Bank of India Information
Founded in 1906, Bank of India is a government-owned bank offering personal, business, forex, investment, and agricultural services. While it supports digital tools like BOI Mobile App and UPI, it is not regulated for trading and lacks features such as leverage, spreads, and global market access.
Pros and Cons
Is Bank of India Legit?
Bank of India is not regulated as a forex or CFD broker in its country of registration (India), and it is also not licensed by major global regulatory authorities such as the UK‘s FCA (Financial Conduct Authority), Australia’s ASIC (Australian Securities and Investments Commission), or Cypruss CySEC (Cyprus Securities and Exchange Commission).
The domain bankofindia.co.in was registered on October 3, 2003, last updated on April 17, 2025, and is set to expire on October 3, 2026. Its status is protected against unauthorized changes, indicating it is securely managed.
What Can I Trade on Bank of India?
Bank of India offers a wide range of financial products and services across various segments including personal, business, NRI, agricultural, and investment banking. Its offerings span from savings and salary accounts to forex solutions, government deposit schemes, loans, and mutual fund investments.
Account Types
Bank of India offers several types of live accounts tailored to different customer segments, but does not provide demo or Islamic (swap-free) accounts.
Bank of India Fees
Bank of India's service charges are generally considered moderate compared to industry standards, offering basic banking services with minimal fees. For example, the first 25 cheque leaves annually for savings accounts are free, after which a charge of Rs. 5 per leaf applies.
Trading Platform
Deposit and Withdrawal
Bank of India does not explicitly list deposit or withdrawal fees for most standard transactions, suggesting that many services such as UPI and internal transfers may be free. However, special transaction types like cheque services and IMT (Instant Money Transfer) might incur nominal charges. The bank has also implemented a Positive Pay System (PPS) to ensure the safety of high-value cheque transactions.
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