Bank of India was established in the year 1906 by a businessman from Mumbai city with one office ad 50 employees.It was nationalized in the year 1969. Today it has around 5000 branches across the country and around 60 branches abroad too. A public issue was listed in the year 1997.
Bank of India offers, saving account to its customers. To open a saving account in the bank the customers need to submit some mandatory documents ad there is a minimum criterion attached to the eligibility process. The customers can open the saving account in any branch of Bank of India across the country. The account can be opened single account holder option or joint account holder option too.
The Minimum amount to be maintained as per the bank guidelines are:
The minimum amount is maintained in the saving account is Rs 500 for a cheque book operating account and for non cheque book operated the minimum balance should be Rs 100.
Charges for Non-Maintaining Average Quarterly Balance
If any customer does not maintain average quarterly balance, then a penalty amount is levied.
- Penalty charges for the account with Cheque Book facility are Rs 54 plus service tax per quarter.
- Penalty charges for the account with the non-Cheque Book facility are Rs 40 plus service tax per quarter.
Charges might change from one type of savings account to another for more details please visit bank website: https://www.bankofindia.co.in