Bank of India was established in 1906, Bank of India (BOI) is a famous financial institution in India, offering a range of banking and financial services. One of best banking and financial services of BOI is salary account. Bank of India Salary Account is designed to cater to the financial needs of salaried individuals. With BOI salary account, account holders enjoy benefits such as a convenient and secure platform for salary transactions, access to a wide network of ATMs, and additional benefits like personalized debit cards.
In this article we will explain all the details of Bank of India Salary Account including benefits, eligibility criteria, document required and how to apply for Bank of India Salary Account.
Benefits of Bank of India Salary Account
- No Minimum Balance Requirement: Enjoy the freedom of managing your finances effortlessly with seamless salary credit and no minimum balance requirement.
- Unlimited Transactions: Experience unlimited transactions both online and offline, giving you the power to access your funds whenever and wherever needed.
- Hassle-Free Digital Banking: Access hassle-free and seamless banking through state-of-the-art mobile banking and internet banking facilities, ensuring a convenient online experience.
- Easy Account Opening: Open your salary account from the comfort of your home through Bank of India’s digital platform, adding to the convenience of banking.
- Variety of Account Tiers: Choose from different account tiers (Normal, Classic, Gold, Diamond, Platinum) based on your financial preferences and requirements.
- Attractive ATM Cards: Avail eligible ATM cards like Rupay Platinum, Rupay Select, Visa Business, and Visa Signature, offering varied benefits.
- Fee Waivers: Benefit from fee waivers, including waiver of ATM/debit card AMC, RRTGS/NEFT charges, and DD/PO charges, based on your account tier.
- Credit Card Privileges: Enjoy credit card issuance charge waivers and credit card AMC waivers with varying limits based on your account tier.
- Insurance Coverage: Gain substantial insurance coverage, including Group Personal Accidental Death insurance and Air Accidental insurance, providing financial security.
- Free Transactions: Enjoy free transactions at Bank of India ATMs and other ATMs based on your account tier.
- Loan Concessions: Avail concessions in retail loan processing charges and reduced rates of interest (ROI) for retail loans, enhancing your financial benefits.
- Locker Rent Concession: Benefit from locker rent concessions, with varying percentages based on your account tier.
- Salary/Pension Advance: Access salary/pension advances equal to one month’s net salary, providing financial flexibility.
- Instant Personal Loan: Get instant personal loans equal to six months’ net salary, addressing immediate financial needs.
- Customer Support: Enjoy 24×7 customer care support through toll-free and chargeable numbers, ensuring assistance when needed.
Bank of India Salary Account Eligibility Criteria
- Private Sector Employees: All private sector employees drawing a regular salary are eligible to open a Bank of India Salary Account.
- Employees of Educational Institutions: Private sector employees of universities, schools, colleges, or any other educational institution, including both training and non-training staff, qualify for the Salary Account.
Documents Required for Bank of India Salary Account
To open a Bank of India Salary Account, individuals need to provide the following documents:
- Proof of Identity (Any One): PAN card, Aadhar card, Passport, Voter ID card, Driving license.
- Proof of Address (Any One): Aadhar card, Passport, Voter ID card with present address, Driving license, Utility bills (electricity, water, gas) not more than 2 months old, Bank account statement, Rent agreement.
- Proof of Employment: Salary slips (recent months), Employee ID card, Appointment letter from the employer.
- Recent passport-size photographs of the account holder.
Types of Bank of India Salary Account
| Salary Account Type | Average Quarterly Balance (AQB) | Eligible ATM Card |
|---|---|---|
| Normal | Nil | Rupay Platinum |
| Classic | Rs 10,000/- | Rupay Platinum |
| Gold | Rs 1 Lakh | Rupay Select |
| Diamond | Rs 5 Lakhs | Visa Business |
| Platinum | Rs 10 Lakhs | Visa Signature |
Normal Salary Account:
- Waiver of ATM/Debit card AMC up to Rs 75,000/-
- Free Cheque Leaves (25 leaves per quarter)
- 50% waiver on RTGS/NEFT charges.
- 50% waiver on DD/PO charges.
Classic Salary Account:
- Waiver of ATM/Debit card AMC up to Rs 75,000/-
- Free Cheque Leaves (25 leaves per quarter)
- 100% waiver on RTGS/NEFT charges.
- 100% waiver on DD/PO charges.
- 100% waiver on Credit card issuance charges.
- Free SMS/Whatsapp Alerts.
Gold Salary Account:
- Waiver of ATM/Debit card AMC up to Rs 1,00,000.
- Unlimited free Cheque Leaves.
- 100% waiver on RTGS/NEFT charges.
- 100% waiver on DD/PO charges.
- 100% waiver on Credit card issuance charges.
- Free SMS/Whatsapp Alerts.
- Group Personal Accidental Death insurance cover of Rs 55,00,000/- and Air accidental insurance of Rs 50,00,000.
Diamond Salary Account:.
- Waiver of ATM/Debit card AMC up to Rs 2,00,000.
- Unlimited free Cheque Leaves.
- 100% waiver on RTGS/NEFT charges.
- 100% waiver on DD/PO charges.
- 100% waiver on Credit card issuance charges.
- Free SMS/Whatsapp Alerts.
- Group Personal Accidental Death insurance cover of Rs 80,00,000/- and Air accidental insurance of Rs 50,00,000.
- Concession in retail loan processing charges.
Platinum Salary Account:
- Waiver of ATM/Debit card AMC up to Rs 5,00,000.
- Unlimited free Cheque Leaves.
- 100% waiver on RTGS/NEFT charges.
- 100% waiver on DD/PO charges.
- 100% waiver on Credit card issuance charges.
- Free SMS/Whatsapp Alerts
- Group Personal Accidental Death insurance cover of Rs 1,30,00,000/- and Air accidental insurance of Rs 50,00,000.
- Concession in retail loan processing charges.
- Concession in Rate of Interest (ROI) for retail loans.
How to apply for Bank of India Salary Account?
To apply for a Bank of India Salary Account, you can follow these steps:
- Contact Human Resources: If your employer has a tie-up with Bank of India for salary accounts, start by contacting your Human Resources (HR) department. HR will provide you with the necessary information and forms.
- Collect Required Documents: Gather the necessary documents, including proof of identity (e.g., Aadhar card, passport), proof of address (e.g., utility bills), proof of employment (e.g., salary slips, employee ID), passport-size photographs, and PAN card.
- Visit the Nearest Bank of India Branch: Locate the nearest Bank of India branch. Visit the branch in person, as some formalities may require physical verification.
- Meet a Bank Executive: Approach a bank executive or customer service representative and express your intention to open a Bank of India Salary Account. Bank Executive will guide you through the application process.
- Fill out the Application Form: Complete the account opening application form provided by the bank. Ensure that all details are filled accurately.
- Submit Required Documents: Submit the required documents along with the filled application form. The bank may make photocopies of the documents for their records.
- Choose the Type of Salary Account: Based on your preferences and eligibility, choose the type of Bank of India Salary Account that best suits your needs (Normal, Classic, Gold, Diamond, or Platinum).
- Provide Additional Information: Provide any additional information or details required by the bank during the application process.
- Receive Account Kit: Upon successful submission and verification, the bank will provide you with an account kit, which typically includes your account details, a welcome letter, and any relevant information.
- Activate Your Salary Account: Follow the instructions provided by the bank to activate your salary account. This may involve an initial deposit, setting up internet/mobile banking, and obtaining your ATM card and PIN.
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