The Bank of India has revamped its savings accounts, adding new features and insurance protection. Check specifics

 The Bank of India has revamped its savings accounts, adding new features and insurance protection. Check specifics

The Bank of India has improved its savings accounts for all customer groups, including households, single people, young people, and others. "The bank is poised to grow its Savings its clientele rather with these newly upgraded Savings Accounts, which are now equipped with the finest features, incentives & insurance cover," stated Rajneesh Karnatak, MD & CEO of Bank of India.

Group Personal Accident Death Insurance Cover up to Rs. 150 lakh is included in Bank of India's upgraded savings accounts, as is Air Accident Insurance up to Rs. 100 lakh.

For holders of Gold & Diamond savings accounts, there is a discounted locker facility.

Free locker space Owner of a platinum savings account

ATM card for international debit transactions with widespread acceptance

Concessional interest rates for consumer loans

Processing fees for retail loans are waived.

 Free credit card issuing

Increased POS usage limits of up to Rs. 5,000,000 and free credit card issuing with a variety of AQB.

Rajneesh Karnatak stated, "We are certain that the enhanced Savings Account, which now very effectively addresses the savings, convenience, protection, and insurance needs of our consumers, coupled with enticing features in the form of numerous concessions.

These tools are accessible to both new and returning customers who join the Bank through any channel, he continued.

The Bank of India changes the interest rate on fixed deposits (FDs).

General public fixed deposits with maturities ranging from seven days to ten years are offered by Bank of India at interest rates ranging from 3% to 7.25%. The website of the Bank of India states that these rates will be in force as of October 1, 2023.

For all tenors of three years and longer, the lender stated on its website, "An incremental rate of interest of 25 bps, over & above what is currently 50 bps will be paid to Senior Citizens on their commercial TDs (Less than 2 crore)."