Bank of India| Bank of India Normal Government Salary Accountaccount Interest Rates, Minimum Balance, Features

Product Details

Bank Name

Bank of India

Account Name

Bank of India Normal Government 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

Debit Card Charges

Annual Maintenance Fees

NEFT Charges

Free online

Minimum Account Balance

IMPS Charges

Free online

Fees and Charges of

Bank of India Normal Government Salary Account

Special Features

• No minimum balance requirement.
• Specialized savings account designed to cater to the needs of all government sector employees.
• 100% waiver on credit card issuance charges.

Eligibility Criteria

• Central govt, state govt, GOI undertakings and PSU employees drawing regular salary.
• Govt 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 Normal Government Salary Account

Pros & Cons of

Pros

• Zero minimum balance requirements.
• Internet banking/Mobile banking facility is available.
• Group personal accidental death insurance cover of Rs.50 lakh.
• Permanent total disability cover of upto Rs.50 lakh.
• Permanent partial disability cover of upto Rs.25 lakh.
• 25 free cheque leaves per quarter.
• 100% waiver on credit card issuance charges.
• 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.

Bank of India Normal Government Salary 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

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 Normal Government Salary Account

Account Opening and Procedure of

How to open an Account?

Here's how to open an Government 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 a Government 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.

Application Procedure

Bank of India Normal Government Salary Account