India has a diverse banking system with many banks spread across the country. People must learn how to save and it is the obligation of the government to encourage its people to save money by opening a savings account in the bank.
By saving in the bank, depositors can earn interest from their deposits and they can put their money in a secure place. All deposits in the bank are insured by the government, meaning you will not lose money even though the bank went to bankruptcy.
Introduction to Bank of India
Bank of India is a government-owned commercial bank with headquarters located in Mumbai. BOI was founded in 1906 and nationalized in 1969. It is India’s 4th largest bank among the nationalized banks, after State Bank of India, Punjab National Bank and Central Bank of India.Currently, it has 3358 branches, including 27 branches outside India. BoI is one of the banks in the world who founded of SWIFT (Society for Worldwide Inter Bank Financial Telecommunications), which carries out requirements of cost-effective financial processing and communication services.
Some of the financial products and services offered by Bank of India are the following: commercial banking, retail banking, private banking, asset management, mortgages and credit cards. Its current managing director is Mr. Alok Kumar Misra.
How to Open a Savings Account at Bank of India
If you want to apply for a savings account in Bank of India, you can see below the necessary requirements in opening a new bank savings account.Requirements for Opening a Bank Account in India
After preparing your documents and the money for initial deposit, you can now go to the branch nearest to your place to apply for an account. Fill up all forms that will be given to you and then handle it to the bank agent for checking and approval.
Bank of India has many branches all over India so it will not be a problem on what branch to choose from. It would be better to apply a savings account to the branch near your place or employment. In this way, you will be able to fix any problem that may arise in the future concerning your bank account.
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