Bank of India| Platinum Private Salary Account account Interest Rates, Minimum Balance, Features

Product Details

Bank Name

Bank of India

Account Name

Platinum Private Salary 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 if done through net banking/mobile banking

Minimum Account Balance

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

IMPS Charges

Free if done through net banking/mobile banking

Fees and Charges of

Platinum Private Salary Account

Special Features

• 100% concession in processing charges in retail loans.
• 100% waiver on credit card issuance charges.
• 25 bps concession in rate of interest in retail loans.

Eligibility Criteria

• All private sector employees/ corporate employees drawing regular salary.
• Private sector employees of university, schools and colleges or any other such institution/ training colleges (training and non-training staffs).

Benefits

Features, Eligibility and Benefits of

Platinum Private Salary Account

Pros & Cons of

Pros

• Zero minimum balance requirements.
• 100% waiver on credit card issuance charges.
• Internet banking/Mobile banking facility is available.
• Group personal accidental death insurance cover of Rs. 100 lakh.
• 100% concession in processing charges in retail loans.
• 100% concession in locker rent.
• 25 bps concession in rate of interest in retail loans.
• Permanent total disability cover of upto Rs.50 lakh.
• Permanent partial disability cover of upto Rs.25 lakh.

Cons

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

Platinum Private Salary Account

Bank of India Platinum Private Salary Account Review

The account offers extremely low interest rate. The account comes with a number of value add benefits such as concessional interest rate on loan, free death insurance etc. Overall individuals who can look beyond interest rate can consider this account.

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

Platinum Private Salary Account

Account Opening and Procedure of

How to open an Account?

Here's how to open an Private 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 an Private 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

Platinum Private Salary Account