Product Details
Bank Name
Bank of India
Account Name
Private Salary Account
Account Type
Salary account
Interest Rate
Upto ₹ 1.00 lakhs - 2.75% and above ₹ 1.00 lakhs - 2.90%
Free Debit Card
Visa Classic
Account Opening Fees
0
Annual Maintenance Fees
0
Minimum Account Balance
0
Debit Card Charges
0
NEFT Charges
Free if done through net banking/mobile banking
IMPS Charges
Free if done through net banking/mobile banking
Fees and Charges
Private Salary Account
Special Features
No minimum balance requirement.
No charges on online RTGS/ IMPS transactions.
Eligibility Criteria
All private sector employees/ corporate employees drawing regular salary.
Private sector employees of university, schools and colleges or any other such institution/ training colleges (training and non-training staffs).
Benefits
Features, Eligibility and Benefits
Pros & Cons
Pros
Zero minimum balance requirements.
Internet Banking/Mobile banking facility is available.
Group personal accidental death insurance cover of Rs.50 Lakh.
Permanent total disability cover of upto Rs.50 Lakh.
Permanent partial disability cover of upto Rs.25 Lakh.
Cons
Low interest rate,
No cashback or rewards benefits.
Application Procedure
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Product Review
Account Opening and Procedure
How to open an Account?
Here's how to open an Private Salary Account with Bank of India:
Visit a Bank of India branch: Go to the nearest branch and inform the bank representative that you want to open an Private Salary Account.
Provide necessary documents: You will need to submit the following documents:Identity proof: Passport, Aadhaar card, PAN card, Voter ID card, or driving license
Address proof: Passport, Aadhaar card, Voter ID card, or utility bills
Photographs: Two passport-sized photographs
Service proof: If you are serving personnel, you will need to provide your service ID card or a letter from your commanding officer.
Fill out the account opening form: The bank representative will provide you with an account opening form. Fill in the required details accurately.
Submit the documents: Submit the completed form and all the required documents to the bank representative.
Make an initial deposit: You may be required to make an initial deposit to open the account. The minimum deposit amount may vary.
Receive your account details: Once your account is opened, you will receive your account number, passbook, and other relevant details.