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

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

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.

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