Bank of India Charges are fees levied for various services delivered to its customers. The services include operational costs for the maintenance of accounts, transaction accounts, and other banking facilities. Charges in the form of penalties like cheque return charges, overdraft fees, late payment fees, etc. are also charged by the bank. These bank charges are basically for the smooth functioning of banking operations and also to insist on adherence to banking policies and procedures.
Bank of India charges refer to the fees levied by the bank for various services provided to customers. The services include account maintenance, transactions, and other banking facilities. These charges mainly cover the operative costs incurred by the Bank. The Bank also charges penalties for violation of certain terms and conditions like non-maintenance of minimum balance, issuing cheques without maintaining sufficient funds in the account, etc. These penalties are levied to inculcate discipline in banking operations and adherence to banking policies and procedures.
Bank of India is one of the prominent public sector banks in India. It came into existence in 1906 and offers a wide range of banking products and services including savings/current accounts, credit card facilities, investment options, and an array of loan products. It is popular for its extensive branch network, digital banking solutions, and commitment to customer satisfaction.
Some of the common Bank of India charges collected by the Bank are given below:
Non-Maintenance of Minimum Balance Charges
Bank of India stipulates a minimum balance for savings as well as current accounts while opening the account. This has to be maintained on all days and any violation will attract penal charges. These charges are Non-maintenance of minimum balance charges.
Cheque Book Charges
Bank of India provides a free cheque book at the time of opening the savings/current accounts. For any additional cheque book beyond the limit, the bank will collect charges per cheque leaf.
Demand Draft Charges
Charges are stipulated for issuing demand drafts or banker’s cheques. The charges are typically based on the draft amount.
SMS Alert Charges
SMS service alerts where you get information about both debit and credit transactions in your account are provided by the Bank of India. The bank collects quarterly SMS alert charges.
Safe Deposit Locker Charges
You can avail of locker facilities to safely keep your valuables and documents. Bank of India Locker Charges are collected depending on the type and size of lockers. The charges vary with location. An additional concession is provided for lockers allotted to staff and ex-employees of the bank.
Debit Card Charges
The bank issues debit cards to individual and non-individual customers at the time of opening an account. Bank of India Debit Card charges are applied for issuing replacement cards for lost/stolen debit cards. Also, the bank collects charges for hotlisting of debit cards.
Some of the Bank of India charges are inevitable. For example, the account maintenance charges that cover the operational cost of the bank, SMS alert charges, etc cannot be avoided. But some charges can be avoided with meticulous financial planning. Here are a few tips to avoid Bank of India Charges. Follow them and minimise your expenses.
- Do not issue cheques without maintaining a sufficient balance in the account.
- Note down all the standing instructions and NACH mandate dates. You can avoid the non-execution of standing instructions and NACH return charges Bank of India by maintaining a sufficient balance on or before due dates.
- Try conducting financial transactions through the Internet or mobile banking and avoid the funds transfer charges.
- Subscribe for statements to email or download the statements through Internet Banking or Mobile Banking.
- Pay the entire outstanding credit card dues and avoid interest on the outstanding balance after a 45-day interest-free period.
- Maintain a minimum balance in the account if you have opted for a Savings Account with a minimum balance stipulation.
Bank of India offers different types of Savings Accounts to align with the requirement of varied customers. The Bank of India charges for opening savings accounts depending on the type of account opened. The details of the various savings account charges are given below.
|Type of Savings Account||Minimum Average Monthly Balance|
|Star Suraksha SB Plus Account||Rs. 500|
|Savings Bank Ordinary Account||Rs. 500 for savings accounts with cheque book facility Rs. 100 for savings accounts without cheque book facility|
|BOI Savings Plus Scheme||Rs. 1.00 lakh along with a Term Deposit of Rs. 25000/-|
|BOI Super Savings Plus||Rs. 20.00 lakhs|
|Diamond Savings Bank Account||Nil|
|BOI Star Yuva Account||Rs. 5000 in Urban/Metro branches Rs. 2500 in Rural/Semi-Urban branches|
|BOI Star Mahila Account||Rs.5,000 (AQB)|
|BOI Star Senior Citizen Savings Account||Rs.10,000|
|BOI SB Account For Pensioners||Nil|
Bank of India provides unlimited transactions at the Bank’s ATMs. But the number of free transactions for non-bank ATMs is 5 inclusive of financial and non-financial transactions.
Charges are collected for ATM withdrawals beyond the limit:
For Cash Transactions beyond the limit
(Financial Transactions) : Rs. 21 + GST for every transaction
For Non-Financial Transactions
(Balance Enquiry) beyond the limit : Rs. 11 + GST for every transaction.
Bank of India provides safe custody facilities for valuable articles and documents of its customers. Annual rent is collected in the form of Bank of India Locker Charges for providing the facility. The details of the annual locker rent are given below:
|Location||Locker Type||Locker Charges|
|Urban/Metro||A B C D E F G H H1 L L1||1500 2000 3000 3000 3500 6500 6500 6500 3500 9500 9500|
|Semi-Urban/Rural||A B C D E F G H H1 L L1||1000 1100 1800 1800 2200 5500 5500 5500 2300 7500 7500|
If advance rent is paid for 2 years or more, the bank provides a 10% concession on the Bank of India Locker Charges
The bank provides a 30% discount for Salary Account Holders
For Staff and Ex-Staff the Bank of India Locker Charges are levied at a concessional rate. The details of the charges are given below.
|Location||Locker Type||Locker charges|
|Urban/Metro||A B C D E F G H H1 L L1||700 900 1200 1000 1400 1900 1800 2600 1400 3700 2800|
|Semi-Urban/Rural||A B C D E F G H H1 L L1||600 700 1000 800 1100 1700 1300 2300 1100 2900 2300|
Bank of India provides BOI NEFT facilities for funds transfer for its customers. This facility can be accessed free of cost through Internet Banking and Mobile Banking. However, the bank provides the facility through the branch for customers who have no access to the Internet or Mobile Banking. The bank levies charges for funds transfer through NEFT done at branches. The charges are for outward transactions. The charges for the collection of funds through NEFT are free
|Up to Rs. 10000||Rs. 2.50 + GST|
|Above Rs. 10000||Rs. 5.00 + GST|
For real-time settlement of funds transfer of Rs.2.00 lakhs and above, the bank provides an RTGS facility. The details of Bank of India RTGS Charges are given below:
|Rs. 2.00 lacs up to Rs. 5.00 lacs||Rs. 29 + GST|
|Above Rs. 5.00 lacs||Rs. 49 + GST|
Bank of India does not levy any charges for IMPS funds transfers done through mobile banking or Internet Banking.
Bank of India Charges : FAQs
The charges for non-maintenance of the minimum balance will be Rsl 100 per quarter.
The Bank of India provides 50 free cheque leaves in a financial year for current and OD accounts and 25 free cheque leaves for SB Accounts.
The bank charges Rs. 150/- for the issuance of balance certificates for SB/ODCC/Current Accounts.
The bank collects Rs. 150/- per cheque for SB accounts with a maximum of RS. 500 per occasion when there is a range of cheques. The charges for the current account will be Rs. 300/- per cheque with a maximum of Rs. 600 per occasion.
If the account is closed within 15 days of opening the account, no charges will be collected. For accounts closed after 15 days, the charges will be Rs. 500/-