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Banks (Finance)

Bank of India Upgrades Savings Accounts with Enhanced Benefits

Strategic Insights

— 1 min read

The Bank of India has launched an upgraded version of its savings accounts, offering improved benefits and features to its customers, including salaried employees, households, individuals, and youth. The upgraded accounts come with a group personal accident death insurance cover of up to Rs.150 lakh, air accidental insurance of up to Rs.100 lakh, and other attractive features. Bank Managing Director and CEO Rajneesh Karnatak launched the upgraded accounts at a zonal manager's conference in Mumbai, expressing confidence that the new offerings will increase the bank's savings customers base and digital on-boarding of new customers.

Key Takeaways:

  • The upgraded savings accounts offer a group personal accident death insurance cover of up to Rs.150 lakh.
  • The insurance covers also include air accidental insurance of up to Rs.100 lakh.
  • The accounts come with a concessional locker facility for Gold & Diamond SB A/C holders and free facility for Platinum SB A/C holders.
  • The bank offers an international debit cum ATM card with global access/acceptance.
  • There is a concessional rate of interest on Retail Loan, and waiver of processing charges on Retail Loans.
  • Customers will also get free issuance of Credit Cards, with a higher usage limit up to Rs 5 lakh on POS & free issuance of Credit Cards with varied AQB.
  • The bank's e-platform for on-boarding Savings Customers is performing well, and the upgrade is expected to attract new customers.
  • The upgraded accounts aim to take care of customers' savings, convenience, protection, and insurance needs, along with attractive features like various concessions.

Statistics:

  • Up to Rs.150 lakh group personal accident death insurance cover
  • Up to Rs.100 lakh air accidental insurance cover
  • Concessional locker facility for Gold & Diamond SB A/C holders
  • Free locker facility for Platinum SB A/C holders
  • International Debit Cum ATM card with global access/acceptance
  • Concessional rate of interest on Retail Loan
  • Waiver of processing charges on Retail Loans
  • Higher usage limit up to Rs 5 lakh on POS & free issuance of Credit Cards
  • Expected growth in the bank's savings customers base with the newly upgraded savings accounts

Sources:

  • Bank of India release on Tuesday
  • HT Digital Content Services with permission from United News of India

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