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February 6th, 2016, 01:13 PM
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Join Date: Mar 2012
Zero Balance Account in Bank of India

Firstly I would like to know if we can open zero balance account with Bank of India and if so please provide me the details?

Yes we can definitely open a Zero balance saving account with Bank of India which is called as BASIC SAVINGS A/C (No Frill).

FEATURES of the BASIC SAVINGS A/C (No Frill):



Adult Individuals can open account.

Firms / Joint accounts not entitled

Simplified Know Your Customer norms to be complied with

SB no-frill account to be opened with minimum Zero balances at all branches, subject to fulfilment of all other terms and conditions.”

Free Debit Cum ATM card issued at all CBS branches with Annual Charges applicable from next year

Withdrawals through ATMs & branch withdrawals - max two per month.

No third party withdrawals

Nomination is compulsory.

Interest @ 4.00 % p.a. Interested will be considered on daily products basis from 03.05.2011 and will be credited in the A/c in August and February every year or at the time of closing the A/c. Min. interest of Rs.1/- will only be credited.

Collection of cheques up to Rs. 5000/= into the account.

Free quarterly statement of account at Urban and Metro branches accessible. Pass books at Rural & semi-urban branches available.

No penalty for not maintaining Min balance.

No charges for closure of account and ATM Debit card to be surrendered.

Account can be changed into normal SB account by maintaining required minimum balance.

Branch Managers are delegated to issue 1 cheque book free to literate account holders.

Nomination Facility is available as per the banking norms

Address:

BANK OF INDIA
STAR HOUSE
C - 5, "G" Block,
Bandra Kurla Complex,
Bandra (East),
Mumbai 400 051.
Ph: 022-66684444

Last edited by Neelurk; May 16th, 2020 at 03:46 PM.
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