Bank of India Savings Account: Interest Rates, Minimum Balance and Key Benefits
Reviewed by: Fibe Research Team
- Updated on: 30 Oct 2025
Reviewed by: Fibe Research Team
A Bank of India Saving Account is designed to help customers save securely while earning steady interest. Known for its trusted banking services and wide range of account options, Bank of India (BOI) ensures flexibility, convenience and easy access to funds. From competitive interest rates to digital banking and Auto Sweep features, the bank provides multiple benefits for every type of saver.
Whether you are a salaried employee, student or retiree, opening a savings account with BOI helps you manage finances efficiently while growing your wealth.
The BOI interest rate on savings accounts for 2025 remains competitive among major public sector banks. The interest is calculated on the daily closing balance and credited quarterly, ensuring steady growth on your deposits.
Below is the updated rate structure based on account balances:
| Balances | BOI Saving Account Interest Rate (p.a.) |
|---|---|
| Up to ₹1 lakh | 2.75% |
| ₹1 lakh to ₹500 crores | 2.90% |
| ₹500 crores to ₹1000 crores | 3.00% |
| ₹1000 crores to ₹1500 crores | 3.05% |
| More than ₹1500 crores | 3.10% |
These rates allow depositors to earn more as their balances increase, offering flexibility to both retail and corporate customers.
BOI’s Auto Sweep Facility ensures that your idle funds do not remain unproductive. Once the account balance crosses a predefined limit (say ₹50,000), the surplus amount is automatically converted into a term deposit.
When the balance falls below the set threshold, the required amount is swept back to your savings account to maintain liquidity. This feature helps customers enjoy the higher interest of fixed deposits while keeping funds accessible.
BOI offers a range of savings accounts catering to different customer segments. Each type comes with unique benefits, making it easier for customers to select an account that best fits their lifestyle and financial goals.
Aimed at first-time account holders, the Pratham Savings Account offers essential banking services at zero or minimal balance. It is ideal for students, new earners or individuals looking for basic account functionality.
This is the Standard Bank of India savings account available to all customers. It offers easy access to funds, cheque book facilities and interest on daily balances.
Designed for retired individuals, this account provides convenient access to pensions with benefits like automatic credit of pension, nomination facility and free cheque books.
A family-oriented account that allows multiple family members to link their accounts for consolidated benefits. It includes features like group average balance maintenance and joint insurance cover.
Specifically designed for women, the Nari Shakti Savings Account offers higher withdrawal limits, discounted locker facilities and complimentary insurance benefits.
The BOI Savings Plus Scheme merges the features of a savings and term deposit account. It automatically transfers surplus funds into a fixed deposit, helping customers earn better returns while maintaining liquidity.
An upgraded version of the Savings Plus Scheme, this account provides enhanced flexibility with longer deposit tenures and preferential interest rates. It’s ideal for individuals or businesses maintaining large balances.
Here are some of the most notable features that make BOI savings accounts a preferred choice:
Interest is calculated daily and credited quarterly, ensuring regular earnings.
The BOI minimum balance depends on the location of the branch:
| Branch Type | Minimum Balance |
|---|---|
| Urban & Metro | ₹10,000 |
| Semi-Urban | ₹5,000 |
| Rural | ₹2,000 |
Failure to maintain this balance results in BOI minimum balance charges, which may range from ₹100 to ₹600 depending on the branch and shortfall.
BOI’s advanced digital banking ecosystem allows customers to handle almost every transaction online. Through StarToken-NG and BOI Mobile Banking, users can:
These services make managing a Bank of India online savings account simple and efficient from any location.
With its branches and ATMs spread out across the country, BOI offers one of the biggest banking networks in India, giving consumers convenient access to cash withdrawals, deposits and other banking services.
Customers receive instant alerts for every transaction to ensure transparency and security.
Documents Required
To open a BOI savings account, one needs the following documents:
For minors, pensioners or NRI accounts, some other documents like guardian information, pension ID or a copy of the passport may be asked.
Opening a Bank of India savings account can be done both online and offline, providing flexibility to all customers.
This process enables you to open a Bank of India online savings account within minutes, offering a completely digital and paperless experience.
Understanding the Bank of India charges list ensures smooth account management and helps avoid unnecessary deductions.
| Service Type | Charges (Approx.) |
|---|---|
| Non-maintenance of Minimum Balance | ₹100 – ₹600 per month |
| Cheque Book (beyond free limit) | ₹3 per cheque leaf |
| ATM/Debit Card Replacement | ₹200 |
| SMS Alerts | ₹15 per quarter |
| NEFT/RTGS (Online) | Free |
| Demand Draft Issuance | ₹2 per ₹1,000 (minimum ₹20) |
Charges vary depending on the account category and branch type. Customers are encouraged to review the updated fee schedule periodically.
Even with a well-managed savings plan, unexpected expenses can arise. That’s where Fibe steps in. With instant personal loans of up to ₹5 lakhs, Fibe enables you to meet financial needs quickly and seamlessly. The process is 100% digital, requires minimal documentation and offers attractive interest rates.
So, while your savings continue to grow safely with BOI, Fibe ensures that you never have to pause your plans.
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The BOI minimum balance requirement is ₹10,000 for metro and urban branches, ₹5,000 for semi-urban and ₹2,000 for rural areas.
Yes, BOI offers a Basic Savings Bank Deposit Account (BSBDA) that allows you to maintain a zero balance while still enjoying essential banking services.
The daily ATM withdrawal limit for standard accounts is ₹25,000, while premium accounts may allow up to ₹50,000. Online fund transfers are subject to limits set by the user.
