BANK OF INDIA products, services and reviews

About BANK OF INDIA

Bank of India is a government-owned public sector bank founded in 1906 in Mumbai and nationalised in 1969, with headquarters in Mumbai and equity listed on NSE and BSE. It operates a large domestic network of branches and ATMs across metro, urban, semi-urban and rural centers, and maintains an international footprint through branches, subsidiaries and joint ventures across Asia, Europe, Africa and North America. The bank offers retail and corporate banking products including savings, current, salary and NRI accounts; term deposits including tax-saver options; loans such as home, vehicle, personal, gold, education, agriculture and MSME credit; trade finance, cash management, treasury and foreign exchange services; and distribution of third‑party insurance and mutual funds under the Bank of India Mutual Fund brand. Digital channels include internet banking for retail and corporate users, the BOI Mobile app, UPI payments, IMPS, NEFT and RTGS, with two‑factor authentication, device binding and OTP controls; account opening is available at branches and via digital onboarding with e‑KYC where eligible. Card offerings cover RuPay/Visa debit cards and select credit cards, along with contactless payments and Bharat BillPay for utility payments. Loan pricing is generally linked to external benchmarks such as the policy repo rate with periodic resets, while deposit and savings rates are tiered by tenure and balance and revised from time to time; fees and minimum balance requirements vary by account variant and are published in the bank’s schedule of charges. The institution handles government business including pensions, tax collections and direct benefit transfers, participates in financial inclusion schemes (Jan Dhan, PMJJBY, PMSBY, APY and MUDRA), and serves NRIs with NRE/NRO/FCNR deposits and remittance services. Customer support is provided through branches, contact centers, email and online grievance redressal with escalation to an Internal Ombudsman and the RBI Integrated Ombudsman Scheme as applicable. As a regulated scheduled commercial bank, deposits are insured by DICGC up to the statutory limit and capital and liquidity are maintained under Basel III norms; asset quality, profitability and capital ratios have shown improvement in recent years, though performance remains sensitive to economic conditions and borrower credit cycles. Bank suitability depends on access to its network, product fit and pricing, and prospective customers should review the latest rates, charges and service terms on the bank’s official channels before opening or borrowing.