Bank of India (BoI) is one of the leading nationalized banks in India with a rich history spanning over 100 years. Established in 1906 in Mumbai, BoI has emerged as a large bank after nationalization with a pan India presence.

Founded in 1906: BoI was founded on 7th September 1906 by a group of eminent businessmen from Mumbai. The bank was formed with an initial capital of 50 lakh rupees. The founders included Sir Sassoon J. David, Sir Cowasjee Jehangir, Sir Dinshaw Maneckji Petit, Sir Ratanji Dinshaw Broacha among others. BoI established itself as a highly trusted bank in pre-independence India.

Nationalization in 1969: As part of the Bank Nationalization drive, the Government of India nationalized BoI in July 1969. This moved the ownership to the government of India and BoI was positioned to play a larger role in the Indian banking sector. Post nationalization, BoI expanded rapidly opening several branches across India.

Timeline over 100+ years:

1906: Bank of India founded in Mumbai by Sir Sassoon David and others
1930: BoI launches its first branch in London
1953: BoI establishes a branch in Kenya and Uganda
1969: Bank of India is nationalized
1997: BoI opens its 1000th Branch
2004: BoI crosses business mix of 1 Trillion rupees
2007: Bank of India’s shareholding crosses 50% by Government of India
2016: BoI becomes the first public sector bank to open a branch in Yangon, Myanmar

Bank of India Branch network

5,000+ branches: As of 2022, Bank of India has over 5,000 branches across India demonstrating its wide reach. BoI has one of the largest public sector bank branch networks in India. Its 50% of branches are located in rural areas to support financial inclusion.

Pan India presence: True to its status as a nationalized bank, BoI has established itself Pan-India covering all states and union territories. As per latest data, Bank of India has pan India presence with 2,849 branches spread across Northern, Eastern, Western and Southern regions.

BoI metrics:

Northern Region – 1045 BOI branches
Eastern Region – 552 BOI branches
Western Region – 749 BOI branches
Southern Region – 503 BOI branches

Coverage in metros vs rural: While Bank of India has managed to grow significantly over the years, it remains committed to supporting rural and under-banked areas lacking banking services.

As per statistics:

          • 50% of BoI’s branches are located in Metro/Urban centers
          • 30% branches in semi-urban areas
          • 20% of branches in rural area

Bank of India ATM network

    • Over 5,200 ATMs across India
    • Over 3,300 Cash Deposit machines
    • Over 5,000 Cash Recyclers based on the latest banking technology

BoI International locations

    • Singapore with 7 branches
    • Hong Kong
    • France
    • Japan
    • USA
    • Kenya

Bank of India Savings Accounts

BOI SB Accounts: These are regular savings accounts with no minimum balance requirements. They offer basic banking and nominal interest earnings.

Flexi Smart SB Accounts: These provide higher interest rates along with a host of facilities like unlimited ATM transactions, mobile/net banking, etc. Minimum balance needs to be maintained.

BOI Privilege Savings: These premium accounts are for high net worth individuals with special privileges and personalized services. High interest rates are offered on large deposit balances.

Basic Savings Accounts: As the name suggests, these are simple no frills savings accounts with low minimum balance requirements. Suitable for poorer sections.

Small Accounts: These accounts can be opened with simplified KYC norms to help expand financial inclusion. Operational ease is provided even with low deposits.

KCC Savings Accounts: Savings accounts can also be opened under Kisan Credit Card (KCC) scheme to meet financial needs of farmers. Attractive interest rates are offered on deposits.

Features & Benefits-

Interest rates comparison:

    • Interest rates offered by BOI on regular savings accounts range from 2.7% to 3%.
    • On BOI Flexi Smart accounts, higher interest of up to 6% is offered based on maintaining monthly/quarterly average balances.
    • Senior citizen customers get additional interest rate up to 0.5% on certain deposits.

Minimum balance requirements:

    • Regular BOI savings accounts can be opened with zero balance. No minimum balance needs to be maintained.
    • For Flexi Smart accounts, preserving higher average quarterly balance fetches extra interest. For metro/urban branches minimum ₹10,000/- quarterly average balance is expected.
    • No minimum balance for small savings accounts under Pradhan Mantri Jan Dhan Yojana

Charges:

    • Basic savings account has zero account maintenance charges
    • For regular BOI savings account beyond certain number of withdrawals/transfers, service charges apply
    • Dormant account with no customer induced transactions for >1 year attracts penalty
    • Cheque book issuance has applicable taxes and cess.

Bank of India Current Accounts

Regular Current Accounts: The regular current accounts from Bank of India can be opened by individuals, sole proprietorships, partnerships, companies, trusts and associations. There are no restrictions on the number or amount of transactions in these accounts. Customers get facilities like free cheque books, free online banking, mobile banking, SMS alerts etc. There is no interest paid on the account balance.

Premium Current Accounts: Bank of India also offers premium current accounts for high net worth individuals and businesses with large transactions. These accounts come with additional benefits like relationship manager, preferential service, higher transaction limits and customized banking solutions. The minimum balance requirement is also higher for premium accounts.

Facilities offered by BoI

  • Free cheque book facility: Customers get free cheque books for making payments
  • Internet banking: Customers can access their account online to make transactions
  • Mobile banking: Banking services on phone for checking balance and making payments
  • Doorstep banking: Bank representative visits customer’s place to collect cheques
  • SMS alerts: Get SMS notifications for transactions and balance

The bank also charges some fees on current accounts like:

  • Maintaining monthly average balance: If balance falls below a minimum level
  • Cash transactions: Charges apply over a certain number of cash deposits/withdrawals
  • Cheque book issuance: Fee for issuance of 10 leaves cheque book
  • Debit card annual fee: Annual charge for using debit card

Bank of India Term Deposits

Interest Rates: The interest rates offered by Bank of India on term deposits vary based on the deposit tenure:

        • 7 to 14 days – 3.25%
        • 15 to 29 days – 3.75%
        • 30 to 45 days – 4.50%
        • 46 to 90 days – 5.00%
        • 91 to 180 days – 6.00%
        • 181 to 364 days – 6.25%
        • 1 to 2 years – 6.75%
        • 2 to 3 years – 7.00%
        • 3 to 5 years – 7.25%
        • 5 to 10 years – 7.00%

Tenures available: The popular tenures selected by customers are:

      • 180 days – Useful for short-term investing
      • 1 year – Gives good interest income
      • 2 years – Balance of income and liquidity
      • 3 years – Highest interest rate offered
      • 5 years – For long term locking of funds

Bank of India Home Loans:

Home loans help people buy a house or flat of their own. The Bank of India provides home loans up to Rs.10 crores for purchase, construction, extension and repair of house or flat.

Interest Rates: The interest rates on Bank of India’s home loans currently start from around 8.25% per annum. This means on a home loan of Rs. 20 lakhs with a 20 year tenure, the EMI would be around Rs. 17,000 at 8.25% interest. The rates are quite reasonable compared to other banks.
Maximum loan amount: Bank of India offers among the highest loan amounts of up to Rs.10 crores for home buyers. So for big budget houses costing crores, Bank of India provides the required funding.
Documents Required: The documents needed for a Bank of India home loan application are:

      • Application form with photograph
      • Identity proof (Aadhar card, PAN card etc)
      • Address proof
      • Bank statements for 6 months
      • Property related documents
      • Income proof documents like salary slips, Form 16 etc.

Bank of India Personal Loans

Eligibility criteria: The key criteria to be eligible for Bank of India’s personal loans are:

      • Minimum age of 21 years
      • Maximum age of 60 years at the time of loan maturity
      • Salaried individuals with minimum 3 years of service
      • Self-employed professionals like doctors, chartered accountants etc. with 5 years in business

Fees & charges: Bank of India has lower fees and charges compared to most other banks on personal loans:

      • Processing fees: 0.50% of loan amount + applicable taxes
      • Foreclosure charges: Nil
      • Prepayment charges: Nil
      • Other charges like late EMI payment penalties apply

BoI Vehicle Loans

Interest rates: Bank of India offers very reasonable interest rates starting from just 7.80% per annum for vehicle loans. This results in affordable EMIs. For example, on a car loan of Rs 4 lakhs with 7.80% rate and 5 year tenure, the EMI works out to less than Rs 8,000.

Loan amount: You can get funding up to 90% of the on-road vehicle price from Bank of India. The maximum loan duration is 7 years. So for an expensive SUV costing Rs 15 lakhs, you can get funding of upto Rs 13.5 lakhs from this bank repayable over 7 years.

Terms & conditions: Bank of India has flexible and borrower friendly terms for vehicle loans:

      • Only 5% margin money required
      • Foreclosure charges NIL
      • Part payment allowed without charges
      • Loans for both new and used vehicles

BoI NRI Accounts

NRE/NRO Savings Accounts: Bank of India allows NRIs to open NRE (Non Resident External) and NRO (Non Resident Ordinary) savings accounts which can be used to manage rupee income and expenses. No restrictions on deposits/withdrawals. Higher interest rates also offered compared to normal savings accounts.

FCNR Accounts: NRIs can open Fixed Deposits under the Foreign Currency Non Resident (FCNR) scheme to park funds securely for 1 to 5 years. These accounts provide guaranteed returns without exchange rate fluctuations as they are held in major currencies like USD, GBP, EUR etc.

Internet & Mobile Banking: Bank of India offers state of the art internet banking, mobile banking and SMS services for NRI account holders. This allows seamless money management, utility bill payments, term deposits and many more services through digital channels.

NRI Services: Dedicated NRI customer service helplines and NRI specialist branches are available to assist NRIs. Facilities for international remittances, NRE/NRO account transfers and even fixed deposits can be initiated from overseas. Doorstep banking support also available in major metro cities.

Bank of India Internet Banking:  Customers can access their accounts and do banking transactions like fund transfers, bill payments etc. from their home or office through the bank’s user-friendly internet banking platform. It is secure, fast and available 24×7.

Mobile Banking App: The BOI Mobile Banking App allows customers to bank on the go. The app has features like account balance check, fund transfer, pay bills, recharge prepaid mobiles, book fixed deposits and more. Customers can download the app on their Android or iOS smartphones.

UPI Banking: Customers can link their Bank of India accounts to UPI apps like BHIM, PhonePe, Google Pay etc. to make instant bank transfers using the UPI ID provided by the bank. It provides hassle-free transactions.

SMS & Email Alerts: The bank also provides services like SMS alerts and email alerts to customers regarding transactions, balance info etc. This helps customers monitor activities in their accounts.

Credit Ratings: Leading rating agencies like CRISIL and ICRA have assigned decent credit ratings to Bank of India’s loan and bond instruments reflecting sound financial position. For instance, CRISIL has assigned CRISIL AA+ rating on some bonds of the bank.

Recognitions: Bank of India has received industry recognition through awards like ‘Best MSME Bank’ and ‘Best Financial Inclusion Initiative Awards’. This shows that the bank has been doing commendably well particularly in the MSME and inclusive banking segments.

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