Apply for a Pension Account Online| Pension Savings Account

Bank of India brings a Savings Account that understands your banking needs in your post-retirement days with our Pensioners Account. Designed to offer a host of banking benefits that makes your retirement period more convenient, it’s a reliable and secured savings account to enjoy stress-free golden days.

Pension Savings Account that Doesn’t See Age

Whether you want to retire early or late with pension benefits, Pensioners Account ensures that your banking journey is as convenient as possible so that you can live life to the fullest. Make the best decision for your life after retirement with a trusted savings account by your side.

Experience simplified banking with our user-friendly online and mobile banking platforms. Perform transactions, access account details, and enjoy hassle-free banking from the comfort of your home. Our digital banking services are designed to provide you with a seamless and secure banking experience. You can now open your pension account at the convenience of your home through our digital platform also.

Open the doors to a comprehensive banking experience with the Pensioners Account from the Bank of India. Make the most of your post-retirement life with dedicated financial support from the Bank of India

Eligibility

Individuals drawing regular pension from Bank of India irrespective of age
Minimum Balance Requirement - Nil

Features

Features	Normal	Classic	Gold	Diamond	Platinum
Average Quarterly Balance	Nil	Rs 10,000	Rs 1 Lakh	Rs 5 Lakhs	Rs 10 Lakhs
Waiver of ATM/ Debit Card Issuance charges*(Only one card and first issuance is being considered for waiver))	Rupay NCMC	Visa Classic	Rupay Platinum	Rupay Select	Visa Signature
*At the time of issuance/replacement/renewal and AMC the system will apply the charges as per the prevailing Categorisation of the accounts. Rupay NCMC will be there in Free choice with all variants
Waiver of ATM/ Debit Card AMC (Subject to qualify Average Yearly Balance)	50,000/-	75,000/-	1,00,000/-	2,00,000/-	5,00,000/-
Free Cheque Leaves	First 25 leaves	25 leaves per annum	25 leaves per quarter	50 leaves per quarter	Unlimited
Waiver of RRTGS/NEFT charges	Charges applicable as per bank’s latest service charges	Charges applicable as per bank’s latest service charges	100% waiver	100% waiver	100% waiver
Free DD/PO	Charges applicable as per bank’s latest service charges	Charges applicable as per bank’s latest service charges	100% waiver	100% waiver	100% waiver
Credit card issuance charges waiver	100% waiver for all categories
SMS/Whatsapp Alert Charges	Chargeable	Free	Free	Free	Free
Group Personal Accident Insurance cover	The Group Personal Accident Insurance Cover is inbuilt benefit to the SB A/C holders and its coverage amount is linked to Scheme Type which is further enhanced based on maintenance of AQB. (Details of Group Personal Accident Insurance Cover is advised vide HO BC 117/158 dated 08.09.2023.) (Group Personal Accident Insurance cover will prevail as per Bank’s issued guidelines from time to time.)
Group Personal Accident Insurance cover	Rs 5,00,000/-	Rs 15,00,000/-	Rs 30,00,000/-	Rs 55,00,000/-	Rs 1,05,00,000/-
Passbook	Issuance Free
Free transaction at BOI ATM per month	10	10	10	10	10
Free Transaction at other bank ATM per month	5*	5*	5*	5*	5*
* Including financial and non-financial transactions Note: In case of ATMs located in six metro locations, viz. Bengluru, Chennai, Hydrabad, Kolkata, Mumbai and New Delhi, bank shall offer their savings bank account holders 3 free transactions (including financial and non-financial transactions) in a month at any other bank’s ATM. Rules in this regard will prevail as per RBI/Bank’s issued guidelines from time to time.
Concession in Processing Charges in Retail Loans	50%	50%	50%	100%	100%
Concession in ROI in retail Loans (s.t. minm rates)	Not available	Not available	5 bps	10 bps	25 bps
Note	In case of any other concession already offered to Retail Loan customers viz. festive offers, special concessions to women beneficiaries etc, the concessions proposed to Savings Account holders vide this Branch Circular is automatically withdrawn.
Locker Rent concession*	Charges applicable as per bank’s latest service charges	Charges applicable as per bank’s latest service charges	25%	50%	100%
Salary/Pension advance	Equal to 1 month net Pension	Equal to 1 month net Pension	Equal to 1 month net Pension	Equal to 1 month net Pension	Equal to 1 month net Pension
Instant personal loan	Equal to 6 months net Pension (All other terms and conditions as arriving Net Take Home (NTH), ROI will be as per bank’s prevailing guidelines for Personal loan)

*Subject to availability of lockers. The proposed concessions will be available only for the locker type A and B for the first year.
Group Personal Accident Death Insurance Cover of Rs.5 lakhs is offered by the Bank to the Active Account holders of this scheme and the cost of premium will be borne by the Bank.
Note: Bank holds the right to withdraw the facility at its discretion in subsequent year.

Terms and Conditions apply