Product Details
Bank Name
Bank of India
Account Name
Platinum Pratham Savings 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
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
Platinum Pratham Savings Account
Special Features
Users will get 100% concession in processing charges of education loans.
Users will get a group personal accident insurance cover of Rs. 1 crore.
No charges on online RTGS/ IMPS transactions.
Eligibility Criteria
Minor individuals below the age of 18.
Benefits
Features, Eligibility and Benefits
Pros & Cons
Pros
Internet banking/Mobile banking facility is available.
Users will get 10 free transactions at BOI ATM per month and 5 free transactions at other bank ATMs per month.
Users will get 100% concession in processing charges of education loans.
Users will get 25 cheque leaves per quarter free.
Users will get a group personal accident insurance cover of Rs. 1 crore.
Users will get free passbook issuance.
Users will get free DD services from bank.
Cons
Very few features.
Low interest rate.
High average quarterly balance requirements.
Bank of India Platinum Pratham Savings Account
The account offers very low interest rate. The account comes with decent value add benefits. Overall the account has no feature that distinguishes it from other standard savings accounts.
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?
To open a savings account with Bank of India, you can follow these general steps:
Visit a Bank of India branch: Go to the nearest branch and inform the bank representative that you want to open a savings account.
Choose an account type: Bank of India offers various savings account options, such as the Classic Savings Account, Gold Savings Account, and Diamond Savings Account. Each account type has different features, benefits, and minimum balance requirements. Choose the account that best suits your needs.
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 billsPhotographs: Two passport-sized photographs
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 depending on the account type.
Receive your account details: Once your account is opened, you will receive your account number, passbook, and other relevant details.