Bank of India Debuts Nari Shakti Savings Account With Accident Cover of Rs. 100 Lakhs

Leading public sector bank in India, Bank of India, celebrated the opening of its Nari Shakti Savings Account with MD & CEO, Shri Rajneesh Karnatak, in front of the Board of Directors at the Mumbai Head Office on Sunday. The target market for this unique savings bank product is women who are at least 18 years old and have a stable source of income.

With built-in personal accident Insurance coverage up to Rs. 100 lakhs, discounted health insurance and wellness products, attractive locker facility rebates for Gold and Diamond SB A/C holders, and free facilities for Platinum SB A/C holders, the savings account offers additional advantages and features. It also provides free credit card issuance, a higher usage limit of up to Rs. 5.00 lakh on point-of-sale (POS) transactions, and a concessional interest rate on retail loans.

"The Nari Shakti Savings Account is conceptualized as a financial savings tool to support working women with an independent source of income, enabling them to become self-reliant and enjoy a higher degree of financial freedom," said the bank in a statement.

The bank will contribute Rs. 10 to the CSR fund, which will be used to support the socio-economic development of underprivileged women and girl child, for each New Nari Shakti Account that is established.

The Nari Shakti Savings Account can be opened at all 5132 domestic branches and also through digital platforms, according to BOI.

On a savings account balance of up to Rs 1.00 lakhs, the bank is offering an interest rate of 2.75% and Bank of India is promising an interest rate of 2.90% on a savings account balance of above Rs 1.00 lakhs. These rates are effective as of 01.05.2022. Interest is calculated on a daily basis and is credited to the SB A/C in the months of February, May, August, and November on a quarterly basis.