Product Details
Bank Name
Bank of India
Account Name
Bank of India Classic Private Salary Account
Account Type
Salary account
Interest Rate
Upto ₹ 1.00 lakhs - 2.75% and above ₹ 1.00 lakhs - 2.90%
Free Debit Card
Visa Classic
Account Opening Fees
0
Debit Card Charges
Issuance is free and thereafter chargeable.
Annual Maintenance Fees
0
NEFT Charges
Free if done through net banking/mobile banking
Minimum Account Balance
Average quarterly balance of Rs. 10,000.
IMPS Charges
Free if done through net banking/mobile banking
Fees and Charges of
Bank of India Classic Private Salary Account
Bank of India Classic Private Salary Account
Special Features
50% concession in processing charges in retail loans.
100% waiver on credit card issuance charges.
50% concession in locker rent.
Eligibility Criteria
All private sector employees/ corporate employees drawing regular salary.
Private sector employees of university, schools and colleges or any other such institution/ training colleges (training and non-training staffs).
Benefits
Features, Eligibility and Benefits of
Bank of India Classic Private Salary Account
Pros & Cons of
Pros
Zero minimum balance requirements.
100% waiver on credit card issuance charges.
Internet banking/Mobile banking facility is available.
Group personal accidental death insurance cover of Rs. 60 lakh
50% concession in processing charges in retail loans.
50% concession in locker rent.
Permanent total disability cover of upto Rs.50 Lakh.
Permanent partial disability cover of upto Rs.25 Lakh.
Cons
Low interest rate,
No cashback or rewards benefits.
Bank of India Classic Private Salary Account
Bank of India Classic Private Salary Account
The account comes with low interest rate. The account comes loaded with a number of value add features. Overall the account can be considered by individuals who are looking for a good value add benefits.
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
Review of
Bank of India Classic Private Salary Account
Account Opening and Procedure of
How to open an Account?
Here's how to open an Private Salary Account with Bank of India:
Visit a Bank of India branch: Go to the nearest branch and inform the bank representative that you want to open an Private Salary Account.
Provide necessary documents: You will need to submit the following documents:Identity proof: Passport, Aadhaar card, PAN card, Voter ID card, or driving license
Address proof: Passport, Aadhaar card, Voter ID card, or utility bills
Photographs: Two passport-sized photographs
Service proof: If you are serving personnel, you will need to provide your service ID card or a letter from your commanding officer.
Fill out the account opening form: The bank representative will provide you with an account opening form. Fill in the required details accurately.
Submit the documents: Submit the completed form and all the required documents to the bank representative.
Make an initial deposit: You may be required to make an initial deposit to open the account. The minimum deposit amount may vary.
Receive your account details: Once your account is opened, you will receive your account number, passbook, and other relevant details.