to less than a year 4.75
Above 1 year but less than 2 years 5.25
Above 2 years but less than 3 years 5.3
Above 3 years but less than 5 years 5.3
Above 5 years but less than 8 years 5.3
Above 8 years and up to 10 years 5.3

Bank of India Savings account

Savings Account is a deposit of money made within the bank or other financial establishments to maintain the money safe and get right of entry to it whenever required. The savings account also offers an interest on the average monthly account balance maintained as a touch incentive for persevering with using carrier. you can still deposit the money in his/her savings account both through coins deposit, cheque submission, or transfer of funds from another savings account.

The withdrawal of money from the account can be made via cash withdrawal from ATM, cashing a cheque writtenBank of India Recurring Deposit to self, or by using on-line transaction via debit card or internet banking. a number of the banks require their financial savings account holders to keep a minimum stability inside the account, even as some also provide the characteristic of zero stability savings account. The hobby fee presented on savings debts varies from financial institution to bank. but, the number one objective of the use of savings debts is to keep the cash safe and handy whenever required.

The modern savings account product by using banks is laced with functions like reward points, a quick link to bill payments and online buying.

Features and benefits of Bank of India Savings account

  • A large network of branches and ATMs helps you to use banking centers from anywhere and keeps your account easily handy.
  • Easy fund switch facility from your account to some other bank account through RTGS, IMPS, NEFT and UPI facilities.
  • Customized account range and cheque ebook complements safety and guarantees your cash is safe.
    with the aid of keeping money apart in preference to protecting it in cash, it additionally enables in fending off overspending.
  • It offers interest prices from 0.50% to 7.50% p.a.
  • Some of the banks also have a reward device in area which earns you rewards for certain precise purchases from the debit card. those reward factors may be later redeemed for appealing cashback and bargain offers.
  • There is no limit on the quantity that you can deposit within the account.
    you can also link deduction of RD, EMI’s, and SIP with your financial savings account to make everyday payments on time with none trouble.

Bank of India Savings account charges

Internet banking facility: We will provide you the User-id and password to login to Internet Banking facility to view your account online. You may apply for transaction password afterword.
ATM cum Debit card: We will provide you the ATM cum Debit Card and password The card will enable you to use ATMs in India and International card enables you to use in ATMs both in India and abroad.
TeleBanking PIN: You may access your account through Telephone
Cheque Book Facility: We will provide We will provide 5 Leaves cheque Book. The normal pass book and cheque book will be issued by the branch in India in due course.

 

Bank of India Documents required to open Savings Account

An applicant wishes to publish sure documents to affirm his or her identification. here is the listing of documents required for financial savings bank account:

1.proof of address
To validate the deal with, an applicant will require filing authorities permitted files to the bank. under is the listing of documents that a patron can use:

  • Aadhaar card
  • Voter identity
  • software, bill (power, gas, water, telephone)
  • Passport using license
  • financial institution account announcement or passbook of the financial institution
  • Ration card
  • A letter stamped/signed/known from a gazetted officer or public authority to affirm the address information of the applicant,proof of identification.

2.To verify the identity, a purchaser can offer and publish the subsequent files to the bank:

  • PAN card
  • Aadhaar card
  • Voter identification
  • Passport,riding license
  • worker identification
  • Any photo identification card issued with the aid of the vital/country authorities
  • NREGA job card

Savings Account opening process at Bank of India

All financial savings bank debts irrespective of their mode of operations ought to comply with KYC requirements/Anti cash Laundering Measures (AML)/ combating Financing of Terrorism (CFT) and adjustments to purchaser identity technique (CIP). For starting of money owed evidence of identification, proof of deal with and latest photo for all man or woman money owed. For all other accounts a few extra documents could be required to fulfill the norms.

FAQs

✅ How can I Open A financial savings Account In Bank Of India?

you may open a savings account in bank of Baroda both via applying on-line via the internet site or through travelling the department close by and submitting your application shape there.

Am I eligible to Open A savings Account online In Bank Of India?

Sure, you may open a savings account on line, via making use of for it via the bank of Baroda’s legitimate internet site.

What’s the minimum balance In Bank of India?

The minimum balance required to open a savings account in Bank of India is QAB Rs. 500 and Rs. 1,000 for Rural and urban respectively. zero balance facility best for salaried employees in significant/ state govt. Public and private constrained businesses, agents of lifestyles and fashionable insurance organization’s and college students

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