Bank of India Zero Balance Savings Account

What is a Bank of India Zero Balance Savings Account?

The Bank of India Zero Balance Savings Account is a basic savings account with zero minimum balance requirement which allows the customers to open and operate the account without facing penalties on account balances. It provides easy availability of funds in the form of ATM and digital facilities that make the banking transactions of daily life smooth. 

Bank of India Zero Balance Savings Account Interest Rates

The following table displays the savings account interest rates applicable to different balance slabs:

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

Types of Bank of India Zero Balance Savings Account

Bank of India provides several zero balance savings account options that meet different customer needs today:

1. Pratham Savings Account: 

   Designed for young customers and beginners, this account requires no minimum balance. Encourages regular banking habits while providing basic banking services at zero maintenance charges. Offers debit card waivers and additional benefits based on average quarterly balance tiers.

2. Nari Shakti Savings Account: 

   Made for women earning independently, offering tier-based banking advantages. Includes health and wellness insurance savings, personal accident cover, and RTGS/NEFT rebates at higher AQB.

3. Pensioners Savings Account: 

   Designed for pension recipients, with no minimum balance needed. Includes free ATM withdrawals, cheque books, and personal accidental death insurance cover. Features an overdraft facility linked to the pension credited to the account.

4. BOI STAR Parivaar Savings Account: 

   Brings 2–6 family members into one group ID with no daily minimum balance. Provides unlimited free cheque books, SMS, and WhatsApp notifications. Offers tiered fee waivers on RTGS/NEFT and other charges for cost-efficient family banking.

How to Open a Bank of India Zero Balance Savings Account

You may open a Bank of India Zero Balance Savings Account either online through the official Bank of India internet banking portal or by going to a branch personally.

Online Application

You can start your zero balance savings account from anywhere through the Bank of India portal or mobile app.

• Visit the Official BOI Website: Go to the Bank of India savings account website and click Open Account.
• Select Savings Type: Choose the Zero Balance Savings Account or any other account you choose.
• Enter Personal Information: Enter your name, phone number, email and residential address.
• Check Eligibility: Residents aged 18 years or over can apply. Minors may open the account through a guardian, and joint accounts are allowed for those who qualify.
• Upload KYC Documents: Upload scanned copies of Aadhaar, PAN card (or Form 60), identity proof, and address proof as required by the bank.
• Complete Video KYC: Finish Video KYC Confirm your identity through secure video KYC if available.
• Submit & Receive Confirmation: Once verification is done, your account number and details will be sent by SMS or email.

Offline Application

You can also open the account in person by visiting any Bank of India branch.

• Visit a BOI Branch: Reach the nearest Bank of India branch and carry your original documents.
• Request the Savings Account Form: Bank staff can give the savings account opening form.
• Enter Details: Enter your name and contact details.
• Eligibility Check: Residents, HUF applicants or the joint account holders can open the account. The minimum age is 18 years; minors need a guardian.
• KYC Documents: Provide copies of valid ID proof, address proof, PAN card or Form 60, and a passport-size photograph.
• Verification by Bank: The bank will check your documents and information.
• Account Activation: After a review, your account is activated, and you get your account information and the ability to use debit and checks.

Key Features of Bank of India Zero Balance Savings Account

These are the key features that make the Bank of India Zero Balance Savings Account most trustworthy:

• Free Debit Card Issuance: The bank provides a RuPay NCMC debit card at no cost for the first issuance, enabling cash withdrawals and purchases at ATMs and POS terminals across the country.
• Internet & Mobile Banking: Securely manage your account online with balance enquiries, fund transfers, UPI payments, and bill settlements through BOI’s internet and mobile services.
• Tiered Benefits Across Variants: Various savings account types (such as Nari Shakti, Pratham, Pensioners) include extra advantages like personal accident insurance or exclusive debit card perks within the zero balance scheme.
• Insurance Coverage: Many BOI savings variants include group personal accident insurance with cover amounts increasing at higher tiers, enhancing financial protection for account holders.
• Sweep-In Facility: The Bank of India Sweep-in FD facility moves extra money from your savings account into fixed deposits automatically. This allows you to earn higher FD interest rates while keeping your account accessible.
• Alternate Delivery Channels: Banking is simple and versatile with branches, ATMs, net banking, mobile apps, and UPI.

Key Takeaways 

The Bank of India Zero Balance Savings Account is among the best savings accounts for simple banking, with no minimum balance requirement and no penalties. It provides up to 4.85% p.a. interest on deposits, a free debit card, online and mobile banking, and easy account management.