Bank of India (BOI) was one of the many banks that was established in the pre-independence era. It was originally a privatised bank that was founded by prominent businessmen from Mumbai. The bank was nationalised in the late 1960s along with a few other banks.
BOI was established with the intent of serving merchants, retailers and corporates whose operations varied in magnitude. The bank has developed its financial products and services with the intent of providing proactive banking services to niche markets at a global scale. This vision, in turn, would lead the bank towards meeting the expectations and requirements of its stakeholders.
The bank offers its customers a host of products that range from mutual funds and insurance policies to sovereign gold bonds. Since the bank’s mission is to provide financial solutions to retailers, merchants, corporates and other individuals who are in the similar field, they also offer current accounts.
A current account is a type of bank account where the limits set for withdrawals and deposits are significantly higher than those set for regular savings accounts. The aim of this type of account is to provide the account holder with high liquidity, which is an essential component to those running businesses and corporations. BOI has a number of current accounts that it offers its customers. Each of these accounts have characteristic features that have been developed keeping in mind the requirements of the account holder. One of the many current accounts offered by BOI is the Diamond Current Account.
Features and benefits
The following are the features and benefits of the BOI Diamond Current Account:
- The Diamond Current Account was developed keeping in mind the financial requirements of wholesalers and distributors, merchants, petrol pumps and other similar establishment.
- The minimum average quarterly balance to be maintained in the account is Rs.2 lakh.
- The bank issues Diamond Current Account Holders with 75 free cheque leaves every quarter.
- BOI provides account holders with the benefit of an unlimited cash deposit facility. However, the bank does charge a fee for handling the cash.
- Account holders can avail the bank’s internet banking facilities free of charge.
- BOI issues 10 free Demand Drafts and Pay Orders to its Diamond Current Account holders free of charge every quarter.
- Diamond Current Account holders do not have a set limit on the cash that can be withdrawn from their account. However, this benefit is only extended when withdrawals are made at the account holder’s base branch.
- Cash withdrawals made at non-base branches have a limit of Rs.50,000 per day.
- Funds transferred within the bank do not levy any service charges. For cheque collections made across BOI branches in the country, 50% of the regular service charges are levied.
- BOI provides its Diamond Current Account holders with a free International Corporate credit card linked with their account.
- Additionally, account holders are also provided a free ATM-cum debit card. The card does not attract any charges for renewal.
- The bank waives the AMC charges on the the account holder’s Demat account for the first year.
- BOI provides its Cash Management Service to Diamond Current Account holders at discounted rates.
- Diamond Current Account holders receive a waiver on the processing fees for retail loans.
- The bank provides its customers with free account statements and free utility bill payment facilities.
- Account holders can receive information on their account balance using the bank’s missed call alert facility.
BOI is committed to becoming the bank of choice for the nation. The bank makes constant efforts to provide its customers with state-of-the-art services that are cost effective and innovative.
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