Product Details
Bank Name
Bank of India
Account Name
Bank of India Platinum Nari Shakti Savings Account
Account Type
Saving
Interest Rate
Upto ₹ 1.00 lakhs -2.75% and above ₹ 1.00 lakhs - 2.90%
Free Debit Card
Rupay Sangini Debit Card
Account Opening Fees
0
Annual Maintenance Fees
0
Minimum Account Balance
Average quarterly balance of Rs. 10,00,000.
Debit Card Charges
Issuance is free and thereafter chargeable.
NEFT Charges
Free online
IMPS Charges
Free online
Fees and Charges
Bank of India Platinum Nari Shakti Savings Account
Special Features
For every new "Nari Shakti" account opened Rs. 10 will be donated by the bank towards CSR for girl child welfare.
Specially designed for women.
100% concession in processing charges in retail loans.
100% waiver on demat account annual maintenance fee.
100% concession in locker rent.
25 bps concession in rate of interest in retail loans.
Eligibility Criteria
Benefits
Features, Eligibility and Benefits
Pros & Cons
Pros
Unlimited free personalized chequebook leaves.
Free issuance of classic ATM cum debit card.
Health and wellness benefits.
100% waiver on credit card issuance charges.
Users will get a group personal accident insurance cover of Rs. 50 lakh.
Users can avail personal loan facility.
100% concession in processing charges in retail loans.
100% waiver on demat account annual maintenance fee.
100% concession in locker rent.
25 bps concession in rate of interest in retail loans.
Cons
Low interest rate.
High average quarterly balance requirements.
Bank of India Platinum Nari Shakti Savings Account
The account offers very low interest rate. The account is optimal for those women who intend to take vehicle/consumer/home loans in future. At that time the account holder will be offered concession in processing fee and 0.25% concession in interest rate. The account otherwise offers limited 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 Nari Shakti Savings 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 Nari Shakti Savings 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
Proof of independent income: This could be a salary slip, business registration certificate, or any other document that proves you have an independent source of income.
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.