Bank of India (BOI) offers a range of current account products tailored to meet the diverse needs of businesses and individuals who require frequent and flexible transactions. Current accounts are designed to facilitate daily business operations by providing features such as unlimited transactions, overdraft facilities, and various digital banking services.
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Types of Bank of India Current Accounts:
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BOI Star General Current Account:
- Minimum Average Balance (MAB): Varies by branch location:
- Metro branches: ₹10,000
- Urban branches: ₹5,000
- Semi-urban/rural branches: ₹2,000
- Features:
- Cash withdrawal up to ₹50,000 per day at non-base branches.
- Free NEFT/RTGS collections and free NEFT/RTGS payments through net banking.
- Complimentary Group Personal Accident Insurance with a sum insured of ₹50 lakh for individuals, proprietors, or self-employed persons.
- Minimum Average Balance (MAB): Varies by branch location:
-
BOI Gold Current Account:
- Target Audience: Businesses with higher transaction volumes.
- Features:
- Enhanced cash deposit and withdrawal limits.
- Additional free services compared to the Star General Current Account.
-
BOI Star Diamond Current Account:
- Target Audience: Large businesses and corporates.
- Features:
- Higher cash handling limits.
- Premium banking services.
-
BOI Platinum Current Account:
- Target Audience: Top-tier businesses with substantial transaction needs.
- Features:
- Customized banking solutions.
- Exclusive privileges and services.
General Features of Bank of India Current Accounts:
- Unlimited Transactions: Account holders can perform an unlimited number of transactions without any restrictions, facilitating smooth business operations.
- Digital Banking Services: Access to internet banking and mobile banking platforms allows for efficient management of funds, bill payments, and real-time transaction monitoring.
- Overdraft Facility: Current accounts may offer an overdraft facility, enabling account holders to withdraw funds exceeding their account balance up to a predetermined limit, subject to applicable terms and conditions.
- Cheque Book Facility: Provision of cheque books to facilitate payments and settlements.
- Monthly Account Statements: Regular account statements to help account holders keep track of their transactions and balances.
Eligibility and Documentation:
BOI current accounts can be opened by various entities, including:
- Individuals (sole proprietors)
- Partnership firms
- Limited Liability Partnerships (LLPs)
- Private and Public Limited Companies
- Trusts, Clubs, Societies, and Associations
The documentation required varies based on the type of entity but generally includes identity proof, address proof, and relevant business registration certificates.
Conclusion:
Bank of India’s suite of current account offerings is designed to cater to the varied requirements of businesses and professionals. By providing flexible transaction options, digital banking services, and tailored account features, BOI supports efficient financial management for its account holders.
