Bank of India Savings Account

What is a Bank of India Savings Account

A Bank of India savings account allows you to manage your money simply while earning interest on deposits. You may open the account with basic KYC documents and enjoy various digital banking services. Interest is worked out on daily balances and added periodically. Also, your savings can earn extra returns linked to Bank of India FD interest rates, making it a flexible and rewarding account for daily banking and long-term savings.

Bank of India Savings Account Interest Rates

The following table shows the savings account interest rates applicable to Bank of India accounts based on different balance categories:

*Bank of India Savings account interest rates w.e.f. November 1st, 2025

Benefits of Bank of India Savings Account

Bank of India savings account includes many features that make saving and banking simple, convenient, well-organised, and rewarding.

• Minimum Balance Requirement: No daily minimum balance is required, making it flexible for all types of customers.
• Unlimited Free Cheque Leaves: Obtain unlimited cheques from your savings account with no extra cost.
• Big Savings on Big Dreams: Get processing fee concessions up to 100% on selected housing and vehicle loans.
• Higher Returns via Fixed Deposits: Your savings account can also take advantage of FD interest rates through linked Fixed Deposits, allowing higher returns on remaining balances.
• Locker Rent Concession: Get up to 100% concession on locker rent, based on the account and AQB maintained.
• Premium Debit Cards: Zero issuance fees apply on premium debit cards for smooth transactions and extra benefits.
• Sweep in FD Facility: Automatically transfer excess savings into a Fixed Deposit at higher interest rates using the Bank of India Sweep in FD facility, making the most of your surplus funds without manual intervention.
• Group Personal Accident Death Insurance Cover: Get complimentary accident insurance cover up to ₹200 Lakh, linked to your Average Quarterly Balance (AQB). This provides financial security in case of unforeseen events.
• Air Accident Insurance Cover: Coverage for air accidents reaches up to ₹200 Lakh, inclusive of the base personal accident cover, linked to your AQB.

Types of Bank of India Savings Account

Bank of India offers a variety of savings account schemes designed to meet diverse customer needs, from basic banking to tailored family and lifestyle benefits: 

1. Pratham Savings Account: 

   A Pratham savings account for youngsters with no minimum amount and digital banking access. Standard debit or ATM cards plus group accident cover tied to AQB tiers, Normal to Platinum issued. Ideal for students and first-time savers to build financial habits.

2. Savings Bank Account General: 

   The savings account has AQB criteria ranging from ₹10,000 to ₹10 Lakh and higher (Normal to Platinum). It includes debit card access, free passbook issuance, and insurance benefits tied to AQB levels. Suited for routine banking with flexible features.

3. Pensioners Savings Account: 

   A special account for pensioners with no daily minimum balance and features such as debit card access and insurance covers. This Bank of India zero balance savings account makes banking easier for retired customers.

4. BOI STAR Parivaar Savings Account: 

   A group savings solution that lets 2–6 family members link accounts under one family ID with AQB totals from ₹2 Lakh to ₹10 Lakh.

5. Nari Shakti Savings Account:

    A women‑oriented savings account with zero minimum balance and tiered AQB benefits (up to ₹10 Lakh). Grants health and wellness discounts, insurance cover up to ₹1 Crore at higher tiers, and special CSR contributions for girl child welfare.

6. BOI Savings Plus Scheme: 

   Combines a savings account with a linked term deposit to help you earn higher returns while keeping funds accessible. Suitable for those who want liquidity plus better earnings.

7. BOI Super Savings Plus Scheme: 

   A premium savings account requires a higher AQB of ₹5 Lakh and above. It offers features like auto‑sweep and extra banking perks for high‑balance holders.

How to Open a Bank of India Savings Account

Bank of India lets you open a savings account either online or offline. Both methods are clear and easy to use.

Online Application

Opening your account online takes little time, is very convenient, and can be done at home.

• Visit the Bank of India Website: Open the Bank of India’s official savings account page to begin the online application.
• Choose Savings Account: Choose the type of account you require (e.g., General, Pratham, Nari Shakti, STAR Parivaar, etc.).
• Check Eligibility: Resident applicants, joint account holders, and Hindu Undivided Families (HUF) can apply. Minors may also open accounts through guardians.
• Fill the Application: Enter details like name, address, mobile number, and email.
• Complete KYC: Finish KYC using Video KYC with Aadhaar and PAN for identification.
• Document Verification & Submission: Submit documents electronically for checking.
• Account Activation: After checks are completed, your savings account becomes active, and details are shared digitally.

Offline Application

You can also open an account in person at any Bank of India branch:

• Visit a Bank of India Office: Go to the nearest Bank of India branch to open an account.
• Request Savings Account Form: At branch counter ask for the Savings Account form.
• Confirm Eligibility: Resident applicants, joint account holders and minors with guardians may apply. Joint accounts may operate using mandates such as “Either or Survivor” mode.
• Complete Form: Fill out the form with PAN, Aadhaar, and contact information.
• Submit KYC Documents: Provide original PAN, Aadhaar, identity, and address evidence for verification.
• Sign Submit: Sign and submit the form, along with all supporting documents, for verification.
• Account Activation: Once approved the bank enables the account ready for use straightaway.

Key Takeaways

Bank of India Savings Account gives interest from 2.50% p.a. on standard balances up to ₹50 Lakh, with larger balances earning up to 4.85% p.a., calculated daily and credited quarterly. With no charge on minimum balance, plus free insurance cover and simple digital banking, it stands among the best savings accounts for daily savings and payments.