A savings account is a type of bank account that is designed to help individuals save money for future use. If you’re looking to get one, a Bank of India savings account can be a good option for individuals who want to earn interest on their savings while keeping their money easily accessible. Also, your deposits will be insured by the DICGC.
Let’s know about the Bank of India saving account interest rates, features as well as steps on how to open a Bank of India savings account online and offline, etc.
Bank of India Savings Account Interest Rates, 2023
Bank of India Savings Account Balance | Bank of India Interest Rate p.a. (as on 20th April ’23) |
Up to Rs 1 lakh | 2.75% |
Above Rs 1 lakh | 2.90% |
Disclaimer: Interest rates may change anytime. Please check with the BOI website for the recent data.
Eligibility Criteria: Who Can Open a BOI Savings Account?
The following is the eligibility criteria for opening a Bank of India savings account in India:
- They should be residing in India (except for NRI accounts)
- Must be of 18 years or more (except for Bank of India savings account for minor)
- Must have a valid PAN card
Types of BOI Savings Accounts & Features
There are as many as eight types of savings accounts offered by the Bank of India. These are:
Bank of India SB Ordinary Account
- Individuals/Associations/Clubs/Societies/Trusts/Agencies etc. can open this account
- Can be opened in single or joint capacity
- Initial deposit required: Rs 1,000
- Average Quarterly Balance: Rs 1,000 and Rs 500 for cheque-book operated & otherwise, respectively
- Unlimited BOI ATM withdrawals
- Nomination facility provided
BOI Star Diamond Savings Bank Account (for privileged customers)
- Eligibility: Individuals/Associations/Clubs/Societies/Trusts/Agencies etc.
- Average Quarterly Balance: Rs 1 lakh
- Daily minimum balance requirement: Nil
- Complementary cheque book
- No fee on DD/Pay Order worth up to Rs 1 lakh
BOI Savings Plus Scheme
- Eligibility is same as a regular BOI savings account
- Dual features of savings account & term/fixed deposit
- Minimum balance in savings account must be Rs 1 lakh
- Minimum balance in FD portion must be Rs 25,000
- Amount beyond Rs 1 lakh in savings account will be transferred to FD (auto sweep-in)
- Interest will be applicable as per the type of portion (i.e. BOI savings interest rate for savings account portion & BOI FD interest rate for term deposit portion)
BOI Super Savings Plus Scheme
- Initial deposit required Rs 20 lakhs
- Eligibility criteria similar to regular BOI savings bank account
- Average quarterly balance required Rs 5 lakhs
- Benefits similar to BOI Star Diamond Savings account
Bank of Baroda Savings Account for Pensioners (Star Account)
- Eligibility: for all pensioners (irrespective of age)
- Joint or singular accounts can be opened
- Minimum balance requirement: Nil
- Average balance requirement: Nil
- Complementary cheque book of 50 leaves per year
- Overdraft facility (worth 2 months of pension)
Bank of Baroda Savings Account for Women (Mahila SB Account)
- Eligibility: Women of 18 years or above (in single or joint holding capacity)
- Minimum Average Quarterly Balance: Rs 5,000
- Daily balance requirement: Nil
- Complementary cheque book (yearly)
- Complementary BOI Classic ATM Debit Card
Bank of Baroda Savings Account for Senior Citizens
- Eligibility: For individuals of 57 years or above (including pensioners)
- Can be opened in single or joint-holding capacity
- Minimum Average Quarterly Balance: Rs 5,000
- Daily balance requirement: Nil
- Other features similar to women’s savings account
BOI Savings Account for Minors & Young Adults (BOI Star Yuva Account)
- Eligibility: Those of 10 – 35 years of age group
- Reward points for using BOI debit card for cash withdrawals at BOI ATMs
How to Open a Bank of India Savings Account Online?
To open a Bank of India savings bank account online, follow these steps:
Step 1: Go to Bank of India official website.
Step 2: Click on Personal > Accounts > Savings Account.
Step 3: Browse through the types of accounts and select one by clicking on ‘Learn More’.
Step 4: Click on ‘Apply Now’. You’ll be taken to BOI E-Platform.
Step 5: Enter your mobile number in the space provided and give consent. (refer the image given below)

Step 6: Click on “Continue”.
Step 7: Type in the OTP sent to your mobile number.
Step 8: Enter your email ID and then type in the OTP for verification.
Now, follow the instructions as they appear on your device screen. Make sure your device has microphone and camera facility. As you’ll be required to authenticate your identity via video call to the bank personnel.
Documents Required to Open a BOI Savings Account?
To open a BOI savings account online, you only need two documents, viz.:
Valid PAN Card and valid Aadhaar Card – These are mandatory for online account opening.
If you’re opening a Bank of India account offline, you can choose not to provide your Aadhaar Card. However, doing so will deprive you of taking up any government schemes related to your account. Also, you’d be required to provide your coloured photographs.
Modes of Fund Transfer for BOI Savings Account Holders
You can transfer funds from your BOI savings account easily using either the internet banking option or the mobile banking option. Alternatively, you can always issue a cheque for the same.
The below-mentioned are the various mode that you need to choose from when doing the transfer:
BOI NEFT: NEFT or National Electronic Funds Transfer is an online as well as at-the-branch fund transfer option that BOI customers can use. There are certain BOI NEFT charges and limits that you must check beforehand. Also, it must be noted that when you choose the branch option, you’d be required to fill & submit BOI NEFT form.
Suggested Read: Bank of India Timings
BOI RTGS: RTGS is specifically for fund transfers of Rs 2 lakhs or more. The RTGS charges for BOI customers may go up to Rs 25 per transaction, based on the transfer amount. Just like NEFT, you will require to submit a duly filled & signed BOI RTGS form if you’re going to be bank for funds transfer.
BOI IMPS: IMPS or Immediate Payment System is a fairly new entrant here. This is for transfers up to Rs 5 lakhs only and the IMPS charges also differ significantly, basis the transfer amount. It can be done via mobile banking or netbanking channels.
Must Read: All about UPI Charges
Bank of India UPI is another option to transfer funds directly from your BOI savings account. A good thing with UPI is that you don’t require to exchange account details with the beneficiary. All you need is the mobile number, QR code or the UPI ID of the beneficiary.
How to Transfer Funds Online via BOI Savings Account via Netbanking?
The following are the steps to transfer funds from your BOI savings account using the internet banking option:
Step 1: Go to BOI official website.
Step 2: Search for ‘Internet Banking’ and click on it.
Step 3: Read the disclaimer carefully and proceed.
Step 4: Enter your BOI netbanking login ID and password. (Using virtual keyboard is recommended here).
Step 5: Click on ‘Submit’.
Step 6: Click on Fund Transfer and choose to transfer to another bank’s account option.
Step 7: Click on the mode of payment (NEFT, RTGS, IMPS, etc.)
Step 8: Click to Add or Manage Beneficiary.
Step 9: Enter the required beneficiary details and the transfer amount.
Step 10: Enter the OTP that you’ll receive on your mobile number and then click to verify the same.
Step 11: Provide your transaction password as well and then, your transfer request will be completed.
How to Transfer Funds from BOI Savings Account via Mobile Banking?
Follow these steps to send funds from your Bank of India savings account to another person’s bank account via mobile banking:
Step 1: Download and Install App for BOI Mobile Banking.
Step 2: Login to this app.
Step 3: Click on ‘Fund Transfer’.
Step 4: Click on ‘New Fund Transfer’.
Step 5: Select ‘From Account” and mode of payment (NEFT, RTGS, IMPS, Third Party, etc.)
Step 6: Add Beneficiary details (name, number, account details)
Step 7: Enter the OTP sent to your registered mobile number and click on ‘Verify’.
Step 8: Enter the transaction password to complete the transfer.
BOI Savings Account vs. BOI Current Account
To start of simply, a savings account is a type of account which is created for the main purpose of saving your money while a current account is created for daily transactions, especially business-related transactions.
A BOI savings account offers interest up to 2.90% (subject to changes) while the bank’s current account has no such option. Also, you need to maintain a daily high minimum balance while there is no such daily balance limit in most of the Bank of India savings accounts.
Benefits of BOI Savings Account
The following are the benefits of opening a savings account in the Bank of India:
- Chance to earn interest while keeping your money safe from theft, fire, etc.
- Hassle-free banking options such as netbanking, mobile banking, USSD and ATM etc.
- Free ATM withdrawals at Bank of India ATMs
- Complementary cheque books provided every year
How to Check Balance of BOI Savings Account?
There are many ways via which one can do the balance enquiry of their Bank of India savings account, viz.:
1. Via BOI balance check number: 09015135135 and 09266135135 (from your registered mobile number)
2. Via BOI SMS Banking: SMS “BAL 4-digit PIN”<space>”Account Number” to +91 9810558585
3. Via BOI netbanking: Login to BOI netbanking and click on Accounts to check your account balance.
4. Via UPI: Open your UPI mobile app and click on Check Balance to get your BOI savings account balance.
Alternatively, you can also use your BOI debit card at any ATM to check your bank balance.
Bank of India Savings Account : FAQs
Yes. A minor of 10 years of age or more can open the BOI Star Yuva savings account.
You need PAN card, address proof (Aadhaar, Voter’s ID Card, ration card, etc.) and your passport-sized photos along with a duly filled and signed KYC form to open a savings account.
Yes. You will need internet connection, mobile/laptop/tablet/desktop with working microphone and camera along with your PAN Card and Aadhaar Card to open a BOI savings account online.
Yes. You will get up to 2.90% interest on your BOI savings account.
You get complementary cheque book, Debit Card for cash withdrawals and transactions, passbook and internet and mobile banking complementary facilities with a BOI savings account.