Bank of India (BOI) Zero Balance Account: Bank of India is one of India’s oldest and leading public sector banks, established in 1906. Bank of India (BOI) offers a wide range of banking and financial services, including savings account and current accounts, loans, credit cards, insurance. One of its popular offerings is the BOI Zero Balance Savings Account, which provides customers with a hassle-free banking experience without the requirement of maintaining a minimum balance. In this article, we will explore the features, benefits, eligibility criteria, required documents, and the application process for the BOI Zero Balance Savings Account.
About Bank of India (BOI)
Bank of India (BOI) is an Indian public sector bank with a strong presence in the Indian banking sector. With its headquarters in Bandra Kurla Complex, Mumbai, BOI has 5,200 branches and 5,551 ATMs around the world (including 24 overseas branches). The bank offers a wide range of financial products and services, including savings accounts, current accounts, fixed deposits, loans, credit cards, and more. The bank has always aimed to provide innovative and customer-friendly solutions to meet the diverse banking needs of its customers.
Features and Benefits of BOI Zero Balance Savings Account
- Zero Minimum Balance Requirement: The BOI Zero Balance Savings Account is designed to cater to individuals who do not wish to maintain a minimum balance in their account. This account allows customers to enjoy the benefits of a savings account without the burden of maintaining a specific minimum balance.
- Easy Account Opening: Opening a BOI Zero Balance Savings Account is a simple and hassle-free process.
- ATM/Debit Card: Account holders are provided with a BOI ATM/Debit card, enabling them to access their funds conveniently. This card can be used for cash withdrawals, making purchases at merchant outlets, and online transactions.
- Internet Banking and Mobile Banking: BOI Zero Balance Savings Account holders can enjoy the convenience of internet banking and mobile banking services. These platforms allow customers to perform a range of transactions, including fund transfers, bill payments, balance inquiries, and more, from the comfort of their homes or on the go.
- Interest on Savings: The BOI Zero Balance Savings Account offers competitive interest rates on savings. As of the current rates, balances up to ₹1.00 lakh earn an interest rate of 2.75%, while balances above ₹1.00 lakh earn an interest rate of 2.90%.
Eligibility Criteria for BOI Zero Balance Savings Account
To be eligible for a BOI Zero Balance Savings Account, individuals must meet the following criteria:
- Resident of India: The account can be opened by resident individuals only.
- Age: The applicant should be at least 18 years of age or above. In the case of minors, the account can be opened by the parent or guardian on behalf of the minor.
- KYC Documents: Customers need to fulfill the KYC (Know Your Customer) requirements by providing valid identity proof, address proof, and recent passport-size photographs.
Documents Required for BOI Zero Balance Savings Account
The following documents are generally required to open a BOI Zero Balance Savings Account:
- Identity Proof: Aadhaar card, PAN card, passport, voter ID card, or driving license.
- Address Proof: Aadhaar card, passport, utility bills (electricity, telephone), bank statements, or rent agreement.
- Passport-Size Photographs: Recent passport-size photographs of the account holder.
How to Apply for BOI Zero Balance Savings Account?
Applying for a BOI Zero Balance Savings Account can be done through both online and offline methods. Here’s a step-by-step guide on how to apply for the account:
Online Application Process:
- Visit the official website of Bank of India (BOI).
- Navigate to the “Savings Account” section and look for the “Zero Balance Savings Account” option.
- Click on the option to initiate the account opening process.
- Fill in the required details in the online application form, including personal information, contact details, and KYC details.
- Upload scanned copies of the necessary documents, such as identity proof, address proof, and passport-size photographs.
- Review the application form and ensure all the information provided is accurate.
- Submit the application form online.
- After successful submission, you will receive an application reference number or acknowledgment.
Offline Application Process:
- Visit the nearest Bank of India branch.
- Fill in the account opening form with the required information, including personal details, contact information, and KYC details.
- Attach photocopies of the necessary documents, such as identity proof, address proof, and passport-size photographs, along with the completed application form.
- Submit the application form and documents to the bank executive.
- The bank executive will verify the documents and process your application.
- Upon successful verification, you will be provided with an account number and other relevant details.
Bank of India customer care
You can contact Bank of India’s customer care helpline at the following numbers:
- Chargeable Number: (022) – 40919191 (24X7)
- Toll-Free (India): 1800 103 1906
FAQ
No, the BOI Zero Balance Savings Account does not require customers to maintain a minimum balance.
As of the current rates, balances up to ₹1.00 lakh earn an interest rate of 2.75%, while balances above ₹1.00 lakh earn an interest rate of 2.90%.
Yes, BOI Zero Balance Savings Account holders can access their accounts online through internet banking and mobile banking services.
Yes, the BOI Zero Balance Savings Account comes with an ATM/Debit card that allows you to withdraw cash from ATMs and make purchases at merchant outlets.
BOI Zero Balance Savings Account offered by Bank of India provides customers with a convenient and flexible banking solution. With its zero minimum balance requirement, easy account opening process, and a range of features and benefits, it caters to the diverse needs of individuals seeking a hassle-free savings account. Whether you choose to apply online or visit a branch, opening a BOI Zero Balance Savings Account is a straightforward process.
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