BANK OF INDIA (BOI)

The Bank of India is a nationalised bank founded on 7th September 1906 and was under the private sector till 1969. It started off with a single office in Mumbai, and later, with its rapid growth, it now also has an overseas presence in several other countries, apart from the subcontinent.

The bank offers a multitude of systems and services to its customers, be it loans, insurance, net banking or deposits, and caters to every stratum of the society: rural, urban and NRI citizens, with respective facilities for each accordingly.

INTERNET BANKING

Internet banking, commonly known as net banking, is an electronic system that allows customers to avail nearly every service of the bank, whether it is financial or non-financial. It practically eliminates the necessity to visit a bank physically. All one needs to do is use the internet on a laptop/computer desktop. In case you don’t have any of these two, even a smartphone will do just fine.  However, for the phone users, some appropriate apps recommended by each bank need to be used after registering online for accessing the system of the bank in which you have your accounts, for both laptop/desktop as well as phone users. Some services do not even require the internet for laptops/pc and the phone users, such as SMS notifications for transactions.

While the traditional banking system is still majorly used in India, the system of net banking is gradually being used increasingly, owing to the growing use of digitised services, especially after the Covid-19 pandemic. Internet banking is a blessing in disguise for those who are way too busy with their everyday routine and cannot afford to spend extra time standing in queues in front of the bank, whether it’s for basic necessities or any specialised tasks, such as bill payments, applying for loans or money transfers. 

It offers various advantages as listed below:

  • Easy bill payments: With no need to go to the bank anymore, bank payments are now just a click away. 
  • 24/7 account access: Transaction history and net balance of the account can be checked during any time of the day.
  • Time-saving: It is probably the greatest advantage of net banking services, as nearly every facility can be accessed from any location.
  • Can be used for simple tasks: Whether ordering cheque books or viewing transaction history, simple non-financial services can also be used easily.
  • Reduction of physical load on banks: Apart from providing transparency with respect to the transactions in the bank account, the online system removes the need actually to visit a bank.

BOI Registration and Login:

The procedure is as follows:

  1. The pre-requisites for the required registration of a net banking system are: linking of the debit card to your account, as well as your mobile number registered with the same account.
  2. After this, visit the official website of the Bank of India. There would be four tabs visible placed around the middle of the website. Click on the “Online Services” tab.
  3. Under the “Online Services” tab, there is an option named “Online Registration for Net Banking”. Click on that option.
  4. A registration page shows up. This page would ask for your registered mobile number and bank account details. Fill up the captcha characters showing up on the screen. After filling in all the details carefully, click on the “Continue” option.
  5. You will receive an OTP on your registered mobile number. Fill up the received OTP on the registration page. After that, fill in your required debit card details such as card number, expiry date and CVV. Click on the “Continue” option.
  6. The bank’s Terms and Conditions policies would next show up on your screen. Read the details carefully. If you wish to proceed further, click on the checkbox and then on the “I Agree” option.
  7. Now, you would be required to create a log with the password of your choice. However, follow the mentioned guidelines to create your password. Click on the “Continue” option.
  8. Once the registration process is successful, a message will show up on the screen. Click on “OK”.
  9. After the successful registration process, details such as Reference Number, Customer ID, Login ID will be automatically generated and will show up on your screen. You should note down the Reference Number and remember your Login ID and password created by you.
  10. Now, you can avail yourself of the net banking services with View Facility. Visit the official website of the Bank of India. Click on the “Internet Banking” option and then click on the “Retail” option.

BOI CORPORATE NET BANKING

Before we move on to net corporate banking, what exactly is it? Basically, corporate banking deals with corporate customers (non-individual customers belonging to a group, such as companies, organisations, etc.)

Eligibility criteria: A Corporate Body/ Non-Individual/ Industry/ Organization/ Company Ltd/ Firm/ Trust/ Partnership Firm are eligible to access the corporate banking services. Visit the official BOI website to check the required documents required for submission, such as resolution, etc.

Usage: The corporate ID generated by the bank would be common for all the other members of the corporation, except the Corporate User ID and password/s.

Conclusion

This article will give you an insight of the functioning of Bank of India. Go through this article to know about its registration and login, Internet Banking and eligibility criteria to have an account in Bank Of India.