Product Details
Bank Name
Bank of India
Account Name
Bank of India Normal Pensioners Account
Account Type
Saving
Interest Rate
Upto ₹ 1.00 lakhs -2.75% and above ₹ 1.00 lakhs - 2.90%
Free Debit Card
Rupay NCMC
Account Opening Fees
0
Annual Maintenance Fees
0
Minimum Account Balance
0
Debit Card Charges
Issuance is free and thereafter chargeable.
NEFT Charges
Free online
IMPS Charges
Free online
Fees and Charges
Bank of India Normal Pensioners Account
Special Features
No minimum balance requirement.
No charges on online RTGS/ IMPS transactions.
Users will get a group personal accident insurance cover of Rs. 10 lakh.
50% concession in processing charges in retail loans.
Eligibility Criteria
Individuals drawing regular pensions from the Bank of India irrespective of age.
Benefits
Features, Eligibility and Benefits
Pros & Cons
Pros
No minimum balance requirement.
Users will get the first 25 cheque leaves free.
Internet banking/Mobile banking facility is available.
Users will get a group personal accident insurance cover of Rs. 10 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.
50% concession in processing charges in retail loans.
Cons
Very few features.
Low interest rate.
Bank of India Normal Pensioners 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
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?
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: