Bank of India (BOI) is ranked among the leading public sector banking companies in India which provides personalised financial and banking solutions. A current account is a type of demand deposit account which includes deposits, withdrawals of funds, and business transactions. A current account is meant for business professionals or business enterprise and those who deal with huge transactions on a regular basis. A current account allows business people to carry out unlimited transactions without any limit.
Bank of India (BOI) was established in the early 1900s by a group of businessmen in Mumbai. Over a century later, the bank now has over 5,000 branches all over the country. Since its establishment, the bank has increased the number of products and services that it offers its clients.
The current account is one of the many financial products that BOI offers its customers. A current account is a type of bank account that does not earn any interest for the deposits made to the account. Instead, it offers account holders high limits on withdrawals and deposits. These accounts are usually held by individuals who run businesses and require high liquidity.
BOI has several variants of the current account. Each of these has been developed keeping in mind the specific needs of the customer.
Features and Benefits – BOI Current Account
- Current bank accounts are specifically designed to be used by a business.
- Current accounts do not provide any interest on the balance lying in the account with the bank.
- It requires a higher minimum balance as compared to the savings account. A penalty will be charged if the minimum balance is not maintained in the account.
- The account can be transferred to any other branch, and the monthly statements can be obtained.
- It offers unlimited deposits/ withdrawals in the home branch.
- A current account with Bank of India offers a premium internet banking facility mainly to manage the accounts and transactions and secure bill payment.
- Overdraft facilities, Internet banking and Mobile banking facilities are also available for current account holders.
- It offers unlimited deposits/ withdrawals in the home branch.
Eligibility Criteria – Bank of India Current Account
- Hindu Undivided Family (HUF)
- Sole Proprietorship/ Partnership
- Private Limited Company/Public Limited Company
- Trust/Club/Society/Association
- Limited Liability Partnership (LLP)
- Foreign National Residing in India
- Foreign Institutional Investor (FII)
Documents Required
Individuals
- Proof of the company that you’re working in.
- Identity Proof: Aadhar Card, PAN Card, Driving License, Voter Identity Card, etc.
- Address Proof: Valid Passport, Utility bill, Aadhar Card, Property tax bill, etc.
- Seal of the company.
- Two passport size colour photographs
Non-Individuals
- Hindu Undivided Family (HUF)
- Declaration from the Karta.
- Proof of Identification/Address Proof of Karta.
- Prescribed Joint Hindu Family letter signed by all the adult co-parceners.
- The identity of adult co-parceners.
Sole Proprietorship Firm
- Identity Proof (PAN Card, Aadhar Card, etc.) of the proprietor.
- Address Proof (Valid Passport, Utility bill, Property tax bill, etc.) of the proprietor.
- Registration Certificate issued by the Registrar of LLP (in the case of a registered concern).
- Certificate/ licence issued by the Municipal authorities under the Shop & Establishment Act.
- Sales and income tax returns in the name of the sole proprietor.
- CST/ VAT certificate
- Certificate/ registration document issued by the Sales Tax/ Service Tax/ Professional Tax authorities.
Partnership Firms
- Registration certificate
- Partnership deed
- Beneficial owners list holding more than 15% in the firm.
- Address Proof & ID Proof
- Power of Attorney (POA)
Limited Liability Partnerships (LLP)
- Power of Attorney (POA)
- Registration Certificate issued by Registrar of LLP.
- Identity Proof of POA holders: PAN Card of the entity.
- Address Proof: Aadhar Card of the sole proprietor/ entity, Valid Passport, etc.
- Two passport size colour photographs.
- LLP agreement.
- Designated partners updated list.
Private/Public Limited Company
- Beneficial owners list holding 25% share or capital.
- Address Proof & ID Proof
- Memorandum & Articles of Association
- Power of Attorney (POA)
- Certificate of incorporation
Trust, Society, Unincorporated Association & Club
- Certificate of registration
- Power of Attorney (POA)
- Trust Deed
- Address Proof & ID Proof (trustees, executors, administrators, etc.)
- Beneficial owners list
Once all the certificates mentioned above are self-attested and valid, you may open the current account in Bank of India.
Bank of India Current Account Products
Entrepreneurs can select the product from the below list that suits their business requirements. The following are the some of the Bank of India current accounts.
- Normal Current Account
- Silver Current Account
- Gold Current Account
- Gold Plus Current Account
- Diamond Current Account
- Diamond Plus Current Account
- Platinum Current Account
- Platinum Plus Current Account
- Star Benefit CD Plus Account
- BOI Super Current Plus Account
- Current Deposit Plus Account
Normal Current Account
- Free payments and collections RTGS and NEFT transactions (via Net Banking/ Mobile banking).
- A number of cheque leaves – up to 50 cheque leaves free per quarter.
- Fund Transfer – Free fund transfer within the bank
- Collection of Cheques and payments – Bank of India locations all over the country
- Ancillary Services – Free utility bills payment facility through E-pay and also free statements of Account can be obtained. In addition, it has a facility with online Income Tax return filing.
| Bank Of India Current Account | Average Quarterly Balance (AQB) to be Maintained
|
Cash Withdrawal
| Non – Maintenance of Average Quarterly Balance | ||||
| Metro Branches | Urban/Semi-Urban Branches | Rural Branches | Metro Branches | Urban/Semi-Urban Branches | Rural Branches | ||
Normal Current Account
| Rs. 5000/- | Rs. 2500/- | Rs. 1000/- | • Unlimited in base branch • up to Rs 50,000/- per day at other than Base branch | Rs. 600/- per quarter | Rs. 500/- per quarter | Rs. 350/- per quarter |
Silver Current Account
- Free payments and collections RTGS and NEFT transactions (via Net Banking/ Mobile banking).
- Demand Draft/Pay Order – 3 DD/ PO free up to Rs.5.00 lakhs per instrument
- Fund Transfer – Free fund transfer within the bank
- A number of cheque leaves – up to 25 cheque leaves free per quarter.
- Ancillary Services – Free utility bills payment facility through E-pay and also free statements of Account can be obtained. In addition, it has a facility with online Income Tax return filing.
| Bank Of India Current Account | Cash Deposit | Cash Withdrawal | |
| Base Branch | Non-Base Branches | ||
Silver Current Account
| Unlimited (subject to chargeable) | Unlimited (subject to chargeable) | • Unlimited in base branch • up to Rs 50,000/- per day at other than Base branch |
Gold Current Account
- Free payments and collections RTGS and NEFT transactions (via Net Banking/ Mobile banking).
- Demand Draft/Pay Order – 5 DD/ PO free up to Rs.5 lakhs per instrument
- Ancillary Services – Free utility bills payment facility through E-pay and also free statements of Account can be obtained. In addition, it has a facility with online Income Tax return filing.
- A number of cheque leaves – up to 50 cheque leaves free per quarter.
- Fund Transfer – Free fund transfer within the bank
| Bank Of India Current Account | Cash Deposit | Cash Withdrawal | |
| Base Branch | Non-Base Branches | ||
Gold Current Account
| Unlimited (subject to chargeable) | Unlimited (subject to chargeable) | • Unlimited in base branch • up to Rs 50,000/- per day at other than Base branch |
Gold Plus Current Account
- Free payments and collections RTGS and NEFT transactions (via Net Banking/ Mobile banking).
- Demand Draft/Pay Order – 7 DD/ PO free up to Rs.5 lakhs per instrument
- Ancillary Services – Free utility bills payment facility through E-pay and also free statements of Account can be obtained. In addition, it has a facility with online Income Tax return filing.
- A number of cheque leaves – up to 75 cheque leaves free per quarter.
- Fund Transfer – Free fund transfer within the bank.
| Bank Of India Current Account | Cash Deposit | Cash Withdrawal | |
| Base Branch | Non-Base Branches | ||
| Gold Plus Current Account | Unlimited (subject to chargeable) | Unlimited (subject to chargeable) | • Unlimited in base branch • up to Rs 50,000/- per day at other than Base branch |
Diamond Current Account
- Free payments and collections RTGS and NEFT transactions (via Net Banking/ Mobile banking).
- Demand Draft/Pay Order – 10 DD/ PO free up to Rs.5 lakhs per instrument
- Ancillary Services – Free utility bills payment facility through E-pay and also free statements of Account can be obtained. In addition, it has a facility with online Income Tax return filing.
- A number of cheque leaves – up to 75 cheque leaves free per quarter.
- Fund Transfer – Free fund transfer within the bank.
| Bank Of India Current Account | Cash Deposit | Cash Withdrawal | |
| Base Branch | Non-Base Branches | ||
| Diamond Current Account | Unlimited (subject to chargeable) | Unlimited (subject to chargeable) | • Unlimited in base branch • up to Rs 50,000/- per day at other than Base branch |
Diamond Plus Current Account
- Free payments and collections RTGS and NEFT transactions (via Net Banking/ Mobile banking).
- Demand Draft/ Pay Order – 15 DD/ PO free up to Rs. 5 lakhs per instrument
- Ancillary Services – Free utility bills payment facility through E-pay and also free statements of Account can be obtained. In addition, it has a facility with online Income Tax return filing.
- A number of cheque leaves – up to 100 cheque leaves free per quarter.
- Fund Transfer – Free fund transfer within the bank.
Bank Of India Current Account | Cash Deposit | Cash Withdrawal | |
| Base Branch | Non-Base Branches | ||
| Diamond Current Account | Unlimited (subject to chargeable) | Unlimited (subject to chargeable) | • Unlimited in base branch • up to Rs 50,000/- per day at other than Base branch |
Platinum Current Account
- Free payments and collections RTGS and NEFT transactions (via Net Banking/ Mobile banking).
- Demand Draft/ Pay Order – 20 DD/ PO free up to Rs. 5 lakhs per instrument
- Ancillary Services – Free utility bills payment facility through E-pay and also free statements of Account can be obtained. In addition, it has a facility with online Income Tax return filing.
- A number of cheque leaves – up to 250 cheque leaves free per quarter.
- Fund Transfer – Free fund transfer within the bank.
Bank Of India Current Account | Cash Deposit | Cash Withdrawal | |
| Base Branch | Non-Base Branches | ||
Platinum Current Account
| Unlimited (subject to chargeable) | Unlimited (subject to chargeable) | • Unlimited in base branch • up to Rs 50,000/- per day at other than Base branch |
Platinum Plus Current Account
- Free payments and collections RTGS and NEFT transactions (via Net Banking/ Mobile banking).
- Demand Draft/Pay Order – 25 DD/ PO free up to Rs.5.00 lakhs per instrument
- Fund Transfer – Free fund transfer within the bank
- A number of cheque leaves – up to 500 cheque leaves free per quarter.
- Ancillary Services – Free utility bills payment facility through E-pay and also free statements of Account can be obtained. In addition, it has a facility with online Income Tax return filing.
| Bank Of India Current Account | Cash Deposit | Cash Withdrawal | |
| Base Branch | Non-Base Branches | ||
Platinum Plus Current Account
| Unlimited (subject to chargeable) | Unlimited (subject to chargeable) | • Unlimited in base branch • up to Rs 50,000/- per day at other than Base branch |
Star Benefit CD Plus Account
- Free remittance of funds (NEFT/RTGS) via Internet banking
- Penal Charges on account of non-maintenance of stipulated Average Quarterly Balance (AQB) requirement – Rs.600+Applicable Service Tax per quarter
- Demand Draft/ PSI – 3 DD/ PSI free up to Rs.5.00 lakhs per instrument
- Fund Transfer – Free fund transfer within the bank
- A number of cheque leaves – up to 50 cheque leaves free per quarter.
- Ancillary Services – Free utility bills payment facility through E-pay and also free statements of Account can be obtained. In addition, it has a facility with online Income Tax return filing.
| Bank Of India Current Account | Cash Deposit | Cash Withdrawal | |
| Base Branch | Non-Base Branche | ||
Platinum Current Account
| Unlimited (subject to chargeable) | Unlimited (subject to chargeable) | • Unlimited in base branch • up to Rs 50,000/- per day at other than Base branch |
BOI Super Current Plus Account
- The charges of non-maintaining minimum Average Quarterly Balance (AQB) is Rs. 5000/- per quarter + Applicable service tax
- Eligibility – Individual, Corporates, Proprietorship and partnerships (other than Banks).
- Sweep in and Swipe out facility (Transfer Back to SB/CD account from TDR)
- Multiple Amount of sweep out – Rs. 15 lakhs
- The period of deposit is one year
| Bank Of India Current Account | Initial Deposits | Average Quarterly Balance (AQB) to be Maintained
|
Interest Rate
|
BOI Super Current Plus Account
| Rs. 50 lakhs | Rs. 35 lakhs AQB + Minimum balance of 15 lakhs in TDR | As applicable to deposit of Rs.15.00 lakhs and above |
Current Deposit Plus Account
- Eligibility – Facility available to Current Deposit Account of Corporates, Proprietorship, Partnership, Individuals, Schools, Colleges and other institutions (other than Banks).
- The amount in excess of Rs. 4,00,000 per quarter will be transferred to the account of Short Deposit portion in multiples of Rs.75,000 per quarter for a minimum period of 15 days and a maximum period of 91 days
- Automatic renewal facility for original tenure and amount of deposit.
- Interest will be payable on Short Deposit portion only as per maturity period.
- Payment before maturity will be allowed without penalty, TDS will be as applicable.
- Sweep out from the current to short deposits will only be a 1st & 16th of every month
| Bank Of India Current Account | Average Quarterly Balance (AQB) to be Maintained
| Current and Short deposit account withdrawals | Penalty charges per quarter |
Current Deposit Plus Account
| • Rs. 4,00,000/- in the account of Current Deposit to be maintained. • Rs. 75,000/- in the account of Short Deposit to be maintained initially. | ‘sweep-in’ and ‘sweep-out’ facility to take care of withdrawals within the account | Rs.1000/- will be levied where the average quarterly balance in Current deposit account falls below the minimum AQB requirement of Rs. 4 lakhs. |
Application Procedure
To open a current account with the Bank of India online, the applicant can apply either by visiting the nearest branch or by filling up a form on its official website. The applicant will have to fill up the online form with the necessary details. In the case of visiting a branch, the applicant will have to fill up Account Opening Form for Current Account and will have to attach the mandatory documents with AOF. After a verification procedure completed by the bank official, your account can be opened successfully.
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