A Bank of India savings account is built to help customers save securely while earning steady returns. As one of India’s major public sector banks, Bank of India (BOI) offers several savings account variants tailored for students, salaried individuals, pensioners, women and families.
With competitive interest rates, digital banking services and Auto Sweep facilities, BOI provides flexible, convenient options for a range of financial needs. Whether you need a basic no-frills account or a savings account with added benefits, BOI’s product suite is designed to suit different lifestyles and balances.
This guide presents the latest Bank of India savings account interest rates, minimum balance requirements, account types, key features, common charges and the account opening process for 2026.
Bank of India Savings Account Interest Rate 2026
BOI calculates interest on the daily closing balance and credits it quarterly, so account holders earn interest consistently on their deposits.
BOI Savings Account Interest Rates
| Account Balance | Interest Rate (Per Annum) |
|---|---|
| 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 tiers enable customers to earn steady returns while keeping ready access to their funds.
Auto Sweep Facility
The BOI Auto Sweep Facility helps customers make better use of idle balances. Surplus funds above a predefined threshold are automatically converted into fixed deposits, earning higher rates while retaining liquidity.
For example, if a threshold is set at ₹50,000, any amount exceeding that limit is swept into a term deposit. When funds are needed, the required amount is transferred back to the savings account automatically.
Benefits of BOI Auto Sweep Facility
- Earn higher fixed deposit interest on surplus funds
- Maintain liquidity for regular transactions
- Automatic transfers without manual intervention
- Better utilisation of idle balances
This feature is particularly useful for customers who typically maintain high balances in their savings accounts.
Minimum Balance Required in Bank of India
Minimum balance requirements at BOI vary according to the branch 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 balance may lead to non-maintenance charges, which typically range from ₹100 to ₹600 depending on account type, branch category and the extent of the shortfall.
Types of BOI Savings Accounts
Bank of India offers a variety of savings account options to address the needs of different customer segments.
BOI Savings Account Types
| Savings Account Type | Key Features | Minimum Balance Requirement |
|---|---|---|
| Pratham Savings Account | Suited for first-time account holders, students and young earners with essential banking features | Low or zero balance |
| Savings Bank Account General | Standard account with cheque book, ATM access and digital banking | 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 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 flexibility and returns for higher balances | Higher balance preferred |
Features of BOI Savings Account
BOI savings accounts include features that aim to make banking secure, convenient and rewarding.
1. Interest Calculation
Interest is calculated on the daily closing balance and credited quarterly, ensuring consistent earnings on deposits.
2. Digital Banking Services
BOI provides internet and mobile banking platforms that let customers manage accounts, transfer funds and access other services from anywhere.
Typical online capabilities include:
- Checking account balances and viewing mini statements
- Secure fund transfers
- Paying utility bills and recharging mobile numbers
- Opening fixed and recurring deposits online
- Accessing banking services 24/7
These digital facilities simplify the management of a Bank of India savings account.
3. ATM and Branch Network
BOI has an extensive network of branches and ATMs nationwide, enabling cash withdrawals, deposits and in-person service access.
4. SMS and Email Alerts
Instant SMS and email notifications for account transactions enhance transparency and security for customers.
5. Nomination Facility
BOI allows account holders to nominate family members or dependents so that claim settlements are smooth and financial protection is maintained.
Documents Required to Open BOI Savings Account
Opening a BOI savings account requires valid KYC documents and standard identity and address proofs.
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 not available) |
Additional documents may be required for pensioners, minors or NRI applicants.
How to Open a BOI Savings Account?
You can open a Bank of India savings account online or by visiting a branch.
Online Account Opening Process
To open an account online, typically follow these steps:
- Visit the Bank of India website
- Choose the option to open a savings account
- Fill in personal and contact details
- Upload scanned copies of KYC documents
- Complete Aadhaar-based eKYC verification
- Receive account details by SMS or email after approval
The online route is largely paperless and can often be completed quickly.
Offline Account Opening Process
To open an account at a branch:
- Visit your nearest BOI branch
- Collect and complete the account opening form
- Submit self-attested KYC documents and photographs
- Deposit the initial amount if required
- Complete in-person verification
- Receive the welcome kit and account details
Bank of India Charges List
Knowing common BOI charges helps customers avoid 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 according to account type and branch category.
Conclusion
A Bank of India savings account is a reliable choice for individuals seeking secure savings, digital convenience and steady interest income. With several account variants, Auto Sweep options and straightforward account opening processes, BOI accommodates diverse banking needs.
For short-term or urgent financial requirements, consider suitable lending options from reputable providers. Choose products that match your repayment capability and read terms carefully before applying.
FAQs on Bank of India Savings Account
What is the minimum balance for a savings account in BOI?
Minimum balance requirements are typically ₹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. BOI offers a Basic Savings Bank Deposit Account (BSBDA) that allows customers to maintain a zero balance while accessing basic banking services.
What is the transaction limit for BOI savings accounts?
Standard ATM withdrawal limits are generally up to ₹25,000 per day, while higher or premium accounts may offer greater limits based on the card and account type.
What is the interest rate on a Bank of India savings account?
Interest rates start from around 2.75% per annum and vary based on the account balance maintained.
How can I open a Bank of India savings account?
You can open an account online through BOI’s website using Aadhaar-based eKYC or offline by visiting a BOI branch with the required documents.
How is interest calculated on a Bank of India savings account?
Interest is calculated daily on the closing balance and credited to the account quarterly.