Bank of India| Bank of India Diamond SB Rakshak Accountaccount Interest Rates, Minimum Balance, Features

Product Details

Bank Name

Bank of India

Account Name

Bank of India Diamond SB Rakshak Account

Account Type

Salary account

Interest Rate

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

Free Debit Card

Rupay Select

Account Opening Fees

Debit Card Charges

Issuance is free and thereafter chargeable.

Annual Maintenance Fees

NEFT Charges

Free online

Minimum Account Balance

Average quarterly balance of Rs. 5,00,000.

IMPS Charges

Free online

Fees and Charges of

Bank of India Diamond SB Rakshak Account

Special Features

• Rakshak salary account is designed exclusively for all the brave warriors of our country.
• 100% waiver on credit card issuance charges.
• 100% concession in processing charges in retail loans.
• 100% concession in locker rent.
• 10 bps concession in rate of interest in retail loans.

Eligibility Criteria

• All permanent employees of defence forces, i.e. Indian Army, Indian Air Forces, Indian Navy, Paramilitary Forces and Coast Guards. Agniveers are also eligible under the scheme along with ex-servicemen.
• All permanent employees of the central and state police, civil police, home guards, traffic police and reserve police of all states, police force of the UTs, RPF and GRP.

Benefits

Features, Eligibility and Benefits of

Bank of India Diamond SB Rakshak Account

Pros & Cons of

Pros

• 100% waiver on credit card issuance charges.
• 100% concession in processing charges in retail loans.
• 100% concession in locker rent.
• 10 bps concession in rate of interest in retail loans.
• Internet banking/Mobile banking facility is available.
• Group personal accidental death insurance cover of Rs. 100 lakh.
• Permanent total disability cover of upto Rs.50 lakh.
• Permanent partial disability cover of upto Rs.25 lakh.
• Air accidental insurance of upto Rs.200 lakhs.
• Educational benefits of upto Rs.10 lakh.
• Users can avail of instant personal loans equal to 6 months' net salary.

Cons

• Low interest rate.
• High average quarterly balance requirements.
• No cashback or rewards benefits.

Bank of India Diamond SB Rakshak Account

Bank of India Diamond SB Rakshak Account 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

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 Diamond SB Rakshak Account

Account Opening and Procedure of

How to open an Account?

Here's how to open an SB Rakshak 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 SB Rakshak 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.

Application Procedure

Bank of India Diamond SB Rakshak Account