Bank of India has upgraded its savings accounts to cater to the diverse needs of working individuals, families, singles, and students.
Rajneesh Karnataka, Managing Director and CEO of Bank of India, highlighted the institution’s commitment to expanding its savings customer base with these improved accounts, which come with several exciting features.
Key Benefits of the Upgraded Savings Accounts
Accidental Death Insurance: Customers will now enjoy accidental death insurance coverage of up to Rs 1.5 crore.
Air Accident Insurance: Savings account holders can secure air accident insurance of up to Rs 1 crore.
Platinum Savings Account Perks: Platinum Savings Account holders will have access to free locker facilities and an International Debit cum ATM card.
Loan Benefits: Customers can avail of concessional interest rates on retail loans, enjoy discounts on processing fees, and have a POS limit of up to Rs 5 lakh.
Interest Rate Changes for Fixed Deposits
Bank of India has also revised its Fixed Deposit (FD) interest rates, effective from October 1, 2023.
Common citizens can now benefit from interest rates ranging from 3% to 7.25% on FDs maturing in seven days to ten years.
Additionally, senior citizens will receive an extra 25 basis points (Bps) interest on FDs of less than Rs 2 crore with a tenure of 3 years or more, in addition to the existing 50 Bps interest.
These enhancements signify Bank of India’s commitment to providing valuable financial services to its customers.
