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. The Normal Current Account is one of these accounts.
Features and benefits
The following are the features and benefits of the BOI Normal Current Account:
- The quarterly average balance to be maintained for the Normal Current Account varies based on the location of the customer’s branch. For accounts opened at metro branches, account holders are expected to maintain a quarterly average of Rs.5,000, urban and semi-urban branches expect account holders to maintain an average quarterly balance of Rs.2,500, and accounts opened in rural branches are expected to maintain a quarterly average balance of Rs.1,000.
- Account holders can make an unlimited number of cash withdrawals from their base branch.
- On opening their account, account holders receive a chequebook with 50 free cheque leaves.
- BOI allows customers to make free funds transfers using the bank’s internet banking facilities.
- Account holders have the benefit of availing a 25% waiver on the processing charges for the retail loans offered by the bank.
- The bank also offers account holders corporate salary packages.
- BOI offers its customers cheque collection facility for cheque payments from all of the bank’s branches across the country.
- Account holders can withdraw a maximum of Rs.50,000 per day from non-base branches.
- The bank provides account holders with free monthly account statements.
- Account holders can find out their account balance through the bank’s missed call facility.
- BOI permits their Normal Current Account holders to make utility bill payments for free through the bank’s e-Pay facility.
- Normal Current Account holders receive a free International Business debit card.
- The bank charges a penalty for non-maintenance of the average quarterly balance. The fee varies based on the location of the account holder’s branch. For accounts opened at metro branches, account holders are charged Rs.600 for average quarterly balance less than Rs.5,000, urban and semi-urban branch account holders are charged Rs.500 for average quarterly balance less than Rs.2,500, and accounts opened in rural branches account holders are charged Rs.350 for average quarterly balance less than Rs.1,000.
BOI’s Normal Current Account gives account holders the optimum value for their money for all their business needs.
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