Bank of India Savings Account Interest Rate & Minimum Balance 2025

Bank of India offers a variety of savings accounts with competitive interest rates and flexible minimum balance requirements. You can choose from multiple account types tailored to your financial needs. Understanding the current interest rates and balance criteria can help you select the most suitable Bank of India savings account and maximize your financial benefits.​

What is a Bank of India Savings Account?

A Bank of India savings account is a deposit account that enables individuals to store funds securely while earning interest from the balance. Their range of savings account plans provides customers easy access to funds through online banking, ATM withdrawals, and cheque books. These accounts are also easy to maintain and require a minimum balance. A savings account ensures liquidity and funds’ security.

Types of Savings Account in Bank of India

Here is a list of the Bank of India savings accounts:

How Much Minimum Balance is Required In Bank of India?

Bank of India provides a vast range of savings account schemes. Each of them has distinct minimum balance requirements:

*AQB refers to Average Quarterly Balance.

Features and Benefits of Bank of India Savings Account

Customers enjoy many benefits when they open a savings account in the Bank of India. Here are some of the benefits and features offered: 

• Free debit card for withdrawal benefits 
• Insurance coverage 
• Online mobile and Internet banking facility 
• Customised chequebook
• Utility bill payments and Epay 
• Online income tax returns 
• Unlimited ATM transactions.

How to Open a Bank of India Savings Account Online?

Here are the steps to open a Bank Of India savings account online:

• Visit the official website of Bank of India
• Click on the ‘Personal’ section on the homepage
• Select ‘Savings Account’ from the dropdown
• Browse the list of available savings account options and click on “Apply Now” for your preferred one
• Fill in personal details like name, date of birth, address, phone number, and email ID
• Upload KYC documents such as Aadhaar Card, PAN Card, address proof, and a passport-size photograph
• Submit the application form online
• Wait for the bank to verify your details and contact you for the next steps

Bank of India Savings Account Interest Rate 2025

Here is a list of interest rate of Bank of India in 2025:

*These rates are applicable to both regular and senior citizen accounts.

Bank of India Savings Account Interest Rate for Senior Citizens

The Bank of India saving account interest rate is uniform for all types of customers irrespective of their age. The highest interest rate per annum that a senior citizen can get upon opening a savings account at Bank of India is 3.10% (p.a).

Penalty for Not Maintaining Minimum Balance in Bank of India Savings Account

​Bank of India (BOI) imposes penalties based on the Average Quarterly Balance (AQB) or Average Monthly Balance (AMB) requirements, depending on the account type. If the required balance is not maintained, the system levies penal charges at the end of the respective period. Customers are notified of these charges through SMS alerts. ​

Final Word

The Bank of India offers attractive interest rates with its vast range of savings account options to cater to the different needs of its customers. Knowing the various interest rates for deposits and tenures can help you plan your financial savings strategically.

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