Bank of India offers as many as 9 different types of savings account options to suit the varying needs of its customers. With BOI savings accounts, one can enjoy services like internet banking, mobile banking, rewards on credit card spends and more.
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Let’s look at the latest BOI savings account interest rates and more by the Bank of India.
Bank of India Savings Interest Rates 2022
| BOI Savings Account Balance | Rate of Interest |
| Up to Rs. 1 lakh | 2.75% p.a. |
| Above Rs. 1 lakh | 2.90% p.a. |
w.e.f. 1st October 2020
Types of Bank of India Savings Account
| Types of Bank of India Savings Account | Primary Features |
| Star Suraksha SB Plus Account |
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| Savings Bank Ordinary Account |
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| BOI Savings Plus Scheme |
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| BOI Super Saving Plus |
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| Diamond Savings Bank Account |
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| BOI Star Yuva Account |
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| BOI Star Mahila SB Account |
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| BOI Star Senior Citizen SB Account |
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| SB Account for Pensioners |
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Suggested Read: Bank of India Salary Account – Types
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Eligibility Criteria to open a BOI Savings Account
The following persons can open a savings account with the Bank of India:
- Residents of India
- Minors (under guardianship; legal/natural)
- Illiterate persons can also open an account with BOI. However, they need to visit the bank personally to provide a thumb impression that is to be attested by an approved witness(es).
Features of BOI Savings Accounts
1. Star Suraksha SB Plus Account
| Star Suraksha SB Plus Account | Features |
| Initial Balance | Rs. 500 |
| Average Quarterly Balance requirement | Rs. 500 |
| Interest Rate | 2.90% p.a. |
| Personal Accidental Death Insurance Cover | Rs. 50,000 (Premium Paid by Bank) |
| Eligibility Criteria | Individuals, except Minors, NRIs and accounts under Diamond Category |
2. Savings Bank Ordinary Account
| Savings Bank Ordinary Account | Features |
| Initial Balance & Average Quarterly Balance requirement | Rs.500/- for Cheque book operated and Rs.100/- for non-cheque book accounts |
| Internet Banking Facility | Available |
| Nomination Facility | Available |
| Eligibility Criteria | Individual, Illiterate Persons, Blind persons, Minors, Associations, Clubs, Societies, etc. Trusts, Institutions/Agencies specifically permitted by the RBI |
3. BOI Savings Plus Scheme
BOI Savings Plus account is a mix of savings bank account and term deposit account and aims to maximize the customer’s earnings without hampering the liquidity of their funds.
| BOI Savings Plus Scheme | Features |
| Minimum Balance Requirement | Rs. 1 lakh in Savings Account Rs. 25,000 in Term Deposit |
| Auto Sweep Facility | Yes |
| Interest Rate | — |
| Nomination Facility | Available |
| Eligibility Criteria | Resident Indian |
*Rate of Interest on the SB portion would be as applicable to the regular SB deposits, while the Rate of Interest on the SDR/DBD portion will depend on the tenure for which each deposit is placed, and at the ruling Interest Rate as on the date the deposit is placed or renewed.
4. BOI Super Saving Plus
| BOI Super Saving Plus | Features |
| Initial Balance | Rs. 20 lakh |
| Average Quarterly Balance requirement | Rs. 5 lakh |
| Period of Deposit | Less than 6 months |
| Nomination Facility | Available |
| Eligibility Criteria | All those who can open Savings Account are eligible to open this account |
5. Diamond Savings Bank Account
| Diamond Savings Bank Account | Features |
| Initial Balance | NIL |
| Average Quarterly Balance* | Rs. 1 lakh & above |
| Debit Card | Free Issuance of International Platinum card |
| Free Group Personal Accidental Death Insurance Cover | Rs. 5 lakh |
| Other Features |
|
*Up-gradation and down-gradation of tiered Savings Bank Account every quarter by the system on the basis of AQB maintained in the last quarter. The system extends the benefits automatically if accounts fall under the Diamond category and vice-versa.
6. BOI Star Yuva Account
| BOI Star Yuva Account | Features |
| Average Quarterly Balance Requirement | Age group 21-35 years:- Rs.5,000/-in Metro/Urban Branches Rs. 2500/- in Semi-urban/Rural Branches |
| Internet & Mobile Banking Facility | Available |
| Personal Accident Insurance | Complimentary Cover up to Rs.50,000 (Age group of 18-21 years) Rs. 5 lakh cover (After 21 years) |
7. BOI Star Mahila SB Account
| BOI Star Mahila Account | Features |
| Average Quarterly Balance Requirement | Rs. 5000 |
| Internet Banking Facility | Available |
| Group Personal Accident Death Insurance | Cover of Rs.5 lakhs (Premium paid by Bank) |
| Eligibility Criteria |
|
8. BOI Star Senior Citizen SB Account
| BOI Star Senior Citizen SB Account | Features |
| Average Quarterly Balance Requirement | Rs. 10000 |
| Internet Banking Facility | Available |
| Group Personal Accident Death Insurance | Cover of Rs.5 lakh (Premium paid by Bank) |
| Eligibility Criteria |
|
9. SB Account for Pensioners
| BOI SB Account for Pensioners | Features |
| Minimum Balance Requirement | Zero Balance Savings Account |
| Internet Banking Facility | Available |
| Issuance of DD/Payslips | Free 6 DD/ Payslips per Quarter |
| Eligibility Criteria | All Pensioners drawing pension from Bank of India irrespective of age |
Documents Required for opening a Bank of India Savings Account
If you are planning to open a savings account with Bank of India, then it becomes necessary to be aware of the BOI Savings account documentation. Listed below are the essential documents required with your recent photographs to open a BOI Savings account.
1. Proof of Identity (any one):
- PAN Card (Mandatory)
- Aadhaar Card (Mandatory)
- Passport
- Voter ID card
- Defence ID card
- ID cards of reputed employers
- Driving Licence
2. Proof of Address (any one):
- Aadhaar Card
- Credit Card Statement
- Salary slip
- Income/Wealth Tax Assessment Order
- Electricity Bill
- Telephone Bill
- Bank account statement
- Letter from reputed employer
- Letter from any recognized public authority
- Ration Card
How to Open a Bank of India Savings Account?
You can easily open a Bank of India Savings Account in the following way:
- Download the BOI account opening form (click here to download)
- After downloading the form, you need to fill the application form, print it and then sign it
- After that, you need to attach all the required documents stated in the previous section
- All documents should be duly attested and verified by known bankers / Indian Embassy
- Submit to your nearest branch
For any queries, you can also contact the Bank of India on the following numbers
| Bank of India Phone Banking Numbers | |
| 1800 103 1906 (toll-free) or 91-22-40919191 (chargeable) |
Frequently Asked Questions (FAQs)
What should be the minimum balance in BOI savings account?
The minimum Average Quaterly Balance (AQB) in BOI savings account (Savings Bank Ordinary Account) should be Rs. 500 (for rural/semi-urban areas) and Rs. 1,000 (for metros/urban areas)
What is BOI savings account interest rate?
Currently, customers can earn interest @2.90% p.a. on the BOI savings account.
What is the toll-free customer care number of Bank of India?
Customers can get their queries solved/registered at the toll-free number 1800 103 1906.
Is there any COVID support number for the customers of Bank of India?
Yes, BOI has extended a toll-free Covid support service @ 1800 220 229.
Does BOI levy charges for non-maintenance of minimum balance in inoperative accounts?
No, BOI does not levy any charges in such cases.