Date:29/12/2005 URL: http://www.thehindubusinessline.com/2005/12/29/stories/2005122902440600.htm

Back BoI launches no-frills account

Our Bureau

Mumbai , Dec 28

BANK of India has launched its no-frill basic savings bank account with simplified terms and minimum balance at all branches across the country.

Individuals can open the accounts with minimum balance of Rs 50 at rural and semi-urban branches and Rs 100 in urban and metro branches.

The identification norms would be simple norms as enumerated by the Reserve Bank of India, said a release.

Account holders in urban and metro centres would be issued a free ATM-cum-debit card. In rural and semi-urban centres, withdrawals will be permitted twice a month.

The basic savings bank account has no chequebook facility, and there is no levy of penal charges in case minimum balance is not maintained. The interest paid is 3.5 per cent a year and is paid half-yearly.