Bank of India

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About Bank of India (BOI)

Bank Of India
Bank of India was initially a private owned bank, when in it was established in the year 1906 on 7th September. After almost 63 years from its establishment, in the month of July, 1969, this Indian bank was transformed into a nationalized bank. Starting its operation with just 50 employees in a Mumbai based office, this bank has grown rapidly over these years. Presently, it has got a strong national as well as sizable international presence and is considered to be one of the premier nationalized banks in India. Apart from 3, 752 branches With more than 800,000 machines worldwide, ATMs have made hard cash just seconds away all throughout the day at every corner of the globe. Bank in India has even got one joint venture and three subsidiaries abroad.

The bank has 65 branches in Coimbatore Zone and all these branches were fully computerized. Of these 35 were connected to the 750 branches located in different parts of the country.

Bank of India opened an ATM at its Kurichi Industrial Estate branch premises. This is the third ATM of the bank in the city.

The bank has started introducing Biometric Automatic Teller Machines (ATMs) as it seems to be an effective way of preventing PIN theft and is also a channel to expand a bank’s reach to the rural & illiterate masses, according to Banknet India’s Report on Indian ATMs.

Its international footprints located in London, New York, Tokyo, Paris, Singapore and Hong Kong accounts for approximately 17.82 % of B. O. I.’s total business. This was the first bank from India to establish a foreign branch in 1946 in London and in 1974 at Paris in Europe. This Indian bank is associated with B. S. E. (Bombay Stock Exchange) since the year 1921.

Products and Services of Bank of India

In spite of being a public sector bank, this bank has got all kinds of products and services, which one can get in a modern bank. With their firm adherence to the policy of caution and prudence, they have been one of the leaders in introducing different kinds of innovative banking services and solutions. Following are the different services offered by B. O. I. in India:

Ancillary Services

Some of the popular supplementary services offered by the bank are as follows:
  • Depository Services
  • Gold Coin (New)
  • Insurance (Domestic travel, health, education etc.)
  • Mutual Fund
  • Remittance
  • Safe Custody
  • Safe Deposit Locker
  • Star Cash Management Service


Apart from the normal credit or debit cards, this bank even offers valued visa or master cards to its worldwide customers. The names of some of the cards offered by this Indian bank are given below:
  • Bank of India Master Card
  • Bank of India VISA Card
  • Gift Card
  • Platinum Debit Card
  • VISA Electron

Deposit Schemes

This bank offers varied types of deposit schemes like savings accounts, current accounts, salary accounts, fixed deposits, term deposits, recurring deposits, double benefit deposits, income certificates (Both quarterly and monthly) and many more. To name a few of these products are:
  • Jai Jawan Salary Plus Accounts (New)
  • Star Benefit C. D. Plus Accounts
  • Star Diamond Savings Account
  • Star Flexi Recurring Deposit Scheme
  • Star Power Salary Account
  • Star Sunidhi Tax Saving Deposit Scheme
  • Star Suraksha S. B. Plus Account

Bank of India Loans

The following are the names of the loans provided by the different branches of B. O. I. located all over the country:
Satr Autofin
The Scheme provides loan for purchasing 2/4 wheeler vehicles (like car, scooter, motorcycle etc.). Maximum amount of loan is ` 25 lacs, depending upon cost of vehicle & income of proponent, at attractive rates of interest and easy repayment plans.
Star Educational Loan
The Educational Loan Scheme aims at providing financial support from the bank to deserving/ meritorious students for pursuing higher education in India and abroad.
Star Holiday Loan
To meet the expenses (like airfare/Train/Bus charges, expenses for accommodation, sight seeing, etc.) for going for pilgrimage/tours/excursions etc. undertaken/to be undertaken by Self/spouse/children/ parents/family members/close relatives of proponent within India or abroad.
Star Home Loan
This type of Bank of India Loans provides loans to purchase a Plot for construction of a House, to purchase/construct house/flat, as well as for renovation/repair/alteration/addition to house/flat, furnishing of house, Takeover of customer's Housing Loan extended by other Banks/F.Is /NBFCs at highly flexible and liberal terms and conditions.
Star I. P. O.
To subscribe to Initial Public Offerings ( IPO ) including through book-building.
Star Mortgage Loan
This scheme provides loan/overdraft facility against mortgage of property at low rate of interest. The scheme is for people engaged in trade, commerce & business and also professionals & self employed, Prop. Firm, partnership firm, companies, NRIs and individuals with high net worth including salaried people, agriculturists and staff members. The product provides an opportunity to customers to borrow against a fixed asset (mortgage of property) at a short notice without much paper work/attendant hassles.
Star Mitra Personal Loan
The objective of this type of Bank of India Loans is to help Physically Challenged persons to function independently and the purpose is to purchase durable and sophisticated aids / appliances that promote their physical and social rehabilitation.
Star Pensioner Loan Scheme The target Customers of this type of Bank of India Loans are the Regular Pensioners or Family Pensioners drawing regular monthly pension through the branch and the eligibility is retired employees (other than dismissed/compulsorily retired).

Bank Of India Personal Loans

  • Star Personal Loan :
  • Under the Bank of India Personal Loan system the Star Personal Loan Scheme provides loans to meet various Personal requirements of customers and their family.
    Bank offers loans for marriage expenses, medical expenses, educational expenses, purchase of consumer durables etc. Maximum quantum of advance is Rs.10.00 lakhs, depending upon the income, with very attractive interest rate and easy repayment plan.
  • Star Mitra Personal Loan
Under this scheme of the Bank Of India Personal Loan system the following are stated:
  • Objective :To help Physically Challenged persons to function independently.
  • Purpose :To purchase durable and sophisticated aids / appliances that promote their physical and social rehabilitation.
  • Eligibility : All Physically Challenged Individuals-both salaried and self-employed,All Physically Challenged Minors through their Parents/Legal Guardians.(No advances to middle-men and NGOs).
  • Type of Advance :Demand / Term Loan - Secured.
  • Amount :Max. ` 1 lac (No minimum stipulation).
  • Eligible Amount : 10 times of net salary for salaried persons and 50% of net annual income as per latest Income Tax Return for Self-employed/Professionals.Net take home income should not be less than 40% after availing this loan. (In case of Minors, the income of the Parents/Legal Guardians would be the deciding criteria for eligibility).
  • Margin :10%
  • Repayment :12 to 60 months,commencing one month after full disbursement/three months after first disbursement, whichever is earlier.
  • Rate of Interest : At 9% p.a.(Fixed Rate compounded monthly, on daily reducing balance basis).
  • Security :Hypothecation of the Equipment purchased out of Bank Finance
  • Insurance : Waived. However, borrower is advised to obtain insurance at his own cost.
  • Processing Charges : Waived.
  • Other Terms and Conditions :
  • 1. Doctor's Certificate to be obtained regarding the extent of handicap and the need for the equipment.
    2. Quotation/Invoice in respect of the equipment to be purchased.
    3. Stamped receipt to be submitted after purchase of the equipment.

Bank Of India Home Loans

Bank Of India Home Loans system is quite varied. There are various types of Loans that are provided by the Bank of India.

star Home Loans

  • Provides loans to purchase a Plot for construction of a House, to purchase/construct house/flat, as well as for renovation/repair/alteration/addition to house/flat, furnishing of house, Takeover of customer's housing loan extended by other Banks/F.Is /NBFCs at highly flexible and liberal terms and conditions.
  • Under the Bank Of India Home Loans services the maximum loan amount is ` 300 lacs and repayment ranges up to 20 years, with a very reasonable margin and nominal processing charges. No commitment /administrative charges.
  • The Home Loans are provided at very Competitive Rates Of Interest, currently available in the industry.
  • In the Bank Of India Home Loans system there are options for different EMI amounts for different periods during tenure of loan to suit the customers' repayment capacities. Prepayment of Loan permitted
  • Option for Floating as well as Fixed Rate of Interest.
  • Interest is calculated on daily balance basis which is of great advantage to customer as it results in lower interest amount.
  • Home Loans are given to NRIs as well as Persons of Indian Origin.
  • Simplified application form/procedures for convenience of customers, and speedy approvals.
  • Free Personal Accident Insurance Cover
  • Life Insurance Cover to borrowers for Loan Protection(optional)
The Bank's corporate personality and philosophy are fully reflected in the emblem, which is a five-pronged Star a harmonious blend of traditional and the functional. The elongated prong pointing upwards, conveys the Bank's drive to achieve ascending goals. The Star is a beacon and guide to those in need of direction.

N.R.I. Banking of BOI

Besides the different deposit schemes for N. R. I.s, this bank in India offers varied other types of international banking services, some of which are mentioned below:
  • F. C. N. R. (Foreign Currency Non-resident) Accounts
  • Forex Card
  • Integrated Treasury
  • N. R. E. (Non-resident External) Accounts
  • Star e-Remit

NRI Deposit Schemes:

Non Resident Indians (NRIs) have a choice of two schemes for depositing their savings with Bank of India, which are: -
  • Foreign Currency Non Resident (FCNR) Accounts
  • Non-Resident External (NRE) Accounts

NRI -Yield Enhancing Scheme:

BOI provides Yield Enhancing Schemes For NRIs at their Overseas Branches.

Foreign Currency Deposit Schemes:

  • Eligible Depositors: All individual Indian Residents will be allowed to open such account. However, the facility will not be available to corporate/partnership firm/trusts, HUF etc. registered / based in India.
  • Currency of the account: Account will be maintained in GBP, USD and EURO Currencies.
  • Nature of Account: Fixed Deposit for a period of 1 month (minimum) 3 months, 6 months and 1 year (maximum).
  • Minimum amount of Deposit:Minimum amount of deposit will be as follows : USD - 5000/- GBP - 5000/- Euro – 5000/-.

How Can A Open an NRI Account?

The easiest way of Opening An Account For an NRI would be to contact the nearest branch of Bank of India who would gladly assist in fulfilling the required formalities and opening an account. If Bank of India branch is away, then following documents may be sent to the branch where account is desired to be opened :-
  • Account may be introduced by an existing customer of the branch or may be verified by present banker or by Embassy Officials abroad.
  • Copies of important pages of passport (containing name, signature, birth-date, place/ date of issue, expiry date etc) duly authenticated by Notary Public/ Officials of Indian Embassy.
  • Two passport size photographs with signatures on reverse
  • Remittance for opening an account.

Online Services

The different kinds of online services offered by B. O. I. are as follows:
  • Bill Payment
  • Fund Transfer (Inter-bank)
  • Internet Banking
  • Mobile Banking
  • Share Trading
  • Tax Payment
  • Ticket Booking

Bank Of India USA

Bank Of India is a premier and one of the oldest Commercial Banks In India, with presence all over India as also in the world. The Bank was established in September 1906 and has been maintaining a position of pride among the top 5 commercial banks in the country. Today the Bank has over 2594 branches spread all over India and 23 branches/offices overseas - in 10 countries, spanning all time zones.
The Bank Of India USA branches, New York Branch and San Francisco Agency have been operating in the USA since December 1978 and December 1977 respectively. Bank Of India has been established in 1906 and is headquartered in Mumbai (Bombay), India with global assets of about USD 22 Billion.

It has a network of over 2524 branches spread over the length and breadth of India . Besides this, Bank Of India has branches in international commercial centers like London, Tokyo, Singapore, Hong Kong, Paris, etc. and is well-versed in international trade.

The BOI USA branches, New York and San Francisco have a team of banking professionals who come from different parts of India. These officers are very well-versed with the intricacies of India-Related Trade and having had adequate exposure in US, are familiar, confident, and comfortable, Doing Business The American Way. Since they have good rapport with key personnel in the Banking Sector In India, Bank Of India is in a position, unlike any other international bank here, to move things in India, should there be snags for any reason.

Services available at the San Francisco Agency to Send Money In India:

Export/Import Trade Services
  • Import/Export Bills for Collection
  • Standby & Commercial Letters of Credit
  • Trade Finance
Financial Assistance for Business
  • Commercial Loans
  • Lines of Credit
  • Participation/Syndication of Loans

Bank Of India USA OFFICES:

S.Raman - Chief Executive
Bank of India,
277, Park Avenue
New York,
NY 10172 Tel : 212-753-6100
Fax : 212-319-6347
Telex : 234444 BONY UR
Email: [email protected]
Mr.A.K.Handa - Vice President Bank of India San Francisco Agency
555 California St., Suite 4646
San Francisco CA94104
Tel No: 415-956-6326
Fax No: 415-956-6328
Telex : 356443/184938
E-mail: [email protected]

Bank of India Contact no. and Address

Star House
C - 5, "G" Block,
Bandra Kurla Complex,
Bandra (East), Mumbai - 400 051,
Maharashtra, India.
Tel.: + 91 – 022 - 66684444
E-mail: [email protected]

Bank of India Website

Last Updated on May 30, 2015