Bank of India Saving Account Interest Rate
Bank of India was founded on 7th September, 1906 by a group of eminent businessmen from Mumbai. The Bank was under private ownership and control till July 1969 when it was nationalised along with 13 other banks.
Beginning with one office in Mumbai, with a paid-up capital of Rs.50 lakh and 50 employees, the Bank has made a rapid growth over the years and blossomed into a mighty institution with a strong national presence and sizable international operations. In business volume, the Bank occupies a premier position among the nationalised banks.
The Bank has 4467 branches in India spread over all states/ union territories including specialized branches. These branches are controlled through 50 Zonal Offices. There are 54 branches/ offices and 5 Subsidaries and 1 joint venture abroad.
The Bank came out with its maiden public issue in 1997 and follow on Qualified Institutions Placement in February 2008. . Total number of shareholders as on 30/09/2009 is 2,15,790.
While firmly adhering to a policy of prudence and caution, the Bank has been in the forefront of introducing various innovative services and systems. Business has been conducted with the successful blend of traditional values and ethics and the most modern infrastructure. The Bank has been the first among the nationalised banks to establish a fully computerised branch and ATM facility at the Mahalaxmi Branch at Mumbai way back in 1989. The Bank is also a Founder Member of SWIFT in India. It pioneered the introduction of the Health Code System in 1982, for evaluating/ rating its credit portfolio.
Presently Bank has overseas presence in 20 foreign countries spread over 5 continents – with 53 offices including 4 Subsidiaries, 4 Representative Offices and 1 Joint Venture, at key banking and financial centres viz., Tokyo, Singapore, Hong Kong, London, Jersey, Paris and New York.
|Bank has revised rate of Interest on Domestic Term Deposits as follows:-|
|Domestic Rupee Term Deposits (Card Rate) (% p.a.)|
|* Minimum Deposit Rs.1 Lac|
|For deposits of Rs.10 crore and above ,Please contact the branch.“Branches shall seek prior approval from Bank of India, Treasury Branch for quoting rates for deposit of Rs.10 crore and above even at card rate”.* 8.85% was for deposits of Rs.50 Cr & above.|
Senior Citizens (Including Senior Citizen Ex-staff) :
There will not be any penalty on Premature Withdrawal on domestic rupee deposits. In case of premature withdrawal interest applicable for the appropriate run period will be paid.
The applicable rate of interest on the date of acceptance of deposit for the actual period which the deposit has remained with the bank or contracted rate of interest whichever is LOWER.” No interest will be paid for premature withdrawal below 7 days in case of term Deposits and below 3 months in case of recurring deposits.
|Domestic Rupee Term Deposit Rate|
|Effective Annualized Rate of Return (Indicative only):In keeping with Reserve Bank of India guidelines to provide information on effective annualized rate of return on deposits of various maturities, we give below the effective annualized rates of return on Bank’s cumulative deposit schemes, under the Re-investment Plan, on quarterly compounding basis: (% p.a.)|