Bank of India provides 9 types of savings accounts to meet the different needs of its customers. With BOI savings accounts, you can access services like internet banking, mobile banking, and earn rewards on credit card purchases.
People who can open a savings account with Bank of India include:
1. Residents of India
2. Minors under guardianship, whether legal or natural
3. Illiterate individuals are also eligible to open an account with BOI. However, they must visit the bank in person to provide a thumb impression, which needs to be attested by an approved witness or witnesses.
If you want to open a savings account with Bank of India, you need to know what documents are required. Here are the important papers you'll need, along with recent photos, to open a BOI Savings account.
1. Proof of Identity (any one):
2. Proof of Address (any one):
Individual, Illiterate Persons, Blind persons, Minors, Associations, Clubs, Societies, etc. Trusts, Institutions/Agencies specifically permitted by the RBI
*The interest rate on the regular savings account part will be the usual rate for regular savings deposits. The interest rate on the SDR/DBD part will depend on how long each deposit is kept and the interest rate at the time of placing or renewing the deposit.
You can find out how much money is in your savings account in different ways: use net banking, mobile banking, UPI, get an account statement, use SMS banking, make a missed call, or visit the bank or an ATM.
Any interest you earn on your savings account balance up to Rs. 10,000 is tax-free under Section 80TTA. However, if you earn more interest, there might be Tax Deducted at Source (TDS) applied to the higher amounts.
No, You can open a minor or kids savings account even if you're not 18 years old. However, for a regular, fully-functional savings account, you typically need to be over 18 years old.
all banks provide a cheque facility. However, it's important to note that certain types of savings accounts, like BSBDA (Basic Savings Bank Deposit Account), instant accounts, digital accounts, etc., may not come with a cheque facility.
Yes, having an ATM/debit card usually comes with a yearly fee, which is around Rs.150 plus taxes (this can differ between banks). Some private banks might not charge this fee if you use your debit card to shop for a certain amount during the year, or if you keep a specific amount of money in your account regularly, as per the bank's rules
An Aadhaar card is a useful document that proves who you are and where you live, making it easy to open a bank account. If you want to get government subsidies and benefits like Direct Benefit Transfer (DBT), you'll need to give your Aadhaar card details to confirm your account and connect it with the scheme.
To open a savings account, the rules say you must give your PAN card details. If you don't have a PAN card, your application won't go through. But if you don't have a PAN, you can still apply by providing Form 60. This form explains why you don't have a PAN.
The bank will send your monthly account statement to the email address you've registered. If you want a physical (hard) copy, you can ask the bank for it, but there might be a small fee.
Interest is calculated at regular intervals, and the specific period is determined when you open the account. This could be monthly, quarterly, annually, or another specified timeframe.
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