March 27, 2026

Bank of India (BOI) Savings Account: Interest Rates, Minimum Balance, & Opening Online

Savings accounts are one of the most basic types of bank account that allows you to invest and keep your money safe. You can transfer, withdraw and deposit your money to this account whenever required. If you are planning to open a savings account that offers multiple benefits, you can opt for the Bank of India Savings Account.

It offers attractive interests, feasible features, and many other additional benefits to enhance customer experience. Read along to know about its types and features in detail.

What are the Different Types of Savings Account in the Bank of India?

Bank of India offers a huge range of savings accounts to cater to the requirements of its account holders. Take a look at the following types of savings accounts in the Bank of India along with their features:

Savings Bank Ordinary Account

You can open an ordinary savings bank account with the Bank of India individually or with another person as a joint account. Minority, illiterate, associations, and even blind people can open this joint savings account and can avail nomination facility as well. Here are some more features of the same:

     A minimum quarterly balance of ₹500 needs to be maintained for chequebook accounts and ₹100 for non-chequebook accounts.

     Non-maintenance charges are applied.

     Unlimited ATM transactions (BOI ATMs only), free utility payments, internet banking, online income tax return filing, personalized chequebooks on request, etc., are available.

BOI Savings Plus Scheme

The Savings Plus Scheme comes with the features of term deposits and savings accounts with a nomination facility. Take a look at its distinctive features:

     You need to maintain a minimum balance of ₹50,000 in the savings account section and ₹10,000 for a term deposit.

     If your savings account exceeds ₹50,000, the excessive amount will be transferred to the fixed deposit scheme.

     In case of non-maintenance of the minimum balance, you need to pay a charge of ₹200 per quarter.

BOI Super Saving Plus

You can open a Super Saving Plus account individually or jointly. Any Indian resident, whether minor, illiterate, blind, etc., can open this Bank of India savings account. Here are some of the notable features of this savings account scheme:

     You need to deposit an initial amount of ₹2 lakh to open this account.

     You need to maintain an average quarterly balance of ₹5 lakh.

     You need to pay ₹350 per quarter if you fail to maintain the minimum balance.

     Auto-sweep, advance money, and nomination facilities are available.

BOI Star Yuva Account

As the name suggests, this savings account scheme is specifically for the country’s young generation. Know more about its features:

     You can open this savings account if your age is between 21 to 35 years with an initial deposit of ₹5,000 for metropolitan cities and ₹2,500 for semi-urban and rural branches.

     It offers facilities like net banking, fund transfer through NEFT/RTGS, utility payments, and reward points upon using debit cards for cash withdrawal from BOI ATMs.

     You will earn 20 reward points on opening recurring or fixed deposits.

     Complimentary personal accident cover of up to ₹50,000 for 18 to 21 years and ₹5 lakh for customers above 21 years of age is available.

BOI Star Mahila SB Account

Female candidates above 18 years of age group are eligible for opening a Star Mahila SB account. If you are a salaried government employee or self-employed entrepreneur, doctor, etc., you can apply for this savings account. Here's more on its features:

     You don’t need to maintain any minimum balance but the average quarterly balance of ₹5,000 should be maintained.

     The bank will issue 6 free demand drafts in a month and provide a personalised chequebook of 50 pages.

     You need to pay a penalty for non-maintenance of the quarterly balance.

     It covers up to ₹5 lakh personal accident and death insurance.

BOI Star Senior Citizen SB Account

Citizens above 57 years of age who draw a pension from other banks can apply for this star senior citizen SB account. You can open this account individually or joint basis. Scroll down to know more about its features:

     You need to maintain an average quarterly balance of ₹10,000 but there’s no requirement for minimum daily balance maintenance.

     The bank issues a personalised chequebook of 50 pages in a year and 6 DDs per quarter for free of cost (but you need to maintain the minimum balance).

SB Account for Pensioners

Senior citizens drawing pensions through Bank of India can open this savings account single or joint basis. Here are some more about its features:

     You don't need to maintain any minimum balance on a daily or average balance quarterly.

     Banks will provide you with a personalised chequebook and 6 DD or pay slips quarterly free of cost.

     It offers an overdraft facility equal to the pension amount of 2 months.

     You don’t need to pay for the Demat account maintenance fee.

     Offers a group personal accident death insurance cover of up to ₹5 lakh.

Diamond Savings Bank Account

You can open this savings account in Bank of India to avail the following perks:

     You need to maintain an average quarterly balance of ₹1 lakh but there is no requirement for an initial deposit minimum balance.

     You can transfer funds using [**RTGS**](https://upstox.com/banking/what-is-rtgs-meaning-full-form-timings-charges-and-transfer-limit/) or [**NEFT**](https://upstox.com/banking/what-is-neft-meaning-timings-full-form-charges-and-how-to-transfer-money/) banking without paying any additional charges.

     You can receive free chequebooks and don’t need to pay any debit entry charges.

     The bank offers a 100% waiver on home, car, and personal loan processing charges but your account should be active in this category 6 months before the loan sanction date.

Star Suraksha SB Plus Account

You can open this savings account individually or with someone jointly. Every Indian citizen and NRI is eligible to open this account except for minors. Here are some of the best features of this savings account:

     You need to maintain an initial balance and an average quarterly balance of ₹500.

     The bank will charge a penalty upon non-maintenance of the minimum balance.

     You can avail online IT return filing, utility bill payment, one DD up to ₹25,000, and group personal accident and death insurance cover of up to ₹50,000.

What is the Bank of India Interest Rates on Savings Account?

Bank of India savings account interest rate varies according to the account balance of an account holder. If you maintain an account balance of up to ₹1 lakh, you will receive an interest of 2.75% p.a. However, if the account balance is above ₹1 Lakh, you can earn interest of 2.90% p.a. These rates of interest have been effective since January 2023.

Final Words

You can open a Bank of India savings account to avail multiple attractive benefits and rewards. Moreover, opening an account with the Bank of India is extremely hassle-free if you follow the online procedure. All you need to do is log in to their official website and follow the instructions as mentioned.