How to open a bank account in Bank of India

GSL reference about the bank What is it?

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GSL rating

Beginning of cooperation

July, 2023

Last contact

November, 2024

Last update

October, 2023

Bank of India – started operations in 1906 and nationalized in 1969 by the Government of India;
opens accounts only for local companies, it does not work with non-residents;
opening an account requires a visit to the bank by the director of the company;
cards can be issued;
Internet bank in English;
account opening period, please check with your consultant

GSL rating

Beginning of cooperation

July, 2023

Last contact

November, 2024

Last update

October, 2023

Поиск консультанта...

+44 0 207 822 85 93

General information and rating

Not rated

Global rating

Countrywide rating

—

Countrywide rating of the head bank

—

Global rating of the head bank

Year of foundation

1906

History

Bank of India was founded on September 7, 1906 by a group of businessmen from Mumbai. The bank was privately owned and controlled until July 1969 when it was nationalized along with 13 other banks. The bank has more than 5,100 branches in India. There are 45 branches / offices abroad including 23 own branches, 1 representative office, 4 subsidiaries (20 branches) and 1 joint venture

Personnel

Staff speaks English

Bank’s shareholders

Government of India - 81,41%;

Life Insurance Corporation of India (Investment Portfolio) - 7,050%;

The Vanguard Group, Inc. - 0,6936%;

Aditya Birla Sun Life Amc Ltd. (Investment Management) - 0,6630%;

SBI Funds Management Ltd. - 0, 2471% etc.

Confidentiality

Judicial Cooperation Agreement with Russia is signed; Double Taxation Agreement with Russia is signed; AML legislation is strictly observed

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Minimum requirements

Minimum balance, €

No restrictions

Transactions permitted per month

Initial deposit of funds, €

Deadline for the initial deposit, month

Transactions permitted per month

No restrictions on the number of transfers

Minimum turnover, €/year

No turnover restrictions

How fast payments are executed

Same day or next day

Tariffs and services

Outcoming transfer, €

Incoming transfer, €

N/A

Account maintenance, €/year

N/A

Payment limit for credit cards, €/day

Outcoming transfer, €

Transfer fee is ~ 0,10% - 0,15%

Incoming transfer, €

No commission for enrollment incoming transfer

Distant access to the account

Internet banking in English

Financial products

The Bank offers corporate clients cash and settlement services, export financing, lending, trade and project financing, as well as syndication services

Credit/debit cards

Yes

Account opening procedure

Days to open for incoming transfers

Case by case

Days to open for outcoming transfers

Case by case

References

Not necessary

Purpose of the account

Savings & current

Visit to the bank

Opening an account requires a personal visit of the director of the company to the bank

Required

Completed bank forms, client passport / ID, standard set of corporate documents, etc.

Types of accounts

Savings; Current

Chances to open an account

Predictable

Business description

Requirements to the description of the activity are standard: a story about the current state of the business and its formation, disclosure of the source of origin of funds, biography of the account beneficiary and contact information

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How to open a bank account in Bank of India

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Banks of India

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General information and rating

Minimum requirements

Tariffs and services

Account opening procedure