Esteemed Customers

Bank in its endeavor to make Current Account product one of the best in the industry, had adopted a relationship based pricing model to make the product profitable for the customer. In the relationship pricing model, customer is given fair opportunity and encouraged to avail maximum benefits in the form of discounts and waiver on service charges, if the customer is willing to maintain requisite Average Quarterly Balance (AQB). The up-Gradation and down-gradation of account (tierisation of account) shall take place every quarter based on the AQB of the preceding quarter.Bank is offering 8 variants of Current Accounts (Normal, Silver, Gold, Gold Plus, Diamond, Diamond Plus, Platinum and Platinum Plus) at different price levels with additional benefits/concession & value additions to the one who is at higher level of tierisation. We highlight the features/ value additions available to Tierised Current account holders:

  • No Daily Minimum Balance Stipulation
  • Lower Average Quarterly Balance requirement for Rural Brs (Rs.2000/-), Semi Urban Brs (Rs.2000/-), Urban Brs (Rs.5000/-) & Metro Brs (Rs.7500/-)
  • New Current Accounts can be opened on DAY ONE ITSELF at higher tierised levels like Diamond or Platinum etc. as the case may be, as requested by the prospective customer.
  • Free Cheque Leaves* – Originally once with opening of Account
  • Free/ Reduced NEFT/RTGS Charges*
  • Free/ Reduced Leger Folio Charges*
  • Free Demand Drafts/ Pay Orders*
  • Waiver on Processing Charges of Retail Loans*
  • Free/ Reduced Charges on Cash Handling for Cash Deposit*
  • Discount on Point of Sale (POS) offer*
  • Improved Forex Rates*
  • Waiver on AMC charges on Demat Account* (only for first year)

Note(*)The free or reduced charges/ discount on various service charges/ add on facilities, are applicable for tierised accounts and are proportionately higher for tierised accounts with higher Average Quarterly Balances. The details of product features and corresponding value added service & waiver/ reduction of service charges as applicable may be obtained from the Branch. The same is also available on mentioned link www.bankofindia.co.in/servicecharges.

To make it more attractive for our valued customer, Bank w.e.f. 01st February 2016 removed the penal charges in higher category of tierised accounts. Now, penal charges shall be levied only if AQB goes below the minimum threshold limit i.e. Rs. 7500/- in Metro, Rs. 5000/- inUrban and Rs. 2000/- in Urban/Rural Areas. Penal charge of Rs. 600/- per quarter if AQB goes below Rs. 7500/- in Metro, Rs. 500/- per quarter if AQB goes below Rs. 5000/- in Urban, Rs. 500/- per quarter if AQB goes below Rs. 2000/- in Semi-Urban and Rs. 350/- per quarter if AQB goes below Rs. 2000/- in Rural Branches shall be levied in Tierised Current Accounts. These charges are Quarterly and are Exclusive of applicable GST.

If customer is not desirous of maintaining such system driven tierised accounts, then he/ she/they may opt to continue with "Normal Current Account" subject to relevant terms and conditions as notified by the Bank. Please note to submit option/ request as per the Annexure VII at the Branch where the account is maintained for reversal of tierisation of the account manually and tag the account as Normal Current account and applicable standard charges as prescribed/ notified by the Bank would be levied apart from other terms and conditions, details of which are available on the Bank's website.

Structure of Charges for Non-maintenance of requisite AQB in other Current Accounts:

  Average Quarterly Balance requirement Penal Charges on non-maintenance of requisite AQB
Star Benefit CD Plus Account Rs. 5000.- per quarter Rs.600/-+Applicable GST per quarter
Star Crystal Current Account (Select branches) Rs. 5000.- per quarter Rs.600/-+Applicable GST per quarter
Current Plus Deposit (Sweep in-sweep out accounts) Rs. 4 Lakh per quarter Rs.1000/-+Applicable GST per quarter
Super current Plus Deposit (Sweep in-sweep out accounts) Rs. 35 Lakh per quarter Rs.5000/- + Applicable GST per quarter