Bank Of India (BOI) Saral Salary Account

Salary accounts are payroll accounts with many features that are available to employees as well as employers. These accounts provide organisations with an easy and convenient way to process their employees' salaries. The Bank of India provides services to corporate, commercial, and rural areas and other customers.

The Saral Salary Account is one of the accounts that BOI provides to its clients. Read on to learn more about it and what its top features and benefits are.

What is a Salary Account?

A salary account is a bank account in which employees deposit their employer's monthly pay. The salary accounts of all large corporation employees are opened through partnerships with particular banks.

These accounts provide interests, so the account owner receives interest on the amount kept there. Interest is usually generated every day and transferred into the account once every three months.

The following are some of the most frequent advantages and features of salary accounts, though they may differ among banks:

• Minimum Balance: Typically, a salary account has a negative balance. Account holders do not have to worry about keeping a balance of more than a certain amount or paying a fine. Because this account has no balance, salary employees have more financial freedom.
• Employees are given an ATM card that can be used to make online and offline debit card purchases and cash withdrawals from ATMs. Account holders also have smart contracts chequebooks for payment of checks.
• An easy way to get loans: banks offer salary account holders immediate access to a variety of loans. Suppose your salary account is in the same bank as your bank account, regardless of whether you're applying for a personal loan, auto loan, or mortgage. In that case, the process of documentation will be streamlined and accelerated. Even interest rates are typically lower for those who already have an account.

• Account holders can use online fund transfers and phone banking to send and receive money from anywhere in the world. As a result, no cash or checks must be withdrawn or deposited to complete the fund transfer. Some banks also offer phone banking services, allowing customers to manage transactions while relaxing at home.
• A Demat account can be interconnected to an account for trading and stock investments.

In the section below, information pertaining to the BOI Saral Salary Account has been provided for an understanding of the same.

BOI Saral Salary Account

The Saral Salary Account is one of the accounts that BOI provides to its clients. Employees of the State and Central Governments are the only group for whom the Saral Salary Account was designed.

The following are BOI Saral salary account benefits:

• The advantage of keeping a zero balance in the account belongs to the account holder.
• Free services offered include the monthly account statement, mobile banking, and online banking.
• At BOI ATMs, account holders are permitted an unlimited number of transactions.
• The BOI Saral Salary Account allows account holders to access a free missed call service to find out their account balance.
• Utility bills can be paid online through the bank's internet banking services.
• Account users can take advantage of a 50% discount on the processing fees for personal, auto, and home loans.
• 100 free cheque leaves are distributed by the bank each financial year.
• Employees who have worked for at least six months and have a net monthly pay of at least Rupees 10,000 are eligible to apply for their Gold Credit Card. Employees who have worked for at least six months and have a net monthly pay of at least Rupees 25,000 are eligible to apply for a Gold International Credit Card. The account holder receives both credit cards for no additional cost.
• Account holders can obtain term insurance coverage through the Saral Salary Account at cost-effective rates. Most term insurance coverage providers give clients the option of purchasing a plan with an insured sum of up to Rupees five lakhs. These term insurance plans have comparatively lower monthly premium payments. No medical certifications must be submitted in order to apply for the term insurance plan. Account holders may also apply for term insurance policies until age 65.
• BOI customers can submit their income tax returns online through the bank's internet banking platform.
• If they pass away due to an accident, account holders are covered by an event of death insurance. The insurance coverage is a component of the group insurance plan acquired by the account holder's company, a government agency.

Let us now look at the types of Bank of India Saral Salary Account types.

Bank of India Salary Account Types 

A salary account is a sort of bank account explicitly created for workers who get monthly pay, as the name implies. For personnel working in the public, commercial, paramilitary, and other fields, the Bank of India offers four such salary accounts.

Corporations and businesses can open such Salary Accounts on their behalf, allowing each employee to have their own Account.

There are four different Bank of India salary account choices, including:

BOI Salary Plus Account Program

Under this program, employees in various industries can choose from three different types of salary accounts. which are:

1. Paramilitary groups:

Eligibility: All employees on the regular payroll of the Paramilitary forces (minimum take-home pay of Rupees ten thousand 10,000/- per month) such as CRPF; Border Security Force; Central Industrial Security Force, NSG; Assam Rifles etc.

Group Personal Accidental Death Insurance Cover:

• Group Personal Accidental Death Insurance Coverage of Rs 50 Lakh* Permanent Total Disability (as defined in the Insurance Policy) Coverage of Rs. 50 Lakhs.
• 50% Permanent Partial Disability Coverage of up to Rs.25 lakhs.
• Rs. 1 crore in air accident insurance
• Rs. 2 lakh in education benefit (for cases resulting in death/PTD)
• Cashless Hospitalisation up to Rs. 1 lakh (for cases resulting in Death/PPD/PTD)

Free Cheque Leaves: 25 per quarter

2. For government sector employees

Eligibility: All accounts whose salary accounts are to be opened must have a minimum take-home salary of Rs 10,000/- per month. All regular employees of Central and State Government Universities and Colleges affiliated with Universities.

Group Personal Accidental Death Insurance Cover:

• Group Personal Accidental Death Insurance Coverage of Rs 50 Lakh* Permanent Total Disability (as defined in the Insurance Policy) Coverage of Rs. 50 Lakhs.
• 50% Permanent Partial Disability Coverage of up to Rs.25 lakhs.
• Rs. 1 crore in air accident insurance
• Rs. 2 lakh in education benefit (for cases resulting in death/PTD)
• Cashless Hospitalisation up to Rs. 1 lakh (for cases resulting in Death/PPD/PTD)

Free Cheque Leaves: 25 per quarter

3. For private-sector employees

Eligibility: At least 70% of all private sector employees on a regular payroll of a minimum take-home salary of Rs 10,000/- per month.

Personal Accidental Death Insurance Cover for the Group

5 lakhs of rupees in group personal accident death insurance (bank-paid premium) (Bank has enhanced coverage from Rs. 2 Lakhs to Rs. 5 Lakhs w.e.f from 01.01.2015).

Cheque Leaves: 100 free cheque leaves are offered each year.

 BOI Saral Salary Account Scheme

• Eligibility: All employees on regular payroll of any institute (State/ Central Govt./ Private sector etc.).
• It is a Savings Account with a Zero Balance.
• It provides up to Rs. 1 lakh in Personal Accident Death Insurance.

Jai Jawan Salary Plus Account For Defence Personnel

Eligibility requirements: All permanent employees of the Defence Forces.
It is a Savings Account with a Zero Balance.

Bank of India Star Gurukul SB Account 

Eligibility: All employees, both teaching and non-teaching, at schools, colleges, universities, and other institutions of higher learning

For groups, Personal Accident Death Insurance is Rs. 5 lakh.

It is a Savings Account with a Zero Balance.

The section below discusses the eligibility criteria for the Bank of India Saral Salary Account.

BOI Saral Salary Account Eligibility

Eligibility for Boi Saral Salary Account is:

All employees on the regular payroll of any organisation (Central Government, State Government, Public Sector Undertaking, Private Sector, etc.) with at least 10 employees and average take-home pay of at least Rs. 5000 per month are eligible. The section below denotes the various codes assigned to the types of employees applicable for this account:

• 0202 for Central and State Government Employees, Academic Institutions, and Colleges Affiliated with Academic Institutions
• 0203 Workers from Public Sector Organisations
• 0204 Private Sector Workers (to be approved by the Branch Manager)

Documents Needed to Start a Salary Account With BOI

The following documents must be submitted to BOI to open a Saral salary account to ensure a smooth A/C opening process. The list of necessary documents is as follows:
1. Identification Documentation
2. Proof of Residence
3. Photographs in passport size
4. Account opening form available online or at the bank

For the above-mentioned ID and address proof following documents are accepted:-

a) PAN Card

b) Aadhaar Card

C) Voter Identity Card

d) Passport (for NRI applicants passport is mandatory)

e) Driving License

f) MGNREGA Card

g) Letter issued by the National Population Register containing details of names and addresses

For permanent address / residential proof following documents are acceptable

a) Utility bills not older than two months

b) Property or municipality receipts

c) PPO of FPO issued to retired employees if they contain the address

d) Letter of allotment of accommodation issued by State / Central Government, Statutory or Regulatory Bodies, Public Sector Undertakings (PSU), SCB, FI, Listed Companies, Leave and License Agreement with such employers allotting official accommodation.

How To Open a Savings Account with BOI?

The following procedure makes opening a Bank of India Savings Account simple:

1. Download application form online from Bank Of India official website.

2. After filling out the form, one should print out and sign the application form.

3. After that, you must attach all of the paperwork specified in the preceding step. All documents must be properly authenticated and verified by reputable banks or the Indian Embassy.

4. To submit, go to the closest branch.

BOI Savings Interest Rates

Bank of India Savings Interest Rates 2022:

Account Balance	Interest Rate
Up to Rupees one lakh	2.75% p.a.
Exceeds Rupees one lakh	2.90% p.a.

Special Features of BOI Salary Account

The special features of the Bank of India Saral Salary Account have been mentioned below:

1. Minimum Balance Required - This is a zero-balance account, hence no minimum balance is required to be maintained.
2. Free Personal Accident Death Insurance Coverage of Rs. 1 Lakh under Group Personal Accidental Death Insurance.
3. Internet banking and mobile banking are available, as are Star Sandesh, RTGS, and NEFT payments made using Internet banking.
4. Cheque Leaves: Boi in clearing accepts checks at all of its branches. 100 free cheque leaves are offered each year.
5. Pay orders / Demand Draft:1 free DD or PO with a monthly cap of Rs. 50,000.
6. Processing fees for Loans: Processing fees for personal loans, car loans, and home loans are all 50% waived.
7. Share Trade Star: (3 in 1 account) Online share trading, Demat, and SB is available. Waived Annual Maintenance Fees on Demat (during first FY).
8. There is a monthly statement or passbook accessible.
9. Credit Card: Employees having a net monthly salary of at least Rs 10,000 will receive a free gold credit card.
   Free Gold International Credit Card is offered to employees with a net take-home pay of at least Rs 25,000 during the previous six months.
10. Internet-based Tax Return Service: Under a tie-up agreement, discounted rates are available. On the BOI website, you can file it.
11. Group Term Insurance Covered by SUD Life: Attractive rate for SUD Life Group Term Insurance Cover. The key characteristics are wider admission age range, up to 65 years old; optional sum assured up to Rs. 5 lakhs; easy enrollment process with a one-page form; no medical exams necessary; affordable premium prices.
12. Other Incentives: ATM usage at BOI machines is limitless; free missed call notification service for balance queries and free Online Utility Bill Payment Service.

Conclusion

One of the nation's most reputable nationalised banks is BOI. All of its clients receive services that are updated and upgraded on a regular basis. Salary accounts are one of the bank's many services to its clients.

The Bank of India offers various benefits of having a salary account, such as zero balance account, no monthly average balance charges, net banking and various other benefits.

Frequently Asked Questions (FAQs)

How Reliable Is the Bank of India for Salary Accounts?

Regarding the Bank of India Salary Account, it offers some beneficial characteristics for those who have one, including a zero balance account, no transaction fees, free overseas debit cards, free telebanking, and SMS. Up to 100 free check leaves are offered each year.

Is My Salary Account Usable for Personal Expenses?

You can read about some of its many advantages here. Accepting anything other than your salary, including checks and cash deposits, from anyone is not required. It functions similarly to a savings account in that you can take money out of it.

What Does BOI Salary Account Mean?

A salary account is a sort of bank account explicitly created for workers who get monthly pay, as the name implies. For personnel working in the public, commercial, paramilitary, and other fields, the Bank of India offers four salary accounts that cater to each category mentioned.

What Is the BOI Salary Account’s Minimum Balance?

The advantage of keeping a negative balance belongs to the account holder. Free services offered include the monthly account statement, mobile banking, and online banking.

How Many Different Sorts of Accounts Does BOI Offer?

To meet its clients' various demands, the Bank of India offers up to 9 different types of savings account alternatives. One may use features like internet banking, mobile banking, incentives on credit card purchases, and more with BOI savings accounts.

How do savings accounts and salary accounts differ from one another?

Essentially, a salary account is a type of savings account. A savings account can be opened by salaried and non-salaried people, whereas a salary account requires that you be an employee in the public, private, or government sector.

Since the primary function of a salary account is to credit salaries, it also has a zero balance. Unless otherwise specified by the provider, the interest rates on a salary account are the same as those on a savings account.