Product Details
Bank Name
Bank of India
Account Name
BOI Super 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
Account Opening Fees
0
Annual Maintenance Fees
0
Minimum Account Balance
Initial Deposits Rs.20 lakhs, Rs. 5 Lakhs(Avg. quarterly balance).
Debit Card Charges
0
NEFT Charges
Free online
IMPS Charges
Free online
Fees and Charges
BOI Super Savings Plus Scheme
Special Features
Sweep in daily, sweep out in 15 days.
Sweep out amount will be in multiples of 15 lakhs.
Free physical debit card for the first year.
Users will get a group personal accident insurance cover of Rs. 50 lakh.
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
Benefits
Features, Eligibility and Benefits
Pros & Cons
Pros
Nomination facility is available.
Sweep-in in allowed on a daily basis.
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
Low interest rate.
High initial deposit requirement.
BOI Super Savings Plus Scheme
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 Super Savings Plus Scheme Account
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 Super Savings Plus Scheme account.
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.