BOI Current Account: features, average balance, eligibility

BOI Current Account: BOI is the largest lender in the country and has its headquarters in Mumbai, Maharashtra. The majority is owned by the Government of India. BOI Normal Current Account gives you the optimum value for your money. At Minimum Average Quarterly Balance (AQB) of Rs.5,000/- for Metro Branches , Rs. 2500/- for Urban/Semi-Urban Branches and Rs 1000/- for Rural Branches

There are as many as 16,995 branches of BOI in India, including 190 in other countries. Bank of India has an agreement with GE for its credit card services. It is the only bank in the country to figure in the Forbes list of 500. BOI holds a major market share in the fields of personal loan (20%), home loan (25.5%) and car loan (26%).Riding high on its extensive reach, BOI is the most searched and preferred bank in India and is accessible from almost every part of the country

A current account, also known as financial account is a type of deposit account maintained by individuals who carry out significantly higher number of transactions with banks on a regular basis. It is created by the bank on request of the applicant and is made available for frequent or immediate access. Current accounts relate to liquid deposits and it offers a broad range of customized options to aid financial dealings. Current accounts also allows to make payments to creditors through the cheque facility offered by the bank.

Types of boi current accounts

• Normal Current Account
• Silver Current Account
• Gold Current Account
• Gold Plus Current Account
• Diamond Plus Current Account
• Platinum Current Account
• Platinum Plus Current Account
• Star Benefit CD Plus Current Account
• Current Deposit Plus Account
• BOI Super Current Plus Account

Features of BOI Current Bank Account

A current bank account is one of the primary requirements for starting a business. These days, banks offer a number of attractive offers and benefits on current accounts to match the diversified needs of businesses. Listed below are some of the basic features of a current bank account:

• A current account allows transactions beyond the scope of a savings account
• It is designed to facilitate frequent transactions – transfer funds, receive cheques, cash, etc.
• Compared to savings account, a current account requires a higher minimum balance.
• No restriction on the number of transactions in a day
• A current account can be operated by individuals, proprietary concerns, public and private companies, associations, trusts, etc.
• Non-maintenance of the minimum balance can attract penalty charges.

BOI Current Account

Features	Current Account
Eligibility	All individuals who have valid KYC documents
Mode of Operation	Singly, jointly, or with Either or Survivor, Former or Survivor, anyone or Survivor etc. facility.
Rate of Interest	Nil
Maximum Balance	No Limit
Nomination facility	Available
Facilities offered	First 50 cheque leaves will be free. Mobile banking, Inter Net banking. Free ATM card during first year. Free cash deposit upto Rs. 25000/ -per day. Free Transfer of account from one branch to another. Statement of account is issued as per requirement at monthly/quarterly/half yearly/annual intervals. Facility of getting statement by e mail Personal accident insurance available (Optional)
Most Important Terms & Conditions	All statements of account will be sent via e-mail. Customer requested to update e-mail ID at Home Branch or through Internet banking. If, one still wishes to continue receiving a printed statement, please visit the Home Branch.

BOI offers different types of current accounts depending on the profile of the entrepreneurs. Here’s the list of current account products of BOI:

BOI Normal Current Account

Our Normal Current Account gives you the optimum value for your money. At Minimum Average Quarterly Balance (AQB) of Rs.5,000/- for Metro Branches , Rs. 2500/- for Urban/Semi-Urban Branches and Rs 1000/- for Rural Branches

Name of Scheme	Normal Current Account
Cash Deposit Facility (Base & Non-Base Branches	Unlimited (subject to chargeable for cash handling charges)
Base Branch Cash Withdrawal Facility	Unlimited
Non-Base Branch Cash Withdrawal Facility	Cash withdrawal up to Rs 50,000/- per day at other than Base branch
Fund Transfer	Free Funds Transfer within the bank (Self A/c or Third party A/c) Collection of Cheques and payments across Bank of India locations all over the country
Cheque Book	First Time Free Cheque Book of 50 Cheque leaves
NEFT/RTGS	Free collection of NEFT/RTGS. Free NEFT/RTGS payment through Net Banking
Special Privileges	25 % Waiver of Processing Charges on Retail Loans* Corporate Salary Package available* Cash Management facility at attractive rates* Waiver of AMC Charges on Demat A/c for Ist Year
Ancillary Services     Charges for Non-Maintaining  Average Quarterly Balance	Phone Banking Corporate Net banking Free statements of Account Missed Call alert facility for obtaining account balance Online Income Tax return filing facility Free utility bills payment facility through E-pay ATM cum International Business Debit Card Penal charge of Rs. 600/- per quarter if AQB goes below Rs. 5000/- in Metro, Rs. 500/- per quarter if AQB goes below Rs. 2500/- in Urban/Semi-Urban and Rs. 350/- per quarter if AQB goes below Rs. 1000/- in Rural Branches shall be levied. These charges are Quarterly and are Exclusive of applicable service tax

BOI Diamond Current Account

The privilege BOI Diamond Current Account helps you effectively manage your finances & forex needs. All at a Minimum Average Quarterly Balance of Rs 2 Lac. The product is ideally suited for Wholesalers/ Distributors, Petrol Pumps and Merchant Establishments etc.

Name of Scheme	Diamond Current Account
Cash Deposit Facility (Base & Non-Base Branches)	Unlimited (subject to chargeable for cash handling charges)*
Base Branch Cash Withdrawal Facility	Unlimited
Non-Base Branch Cash Withdrawal Facility	Cash withdrawal up to Rs 50,000/- per day at other than Base branch
Fund Transfer	Free Funds Transfer within the bank (Self A/c or Third party A/c) 50% of normal charges to apply Collection of Cheques /Outstation Cheque collection across Bank of India locations all over the country.
Cheque Book	Free 75 Cheque leaves per Quarter
NEFT/RTGS	50% of normal charges to apply on payment of NEFT/RTGS whereas Collection is free of cost Free NEFT/RTGS payment through Net Banking
Demand Draft/Pay Order	10 DD/ PO – Free per Quarter (up to Rs.5.00 Lacs per instrument)
Discount / Relaxation in POS offer   Discount offered in Foreign Exchange*	Up to 15 basis point (0.15%) Merchant Discount on Credit card from Prevailing rates*   USD:-TTB–ACR+3P, TTS–ACR-3P EURO:-TTB–ACR+7P, TTS–ACR-7P GBP:-TTB–ACR+7P, TTS–ACR-7P
Special Privileges	Nil Processing Charges on Retail Loans* Free Gold International Corporate Credit Card* Free ATM cum Debit Card with Nil Renewal Charges Corporate Salary Package available* Cash Management facility at attractive rates* Waiver of AMC Charges on Demat A/c for Ist Year
Ancillary Services	Phone Banking Corporate Net banking Free statements of Account Missed Call alert facility for obtaining account balance Online Income Tax return filing facility Free utility bills payment facility through E-pay ATM cum International Business Debit Card

Documents Required to Open a Current Account

You need to submit the following documents at your bank to open a current account:

• PAN card
• Address proof
• Companies or trusts must submit a certificate of incorporation and memorandum of association
• Partnership agreement in case of partnership firms
• ID and residence proof of all partners
• A color photograph of the applicant(s)
• Cheque from existing savings account for account opening
• Companies should provide address of communication

Note: Make sure that the KYC documents you submit are valid on the date of submission.

Recommended

• HDFC Bank Saving Account
• BOI aadhaar card link
• BOI Credit Card Status
• HDFC Credit Card Status
• BOI Balance Enquiry
• BOI Home Loan
• BOI NEFT
• SBI Balance Enquiry
• BOI Business Loan