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Article

Bank of India


Nov 18,2017 Ankit Vishwakarma

Bank of India is Financial service which headquarters at Bandra Kurla Complex, Mumbai, India. It is founded in 1906, 107 years ago, it has been government-owned since nationalization in 1969. Bank of India has 5100 branches as on 31 January 2017, including 56 offices outside India, which includes five subsidiaries, five representative offices, and one joint venture. Bank of India is a founder member of Society for Worldwide Inter Bank Financial Telecommunications which facilitates the provision of cost-effective financial processing and communication services.

 

 

Image source - india.kachhua.com/boi-bank-india-32-security-officer-technical-officer-vacancies-2017/

 

 

 

Bank of India comes in top 10 banks in the India, it is the 5th largest bank in the India.The Name of CEO of Bank of India is Shri Melwyn Rego. If we talk about the interest of Bank of India then it is the bank's rate has been revised from 9.55%pa. to 9.45% pa. which is effected from 10/10/2017. As every bank when BOI is started nobody knows to boi and many people not trust that bank but now it is an entry in India's top bank.

 

Traditionally Bank of India has four types of deposit accounts namely.

 

 

1.    Current Accounts

2.    Saving Banking Accounts

3.    Recurring Deposits and

4.    Fixed Deposits.

 

 

 

SAVING ACCOUNT

-Current Accounts are basically meant for businessmen and are never used for the purpose of investment or savings. 

 -These accounts not only provide cheque facility but also have lot of flexibility for deposits and withdrawal of funds from the account. 

 

-In saving account a single person or two people can open his joint account.

 

CURRENT ACCOUNT:

 

-Current Accounts are basically meant for businessmen and are never used for the purpose of investment or savings. 

 

-These deposits are the most liquid deposits and there are no limits for a number of transactions or the number of transactions in a day. 

 

-Most of the current account is opened in the names of firm/company accounts.

 

-Cheque book facility is provided and the account holder can deposit all types of the cheques and drafts in their name or endorsed in their favor by third parties. 

 

-No interest is paid by banks on these accounts.  On the other hand, banks charge certain service charges, on such accounts.

 

 

 

Recurring account 

 

A Bank of India recurring deposit can be started only with tenures ranging in multiples of three and up to a maximum of 10 years. The interest rate is compounded on a quarterly basis for a Bank of India RD.



Fixed deposit 

 

Fixed deposit account or FD is an investment account and also a saving account in which BOI give interest between 4 to 7.20% interest

Ancillary Services

Some of the popular supplementary services offered by the bank are as follows:

Depository Services

Gold Coin (New)

Insurance (Domestic travel, health, education etc.)

Mutual Fund

Remittance

Safe Custody

Safe Deposit Locker

Star Cash Management Service

 

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