₹2 Crore Insurance + Zero Balance: The BOI Salary Account You Can't Ignore
If you are a Central Government employee, your salary account is about to get a major upgrade. Bank of India (BOI) has introduced the "Elite Salary Savings Account Scheme," a power-packed package designed exclusively for central government staff.
Forget standard savings accounts—this scheme offers benefits that rival premium private banking, including massive insurance coverage, overdraft facilities, and loan concessions.
Here is why thousands of employees are talking about the BOI Elite package.
1. Massive Insurance Shield (Free of Cost)
The headline feature of this package is the Group Personal Accident Death Insurance. Depending on your salary band, you get coverage that offers genuine peace of mind:
- Group A & B (Salary > ₹70k): ₹2 Crore Accident Cover.
- Group C (Salary < ₹70k): ₹1 Crore Accident Cover.
- Air Accident Insurance: Up to ₹2 Crore for top-tier accounts.
- Disability Cover: Includes coverage for both Permanent Total and Partial disability.
2. Family Security "Hidden" Perks
BOI has gone a step further by including Add-on Covers that protect your family in worst-case scenarios—features rarely seen in standard salary accounts:
- Child Education: ₹10 Lakhs (for up to 2 children).
- Girl Child Marriage: ₹10 Lakhs cover (for girls aged 18-25).
- Plastic Surgery/Burn Cost: Up to ₹10 Lakhs.
- Imported Medicine Transport: Up to ₹5 Lakhs.
3. Instant Overdraft: Your Emergency Fund
Need cash urgently? You don’t need a loan. The Elite account comes with an Instant Overdraft facility based on your Gross Salary:
- Group A (>₹1.2L salary): Overdraft up to 6 Months Gross Salary (Max ₹10 Lakhs).
- Group B (₹70k - ₹1.2L salary): Overdraft up to 3 Months Gross Salary.
- Group C (<₹70k salary): Overdraft up to 2 Months Gross Salary.
- Condition: Available for accounts with salary credits > ₹1 Lakh.
4. Zero Charges on Loans & Lockers
Planning to buy a home or car? This account could save you thousands in hidden fees.
- 100% Waiver on Processing Charges: For all Retail Loans (Home, Vehicle, Personal, Education).
- Interest Rate Concession: Get a discount on interest rates (e.g., 0.10% off on Home Loans, 0.25% off on Vehicle Loans).
- Locker Discount: 100% OFF on the first year's rent for Type "A" or "B" lockers.
5. Premium Health & Lifestyle Benefits
The perks extend beyond banking:
- Annual Health Check-up: A comprehensive self-checkup package covering BMI, blood pressure, sugar, cholesterol, and more.
- Airport Lounge Access: Complimentary domestic airport lounge access (2 per quarter for Credit Card holders).
- OTT Subscriptions: Free Amazon Prime/Zee5/SonyLIV subscriptions with select credit card variants.
How to Apply?
This scheme is available to all Permanent and Probationary Central Government Employees.
- Visit your nearest Bank of India branch.
- Submit Annexure I (Application cum undertaking).
- Submit Annexure II (Confirmation from your employer).
Quick Tip: Already have a BOI account? You don't need to close it. Just submit the request to convert your existing Savings Account into the "Elite Salary Savings Account" to unlock these benefits immediately.
Disclaimer: All benefits, including insurance and overdrafts, are subject to Bank of India’s terms and conditions. Insurance is provided by third-party insurers. Please read the scheme document carefully before applying.