GSL / Offshore and International Law. Offshore companies registration. / Offshore Banking / Bank of India

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

April, 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
April, 2024
Last update
October, 2023
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+44 0 207 822 85 93

General information and rating

Not rated
Global rating
1
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

    0
    Minimum balance, €
    No restrictions
    Transactions permitted per month
    0
    Initial deposit of funds, €
    0
    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

    75
    Outcoming transfer, €
    0
    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
    Offers
    Registration of a Private Limited Company in India. Service offer

    India is gradually becoming a fully-fledged player on the international market. It is no secret that the country attracts a growing number of foreign investors an...

    7600 USD

    Buy

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    Bank
    The cost of opening an account, $
    Global rating
    Countrywide rating
    GSL rating
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    IndusInd bank
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    ICICI Bank
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    3
    HDFC Bank
    2 500
    7
    1
    Axis Bank Limited
    2 500
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    N/A
    Kotak Mahindra Bank Ltd
    2 500
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    4
    State Bank of India (SBI)
    2 500
    48
    2
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