A Bank of India Savings Account is designed to help customers save securely while earning steady returns on their deposits. As one of India’s leading public sector banks, Bank of India (BOI) offers multiple savings account variants tailored to students, salaried individuals, pensioners, women and families.
From competitive savings account interest rates to digital banking services and Auto Sweep facilities, BOI provides customers with convenient and flexible banking solutions. Whether you want a basic savings account or an account with premium benefits, BOI offers options that cater to different financial needs.
This guide covers the latest Bank of India savings account interest rates, minimum balance requirements, account types, features, charges and account opening process for 2026.
Bank of India Savings Account Interest Rate 2026
The BOI savings account interest rate is calculated on the daily closing balance and credited quarterly. This ensures that account holders continue earning interest regularly on their deposits.
BOI Savings Account Interest Rates
| Account Balance | Interest Rate (Per Anum) |
|---|---|
| Up to ₹1 lakh | 2.75% |
| Above ₹1 lakh to below ₹10 crore | 2.90% |
| ₹10 crore and above | As decided by the bank from time to time |
Note: Interest rates are subject to change as per Bank of India guidelines.
These rates help customers earn steady returns while maintaining easy access to their money.
Auto Sweep Facility
The BOI Auto Sweep Facility helps customers maximise returns on idle funds. Under this feature, surplus funds above a predefined threshold are automatically transferred into a fixed deposit.
For example, if the threshold is set at ₹50,000, any amount exceeding this limit is swept into a term deposit account. Whenever funds are required, the amount is automatically transferred back to the savings account.
Benefits of BOI Auto Sweep Facility
- Earn higher fixed deposit interest rates on surplus funds
- Maintain liquidity for regular transactions
- Automatic transfer without manual intervention
- Better utilisation of idle balances
This facility is especially beneficial for customers who maintain high balances in their savings accounts.
Minimum Balance Required in Bank of India
The BOI minimum balance requirement depends on the branch location category.
BOI Minimum Balance Requirement
| Branch Type | Minimum Average Monthly Balance |
| Metro & Urban | ₹10,000 |
| Semi-Urban | ₹5,000 |
| Rural | ₹2,000 |
Failure to maintain the required minimum balance may attract non-maintenance charges ranging from ₹100 to ₹600 depending on the account type, branch category and balance shortfall.
Types of BOI Savings Accounts
Bank of India offers different savings account variants to meet the requirements of diverse customer groups.
BOI Savings Account Types
| Savings Account Type | Key Features | Minimum Balance Requirement |
|---|---|---|
| Pratham Savings Account | Ideal for first-time account holders, students and young earners with basic banking features | Low or Zero Balance |
| Savings Bank Account General | Standard savings account with cheque book, ATM and digital banking facilities | As per branch category |
| Pensioners’ Savings Account | Automatic pension credit, nomination facility and free cheque book | Low Minimum Balance |
| BOI Star Parivaar Savings Account | Family-linked savings account with consolidated benefits | As applicable |
| Nari Shakti Savings Account | Designed for women with insurance and locker benefits | As applicable |
| BOI Savings Plus Scheme | Auto transfer of surplus funds into fixed deposits | Higher balance preferred |
| BOI Super Savings Plus Scheme | Enhanced savings plus account with better flexibility and returns | Higher balance preferred |
Features of BOI Savings Account
Bank of India savings accounts come with multiple features that make banking secure, convenient and rewarding.
1. Interest Calculation
BOI calculates interest on the daily closing balance and credits it quarterly, ensuring regular earnings on deposits.
2. Digital Banking Services
BOI offers advanced digital banking services through internet and mobile banking platforms like BOI Mobile Omni Neo and StarToken-NG.
Customers can:
- Check account balances and mini statements
- Transfer funds securely
- Pay utility bills and recharge mobile numbers
- Open fixed and recurring deposits online
- Access banking services anytime and anywhere
These facilities make managing a Bank of India online savings account simple and hassle-free.
3. ATM and Branch Network
Bank of India has an extensive network of branches and ATMs across India, enabling customers to withdraw cash, deposit funds and access banking services conveniently.
4. SMS and Email Alerts
Customers receive instant SMS and email notifications for account transactions, ensuring better transparency and security.
5. Nomination Facility
BOI allows customers to nominate family members or dependents for seamless claim settlement and enhanced financial security.
Documents Required to Open BOI Savings Account
To open a BOI savings account, customers need to submit valid KYC documents.
Required Documents
| Document Type | Accepted Documents |
|---|---|
| Proof of Identity | Aadhaar Card, PAN Card, Passport, Voter ID |
| Proof of Address | Utility Bill, Passport, Rent Agreement |
| Photographs | Passport-sized photographs |
| PAN Alternative | Form 60 (if PAN is unavailable) |
Additional documents may be required for pensioners, minors or NRI account holders.
How to Open a BOI Savings Account?
Customers can open a Bank of India savings both online and offline.
Online Account Opening Process
Follow these steps to open a BOI savings account online:
- Visit the official Bank of India website
- Click on “Open Savings Account”
- Fill in personal and contact details
- Upload scanned copies of KYC documents
- Complete Aadhaar-based eKYC verification
- Receive account details via SMS or email after approval
This process is paperless and allows customers to open an account within minutes.
Offline Account Opening Process
To open an account offline:
- Visit the nearest BOI branch
- Collect and fill out the account opening form
- Submit self-attested KYC documents and photographs
- Deposit the initial amount if required
- Complete in-person verification
- Receive the account welcome kit and account details
Bank of India Charges List
Understanding the Bank of India savings account charges helps customers avoid unnecessary penalties and manage their accounts efficiently.
BOI Savings Account Charges
| Service | Charges |
|---|---|
| Non-maintenance of minimum balance | ₹100 to ₹600 |
| Debit Card Annual Charges | As per card variant |
| Cheque Book Charges | Applicable after free limit |
| SMS Alert Charges | As per bank policy |
| Duplicate Passbook | Applicable |
| ATM Transactions Beyond Free Limit | Charges applicable |
Note: Charges may vary depending on account type and branch category.
Conclusion
A Bank of India Savings Account is a reliable option for individuals looking for secure savings, digital banking convenience and steady interest earnings. With multiple account variants, Auto Sweep facilities and easy account opening processes, BOI caters to a wide range of banking needs.
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FAQs on Bank of India Savings Account
What is the minimum balance for a savings account in BOI?
The BOI minimum balance requirement is generally ₹10,000 for metro and urban branches, ₹5,000 for semi-urban branches and ₹2,000 for rural branches.
Can I open a zero-balance account in BOI?
Yes, Bank of India offers a Basic Savings Bank Deposit Account (BSBDA) that allows customers to maintain zero balance while accessing basic banking facilities.
What is the transaction limit for BOI savings accounts?
The ATM withdrawal limit for standard BOI savings accounts is generally up to ₹25,000 per day, while premium accounts may offer higher limits.
What is the interest rate on a Bank of India savings account?
The Bank of India savings account interest rate starts from 2.75% per annum and varies depending on the account balance maintained.
How can I open a Bank of India savings account?
You can open a BOI savings account either online through the official website using Aadhaar-based eKYC or offline by visiting the nearest BOI branch with the required documents.
How is interest calculated on a Bank of India savings account?
Interest on BOI savings accounts is calculated on the daily closing balance and credited to the account quarterly.