Product Details
Bank Name
Bank of India
Account Name
Diamond Pensioners Account
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
Debit Card Charges
Issuance is free and thereafter chargeable.
Annual Maintenance Fees
0
NEFT Charges
Free online
Minimum Account Balance
Average quarterly balance of Rs. 5,00,000.
IMPS Charges
Free online
Fees and Charges of
Diamond Pensioners Account
Diamond Pensioners Account
Special Features
Users will get a group personal accident insurance cover of Rs. 60 lakh.
100% concession in processing charges in retail loans.
100% waiver on credit card issuance charges.
10 bps concession in rate of interest in retail loans.
50% concession in locker rent.
Eligibility Criteria
Individuals drawing regular pensions from the Bank of India irrespective of age.
Benefits
Features, Eligibility and Benefits of
Diamond Pensioners Account
Pros & Cons of
Pros
Users will get 50 cheque leaves per quarter free.
Internet banking/Mobile banking facility is available.
Users will get a group personal accident insurance cover of Rs. 60 lakh.
Users will get 10 free transactions at BOI ATM per month and 5 free transactions at other bank ATMs per month.
Users can avail of instant personal loans equal to 6 months' net salary.
100% concession in processing charges in retail loans.
100% waiver on credit card issuance charges.
10 bps concession in rate of interest in retail loans.
50% concession in locker rent.
Cons
Very few features.
Low interest rate.
High average quarterly balance requirements.
Diamond Pensioners Account
Bank of India Diamond Pensioners Account
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
Review of
Diamond Pensioners Account
Account Opening and Procedure of
How to open an Account?
Here's how to open a Pensioners Account with Bank of India:
1. Visit a Bank of India Branch: Go to the nearest branch and inform the bank representative that you wish to open a Pensioners Account.
2. Provide Necessary Documents: You'll generally need the following: * Proof of Identity: Passport, Aadhaar card, PAN card, Voter ID card, or Driving License * Proof of Address: Passport, Aadhaar card, Voter ID card, or Utility Bills* Photographs: Two passport-sized photographs * Pension Payment Order (PPO): This document authorizes the bank to credit your pension.
3. Fill Out the Account Opening Form: The bank representative will provide you with an account opening form. Fill in the required details accurately.
4. Submit the Documents: Submit the completed form and all the required documents to the bank representative.
5. Account Activation: Once your documents are verified, your Pensioners Account will be activated. You'll receive your account number, passbook, and other relevant details.
Additional Information: