How to Open a Current Account in Bank Of India
If you want to keep our Business Transactions separate from your Personal Transactions then you need to open a current account. A current account is thus opened in the name of your business or company in order to make all its transactions segregated from personal ones. Further, it brings professionalism in your business and makes your financial transactions very convenient.
In India, there are Public Sector Banks, Private Sector Banks, Cooperative Banks, Gramin Banks, Foreign Banks, Small Finance Banks, Payments Banks, etc where you can open a current account. A current account facilitates transactions beyond the scope of a savings account or any other type of account.
Bank Of India is one of the very renowned banks in India with multiple of branches across different locations that provides you all the facilities and benefits of a Current Account.
Benefits of Opening Bank Of India Current Account
- Convenience
- Overdraft Facility
- Issuance of Cheque Book
- Online Transactions Facility like paying bills online
- Net Banking and SMS Banking Facility
- Safest, Securest and Fastest Internet Banking
- Convenience to withdraw and deposit cash at all the bank branches of your bank
- No Risk of Carrying Cash
Now after having understood the underlying benefits of opening Bank Of India current account, you may be most likely interested in know how to open a Current Account in Bank Of India? These days it has become very simple to open a Bank Of India account.
Further, it requires only 2 to 3 days to open the current account after you have submitted account opening form along with required documents. So now opening a Bank Of India current account is really just a matter of providing certain details, required documents and funding your account.
Eligibility Criteria for Opening Current Account in Bank Of India
Current Account in Bank Of India can be opened by any of the following entities:
- Individuals
- Hindu Undivided Family (HUF)
- Sole Proprietorship
- Partnership
- Private Limited Company
- Public Limited Company
- Trust
- Club
- Society
- Association
- Limited Liability Partnership (LLP)
- Foreign Institutional Investor (FII)
- Foreign National Residing in India
How to Open Current Account in Bank Of India?
If you want to open a current account in Bank Of India, you need to follow below mentioned steps:
Step 1: Check your Eligibility to Open Current Account
First of all check your eligibility to open current account.
Step 2: Visit the Bank Branch
You need to visit the bank branch in which you want to open your account.
Step 3: Fill up Account Opening Form (AOF) for Current Account
Get the Account Opening Form and fill up all the necessary details of the customer's information and other details in the different sections given in the form like name, address, contact number, email id, PAN, type of account to be opened, nominee's name, etc.
Step 4: Attach Required (Mandatory) Documents with the AOF
After completing filling up the account opening form, you need to attach KYC documents on the basis of type of account you are willing to open like savings account, current account, etc. These documents will also depend upon your status like Individual, HUF, Proprietor, Partnership Firm, Company, Trust, etc.
Bank Of India Current Account Documents Required
Step 5: Submit the Account Opening Form to the Bank
After attaching the necessary documents, submit the account opening form to the bank to process it.
Step 6: Verification of AOF & Other Documents by the Banker
Banker will verify AOF and other attached documents. If he is satisfied with these requirements, he/ she will proceed further.
Step 7: Deposit Minimum Balance Amount in the Account
After that you will be allotted an account number and you are required to deposit the minimum required balance in your account.
Step 8: Obtain Cheque Book, Passbook & Other Documents from the Bank
After that your account will be successfully opened and the banker will hand over Cheque Book, Passbook & Other Documents to you and then you will be allowed to make the transaction from your account.
If you follow above current account opening process, you can open your current account with ease.
How to Open Current Account in Bank Of India Online?
Most of the large banks offer you a facility to open Current Account Online through their website. You need to first check with Bank Of India website whether it offers the facility to open the account online. If it is providing you the facility to open the account online, then you can apply for the current account opening online also. It will be a faster process and your account will be opened in no time. Just keep all the required documents ready which need to be uploaded while filling up the application form for account opening.
Important Points Regarding Opening Bank Of India Current Account
- Select a nearby bank branch.
- Take the original KYC documents with you for verification purpose.
- Do keep your entity's stamp with you at the time of opening the account.
- For a single business, there cannot be multiple current accounts.
- Remember that a higher minimum account balance is required under a Current Account.
What are the Disadvantages of Current Account?
Disadvantage | Details |
---|---|
No or low interest | Current accounts generally don not offer any interest. In case they offer, the interest rate is lower than a savings account. |
Withdrawal limits | There may be a daily limit on the amount withdrawn |
Minimum balance | Some current accounts require a minimum balance and banks may charge a penalty if it's not maintained. |
Fees | There may be fees for package accounts, corporate business transactions, or frequent transactions. |
OD charges | OD charges can be higher |
More Operations of Current Account
Current Account Documents Required
- Allahabad Bank
- Andhra Bank
- Axis Bank
- Bandhan Bank
- Bank Of Baroda
- Bank Of India
- Bank Of Maharashtra
- Canara Bank
- Catholic Syrian Bank
- Central Bank Of India
- City Union Bank
- Corporation Bank
- Dcb Bank
- Dena Bank
- Dhanalakshmi Bank
- Equitas Small Finance Bank
- Federal Bank
- Hdfc Bank
- Icici Bank
- Idbi Bank
- Idfc First Bank
- Indian Bank
- Indian Overseas Bank
- Indusind Bank
- Jammu And Kashmir Bank
- Karnataka Bank
- Karur Vysya Bank
- Kotak Mahindra Bank
- Laxmi Vilas Bank
- Oriental Bank Of Commerce
- Punjab And Sind Bank
- Punjab National Bank
- South Indian Bank
- State Bank Of India
- Syndicate Bank
- Tamilnad Mercantile Bank
- The Nainital Bank
- Uco Bank
- Ujjivan Small Finance Bank
- Union Bank Of India
- United Bank Of India
- Utkarsh Small Finance Bank
- Vijaya Bank
- Yes Bank