Bank of India zero balance account opening online is vital for every individual to manage finances and complete financial transactions smoothly. With advancement in technology, account opening processes have become simpler now with options for offline as well as online mode. Among the banks providing zero balance savings accounts suitable for all is Bank of India. Established in 1906, it is one of the largest banks in India with extensive network across locations. This blog will provide comprehensive details about opening and managing Bank of India zero balance savings account in an easy, affordable way.
Types of Banks of India zero balance account
Here are the key particulars of Regular Savings Account in a table:
| Particulars | Features |
|---|---|
| Maximum Balance Limit | No Limit |
| Cheque Book Facility | Provided (50 leaves initially free) |
| Monthly Withdrawal Limit | No Limit |
| Debit Card | Provided |
| Credit Card | Not provided |
| Additional Features | Internet Banking, SMS alerts, bill payment etc. |
How to Open Bank of India zero balance account Online?
Indian bank online account opening with zero balance online is simple and convenient. Follow these steps:
- Visit the Bank of India website and click on the “Accounts” option.
- On the accounts page, click “Zero Balance Savings Account”.
- Enter your details like name, address, date of birth etc. and submit.
- Upload scanned photo and signature as required.
- Provide your mobile number for verification and OTP will be sent.
- Enter the OTP and click submit. Your application will be submitted.
- In a few days, once your KYC is verified, you will get an activation link on your registered mobile number.
- Click on the link to activate your account and start using Internet banking functions.
- You can check balance, transfer funds and more without needing to visit a branch.
How to Open Bank of India zero balance account Offline?
Opening a Bank of India zero balance account offline is simple and convenient for those who don’t have internet access.
- Visit your nearest Bank of India branch with required documents like address and identity proof.
- Submit the duly filled account opening form along with documents to the bank representative.
- An instant account number will be provided once verification is done.
- You will receive your debit card and other details by post within a week or can collect from the branch.
- Minimum paperwork is involved in offline account opening compared to online mode.
- All KYC requirements remain the same and transactions can be done at any Bank of India or ATM across India.
- Regular Indian bank zero balance account services like balance check, deposits, withdrawals etc. are available without any charges.
Bank of India zero balance account Interest rates
Saving Bank Deposit Rate of Interest is as follows-
| Sb Balances | Rate of Interest (W.E.F. 01.05.2022) |
| Up to ₹ 1.00 lakhs | 2.75 |
| Above ₹ 1.00 lakhs | 2.90 |
Fees and charges of Bank of India zero balance account
One of the best things about Bank of India zero balance account is there are no monthly maintenance charges. You can maintain the account without any costs.
- No charges on online fund transfer through net banking or mobile app.
- First 3 withdrawals from other bank ATMs are free, ₹20 is charged for every subsequent withdrawal.
- Indian bank zero balance account statement prints are provided free of cost at home or branch.
- Only ₹50 is charged for duplicate passbook or closing the account before 1 year.
- Debit card issuance is free, ₹100 is charged for lost/damaged card replacement.
- Cheque book charges of ₹50 for 10 leaves.
- No charges for depositing cash through CDM/branch.
This makes bank of India zero balance account opening online one of the most affordable savings options for common users.
Eligibility criteria to open Bank of India zero balance account
Opening a zero-balance account with Bank of India is quite simple and accessible for everyone. The basic eligibility norms are:
- You must be an Indian citizen or have a valid visa if foreign national.
- Minimum age required is 18 years to open the account independently.
- No maximum age limit is applicable.
- Address and identity proof documents required as per KYC norms like Aadhaar, PAN card, Voter ID etc.
- Minimum initial deposit is not required unlike other savings accounts.
- No restrictions on depositing and withdrawing amounts.
- Can add multiple holders in either single or joint accounts.
- Especially suitable for students, homemakers and other salaried individuals.
By fulfilling these easy criteria, anyone can walk into a Bank of India branch to open this versatile zero balance savings account.
Documents required to open Bank of India zero balance account
Opening a zero-balance account with Bank of India requires only basic Know Your Customer (KYC) documents for identification and address proof.
- Aadhaar card is mandatory under current KYC norms.
- PAN card copy is required if total deposits in a year exceed ₹50,000.
- Voter ID card, passport, driver’s license are accepted as identity proofs.
- Ration card, electricity/telephone bill, rental agreement can be used as address proof.
- One passport size photograph is also required for Indian bank zero balance account opening.
- In case of minor account, KYC of natural guardian like parent is necessary.
- Additional documents may be asked in special circumstances for verification.
Having these simple documents makes the account opening process quick and hassle free at any Bank of India branch across locations.
Bank of India zero balance account Welcome Kit
Once the account is successfully opened, Bank of India provides a welcome kit to new customers.
- An activation PIN is sent via SMS to start internet banking and mobile banking services.
- Debit card is delivered at registered address within a week of account opening.
- Personalized cheque book with initial free cheques is also dispatched.
- A passbook to maintain transaction history is given or sent by post.
- Key contact details and Indian bank zero balance account number flashcard is included.
- Guide showing usage of debit card, internet banking, securing information is inserted.
- Customers service number mentioned for 24×7 support.
- Message encouraging use of bank services through multiple channels.
This welcome kit helps customers to get familiarized with basic account operations and managing it conveniently.
Bank of India zero balance account Helpline
| Details | Information |
|---|---|
| Head Office | C-5, G Block BKC, Bandra Kurla Complex, Bandra East, C-5, Bandra Kurla Complex Rd, Bandra Kurla Complex, Bandra East, Mumbai, Maharashtra 400051 |
| Toll Free Number | 1800 103 1906 (toll free) |
| Landline Number | (022) – 40919191 (Chargeable number) 24X7 |
| Email ID | [email protected] |
Bank of India provides robust customer support through multiple channels for any queries or assistance.
The helpline numbers can be contacted from anywhere in India free of cost. Email queries are also attended promptly.
Final Word
In summary, Bank of India has made acquiring a basic savings account convenient by offering the Bank of India zero balance account opening online. Customers can enjoy benefits like free fund transfers, affordable banking services without worrying about balance requirements. The various digital channels and excellent customer support also ensure hassle-free banking anytime, anywhere. For those looking for a reliable savings partner, this account removes all barriers and aids towards accomplishing financial goals smoothly. Bank of India has been strengthening financial inclusion through such initiatives over decades.
FAQs
Yes, Bank of India or BOI offers zero balance savings account which does not require the customer to maintain any minimum balance. The zero-balance account from BOI is known as Small Account which can be opened by any individual above the age of 18 years.
Bank of India provides the facility of Indian bank online account opening zero balance savings accounts online through their website. Customers can conveniently open a new zero balance account from the comfort of their home by completing simple e-KYC process. All they need is their Aadhaar card and preferred mode of communication like mobile number. The online application process is fully digital and paperless.
Yes, many banks in India offer zero balance savings accounts to their customers. As per RBI guidelines, all Indian banks and NBFCs are allowed to provide basic savings bank deposit accounts with zero balance. PSU banks like State Bank of India, Punjab National Bank, Bank of Baroda and private banks like ICICI Bank, HDFC Bank provide zero balance savings account option to residents of India.
Bank of India stipulates no minimum balance for its savings account called ‘Small Account’. Customers are free from charges or penalties even if they do not maintain any fixed balance in this account.
Among various banks, State Bank of India and Bank of India are considered most suitable for zero balance savings accounts. While SBI offers Basic Savings Bank Deposit Account (BSBDA) without balance requirement, BOI provides additional benefits like online account opening and slightly higher yearly credit limits for small accounts.
Disclaimer
This article is solely for educational purposes. Stable Money doesn't take any responsibility for the information or claims made in the blog.
