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Product Details
Bank Name

Bank of India

Account Name

BOI Savings Plus Scheme

Account Type

Saving

Interest Rate

Upto ₹ 1.00 lakhs -2.75% and above ₹ 1.00 lakhs - 2.90%

Free Debit Card

Rupay Select

BOI Savings Plus Scheme
Account Opening Fees

0

Annual Maintenance Fees

0

Minimum Account Balance

The minimum balance in the savings bank is Rs.1,00,000 and the minimum balance in Term Deposit is Rs.25,000.

Debit Card Charges

Issuance is free and thereafter chargeable.

NEFT Charges

Free online

IMPS Charges

Free online

Fees and Charges

BOI Savings Plus Scheme

74
Special Features

  • "BOI Savings Plus" is a mix of savings bank accounts and term deposit accounts. It aims to maximize the customer's earnings without jeopardizing liquidity.

  • Any amount in excess of Rs.1,00,000 in the SB portion will be auto-swept out into the SDR or DBD portion in multiples of Rs.25,000 on a daily basis.

  • All benefits of "SB Diamond" account scheme shall also be available to these accounts.

  • 100% waiver on credit card issuance charges.

  • 75% concession in processing charges in retail loans.

  • 10 bps concession in rate of interest in retail loans. 

Eligibility Criteria

An individual residing in India.

Benefits
Features, Eligibility and Benefits
Pros & Cons
Pros

  • BOI Savings Plus is a mix of savings bank accounts and term deposit accounts.

  • It aims at maximizing the earnings for the customer, without jeopardizing liquidity.

  • Internet banking/Mobile banking facility is available.

  • Free physical debit card for the first year.

  • Internet banking/Mobile banking facility is available.

  • Users will get 10 free transactions at BOI ATM per month and 5 free transactions at other bank ATMs per month.

  • 75% concession in processing charges in retail loans.

  • 50% concession in locker rent.

  • 10 bps concession in rate of interest in retail loans. 

  • Users will get 50 cheque leaves per quarter free.

  • Users will get a group personal accident insurance cover of Rs. 50 lakh.

  • 100% waiver on credit card issuance charges.

  • Users will get free issuance of the passbook.

Cons

  • High minimum balance requirement.

  • Low interest rate.

BOI Savings Plus Scheme Review

The account comes loaded with a number of value add features. However, the account offers low interest rate. It can be considered by individuals who are looking for a good package of value add features.

Abhijeet Saxena

Abhijeet Saxena

Nalsar University of Law

Ex- Senior Associate, Shardul Amarchand Mangaldas, Delhi

Ex - Khaitan & Co. Bengaluru,

Ex - National Stock Exchange, Mumbai,

Ex - Argus Partners, Mumbai

Product Review
Account Opening and Procedure
How to open an Account?

Opening a BOI Savings Plus Scheme with Bank of India combines the benefits of a savings account and a fixed deposit. Here's how to get started:

1. Visit a Bank of India Branch:

  • Locate your nearest Bank of India branch.

  • Inform the bank representative that you wish to open a BOI Savings Plus Scheme.

2. Provide Necessary Documents:

  • Identity Proof:
    PAN Card (Mandatory)Aadhaar Card (Mandatory)
    Passport

    Voter ID card
    Driving License

  • Address Proof:
    Passport
    Aadhaar Card
    Voter ID card
    Utility bills

  • Photographs:Two passport-sized photographs

3. Account Opening Form:

  • The bank representative will provide an account opening form.

  • Fill in the required details accurately.

4. Submit Documents and Initial Deposit:

  • Submit the completed form and all the required documents.

  • Make an initial deposit to open the account (minimum balance may vary).

5. Account Activation:

  • Once your account is opened, you'll receive your account number, passbook, and other relevant details.

Application Procedure
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