BOI Full Form- Bank of India

What is BOI? The full form of BOI is Bank of India. On September 7, 1906, a group of prominent Mumbai businessmen created the Bank of India (BOI). The Bank was privately owned and operated until July 1969, when it and thirteen other banks were nationalized. The Bank started off as a small organization with one office in Mumbai, 50 employees, and a paid-up capital of Rs. 50 lakh. Over time, the Bank grew quickly and became a powerful organization with significant domestic and foreign operations. Among nationalized banks, the Bank holds a leading position in terms of business volume. The Bank operates more than 5100 branches, including specialty branches, in all of India's states and union territories. Thirteen NBG Offices and 69 Zonal Offices oversee these branches. There are 45 branches and offices worldwide, comprising 1 representative office, 4 subsidiaries (20 branches total), 1 joint venture, and 23 own branches.

Bank of India Operations

The Bank released its first public offering in 1997, and in February 2008 it followed up with the placement of qualified institutions.

The Bank continues to be in the forefront of introducing a number of cutting-edge services and technologies while steadfastly upholding a policy of prudence and caution. Modern infrastructure and traditional values and ethics have been successfully combined to do business. Back in 1989, the Bank became the first nationalized bank to open a fully computerized branch with an ATM at the Mahalaxmi Branch in Mumbai. Additionally, the Bank founded SWIFT in India. In 1982, it was the first to introduce the Health Code System for assessing and rating its credit portfolio.

With 47 branches and offices, including 4 subsidiaries, 1 representative office, 1 joint venture, and other locations in major banking and financial hubs like Tokyo, Singapore, Hong Kong, London, Paris, New York, DIFC Dubai, and the International Banking Unit (IBU) at GIFT City Gandhinagar, the bank currently maintains a presence abroad in 15 countries across 5 continents.

The Products and Services of BOI

Accounts   

Savings Accounts: Everybody's daily needs are met by savings accounts, which also yield interest on daily amounts. 
Current Accounts: For metro branches, the minimum average quarterly balance (AQB) is Rs. 7,500; for urban branches, it is Rs. 5,000; and for semi-urban/rural branches, it is Rs. 2000. Withdraw cash from any branch other than the Base branch up to Rs 50,000 per day. Free NEFT/RTGS payment through Net Banking and free NEFT/RTGS collection. 25% of retail loan processing fees are waived  

Salary Account: An additional benefit savings bank account plan to satisfy the needs of salaried staff members. A salary account specifically designed for the police and military is the RAKSHAK SALARY ACCOUNT. A specific savings account created to meet the demands of all employees in the government sector is the GOVERNMENT SALARY ACCOUNT. All employees on the regular pay roll of the private sector have access to a private salary account.

Loans

Home Loans: BOI offers a variety of appealing products that satisfy your need for a luxurious house. At the very least, home loans come with interest. To make your life easier, BOI has carefully chosen a range of HOME loan solutions with additional perks.

Personal Loans: A variety of items are available to meet all the individual demands of customers. Personal loans have interest attached to them, at the very least. To make life easier for customers, BOI has carefully selected a range of personal loan options with additional perks. In contrast to credit cards, personal loans require a single, upfront cash payment from borrowers.

Insurance

Insurance Life Insurance: At the moment, Bank of India has partnerships with eight insurance companies in three different insurance segments: life, general, and health. The benefits of Life Insurance offered by BOI includes security, tax benefit, premium and insurance cover.