Bank of India Unveils Enhanced Savings Accounts with Attractive Benefits
The enhanced Savings Accounts now include a comprehensive Group Personal Accident Death Insurance Cover, offering coverage of up to Rs. 150 Lakhs.
Mumbai: Bank of India, one of India's leading Public Sector Banks, has introduced an upgraded range of Savings Accounts tailored to cater to a wide array of customers, including salaried employees, households, individuals, and youth.
The enhanced Savings Accounts now include a comprehensive Group Personal Accident Death Insurance Cover, offering coverage of up to Rs. 150 Lakhs. Additionally, customers will benefit from air accidental insurance with coverage of up to Rs. 100 lakhs, a discounted locker facility for Gold & Diamond Savings Account holders, which is free for Platinum Savings Account holders, and an International Debit Cum ATM card with global accessibility and acceptance.
Furthermore, account holders can enjoy preferential interest rates on Retail Loans, a waiver of processing charges on Retail Loans, complimentary issuance of Credit Cards, increased usage limits of up to Rs. 5.00 lakhs on point-of-sale (POS) transactions, and free issuance of Credit Cards with varying Average Quarterly Balances (AQB).
Shri Rajneesh Karnatak, MD & CEO of the Bank, officially launched the upgraded Savings Accounts during a Zonal Manager's conference on October 9, 2023. He expressed his confidence that these enhancements would attract a broader customer base and drive digital onboarding of new customers. With a healthy CASA ratio (Current Account Savings Account), the bank is actively working to diversify its customer base across all segments of society. Karnatak emphasized that the upgraded Savings Account now offers customers a comprehensive solution for savings, convenience, protection, and insurance needs, coupled with attractive features and various concessions.
As part of its ongoing commitment to meeting the banking and financial needs of its customers and the general public, Bank of India believes that these product and process improvements will expedite the acquisition of new Savings Account Customers. These features are available to both existing and new customers, regardless of the onboarding platform.
