Bank of India Upgrades Savings Accounts to Cater to Varied Customer Needs

Vishal Shukla December 22, 2023

Bank of India has introduced a comprehensive upgrade to its savings accounts, catering to the diverse requirements of working individuals, families, single account holders, and students.

Rajneesh Karnataka, Managing Director and CEO of Bank of India, emphasized the bank’s commitment to expanding its savings customer base through these newly enhanced savings accounts, which offer a range of compelling features.

Here’s a look at the benefits customers can expect from these recent changes.

Benefits Offered in Bank of India’s Upgraded Savings Accounts

Following the recent upgrade, Bank of India’s savings account holders will now enjoy the following benefits:

Accidental Death Insurance Cover: Customers will receive an accidental death insurance cover of up to Rs 1 crore 50 lakh.
Air Accident Insurance: Savings account holders can also avail air accident insurance of up to Rs 1 crore.
Platinum Savings Account Benefits: Platinum Savings Account holders will enjoy the convenience of a free locker facility, providing added security for their valuable possessions.
International Debit cum ATM Card: Account holders will receive an International Debit cum ATM card, enhancing their banking convenience both locally and abroad.
Concessional Interest Rate on Retail Loans: Customers can benefit from a concessional interest rate on retail loans, making it more affordable to finance their dreams.
Discount on Processing Fees: The upgraded savings accounts offer a discount on processing fees, further reducing the cost of availing financial services.
POS Limit of up to Rs 5 Lakh: Account holders will have access to a Point of Sale (POS) limit of up to Rs 5 lakh, facilitating hassle-free transactions.

Interest Rate Changes on Fixed Deposits (FD)

Bank of India has also revised its interest rates for Fixed Deposits (FDs). As of October 1, 2023, the bank offers interest rates ranging from 3% to 7.25% on FDs maturing in seven days to ten years for common citizens.

Notably, senior citizens will enjoy an additional 25 basis points (Bps) interest, in addition to the existing 50 Bps extra interest, for FDs with a tenure of 3 years or more, provided the FD amount is less than Rs 2 crore.

These changes make FDs an attractive investment option for individuals seeking secure and rewarding savings solutions.