Final Project

“ A Study on Various Products and Services Provided by Bank of

India’’

DMSR- G. S. College of Commerce & Economics, Nagpur

Affiliated to

Rashtrasant Tukadoji Maharaj Nagpur University,

Nagpur
In partial fulfilment for the award of the degree of

Master of Business Administration

Submitted by

Akanksha Shyamkumar Gorle

Under the Guidance of

Dr. Afsar Sheikh

Department of Management Sciences and Research,

G.S. College of Commerce & Economics, Nagpur

NAAC Re-Accredited “A” Grade Autonomous Institution

Academic Year 2021-22

1
 CERTIFICATE

This is to certify that “Akanksha Shyamkumar Gorle“ has submitted the project report

titled “A Study on Various Products and Services Provided by Bank of India’’, towards

partial fulfillment of MASTER OF BUSINESS ADMINISTRATION degree examination.

This has not been submitted for any other examination and does not form part of any other

course undergone by the candidate.

It is further certified that she has ingeniously completed her project as prescribed by DMSR -

G. S. COLLEGE OF COMMERCE & ECONOMICS, NAGPUR (NAAC Reaccredited “A”

Grade Autonomous Institution) affiliated to Rashtrasant Tukadoji Maharaj Nagpur

University, Nagpur.

Dr. Afsar Sheikh Dr. Sonali Gadekar

(Project Guide) (Co-ordinator)

Place: Nagpur
Date:

2
 DECLARATION

I here-by declare that the project with title “A Study on Various Products and Services

Provided by Bank of India” has been completed by me in partial fulfillment of MASTER

OF BUSINESS ADMINISTRATION degree examination as prescribed by DMSR - G. S.

COLLEGE OF COMMERCE & ECONOMICS, NAGPUR (NAAC Reaccredited “A” Grade

Autonomous Institution) affiliated to Rashtrasant Tukadoji Maharaj Nagpur University,

Nagpur and this has not been submitted for any other examination and does not form the part

of any other course undertaken by me.

Place: Nagpur

Date: Akanksha Gorle

3
 ACKNOWLEDGEMENT

With immense pride and sense of gratitude, I take this golden opportunity to express my

sincere regards to Dr. N.Y. Khandait, Principal, G.S. College of Commerce & Economics,

Nagpur.

I am extremely thankful to my Project Guide “Dr. Afsar Sheikh” for her guideline throughout

the project. I tender my sincere regards to Co-ordinator, Dr. Sonali Gadekar for giving me

guidance, suggestions and invaluable encouragement which helped me in the completion of

the project.

I will fail in my duty if I do not thank the Non-Teaching staff of the college for their Co-

operation.

I would like to thank all those who helped me in making this project complete and successful.

Place:Nagpur

Date: Akanksha Gorle

4
 INDEX

Chapter Chapter Name Page

No. No.

1 Introduction 6

 Objective of the study

 Scope of the study

 Limitation of the study

2 Review of Literature 22

3 Research Methodology 24

 Hypothesis Testing

 Research Design

4 Data Collection 27

5 Analysis and Interpretation of Data 29

6 Finding 52

7 Conclusion 54

8 Bibliography 56

5
 CHAPTER 1

INTRODUCTION

6
 Introduction

A bank is a budgetary middle person and Money maker that makes Money by loaning cash to a borrower.

Loaning exercises can be performed straightforwardly by giving credit or by implication through capital

market. Capital market are monetary market for the purchasing and offering of long haul obligation or value

supported securities. These business sectors channel the abundance of savers to the individuals who can put

it to long haul beneficial utilize, for example, organizations or governments influencing bug-to term

speculations. Monetary controllers, for example, the Securities and Exchange Board of India (SEBI) or U.S.

Securities and Exchange Commission (SEC), direct the capital market in their wards to ensure financial

specialists against extortion, among different obligations. Because of the significance in the monetary

framework and impact on national economies, banks are very directed in perch of nations either by National

Government or Central Bank.

Growth of banking industry: -

In the cutting-edge sense, began in the most recent many years of the eighteenth century.Among the

principal banks were the Bank of Hindustan, which was set up in 1770 and sold in1829-32; and the General

Bank of India, set up in 1786 however flopped in 1791.

The biggest bank, and the most established still in presence, is the State Bank of India (S.B.I). It began as

the Bank of Calcutta in June 1806. In 1809, it was renamed as the Bank of Bengal. This was one of the three

banks established by an administration government, the other two were the Bank of Bombay in 1840 and the

Bank of Madras in 1843. The three banks were converged in 1921 to frame the Imperial Bank of India,

which upon India's autonomy, turned into the State Bank of India in 1955. For a long time, the

administration banks had gone about as semi national banks, as did their successors, until the point when the

Reserve Bank of India was built up in 1935, under the Reserve Bank of India Act, 1934.In 1960, the State

Banks of India was given control of eight state-related banks under the State Bank of India (Subsidiary

7
Banks) Act, 1959. These are presently called its partner banks. In 1969 the Indian government nationalized

14 noteworthy private banks, one of the huge bank was Bank of India. In 1980, 6 more private banks were

nationalized. These nationalized banks are the lion's share of moneylenders in the Indian economy. They

rule the saving money division due to their substantial size and across the board organizes.

Banking sector in India:

As indicated by the Reserve Bank of India (RBI), the managing an account division in Indiais sound,

satisfactorily capitalized and all around controlled. India is one of the main 10economies globally, with huge

potential for the managing an account segment to develop.With the possibility to wind up the fifth biggest

saving money industry on the planet by 2020and third biggest by 2025, as per KPMG-CIN report, India's

managing an account and facial segment is extending quickly. The new standards of Reserve Bank of India's

(RBI) will give incentives to banks to spot potential terrible credits and make remedial strides that will

check the acts of unreliable borrowers.

The Indian Banking industry is at present worth's. 81 trillion (US $ 1.31 trillion) and banks are presently

using the most recent technologies like internet and cell phones to complete exchanges and communicate

with the majority.

8
The Indian Banking system consists of:

1. Central Bank:

A national bank works as the pinnacle controlling establishment in the managing anaccount and money

related arrangement of the nation. It works as the controller of credit,broker's bank and ado appreciates the

restraining infrastructure of issuing money for thebenefit of the administration. A national bank is typically

control and frequently claimed,by the administration of a nation. The Reserve Bank of India (RBI) is such a

bank insideIndia.

9
2. Schedule Commercial Bank:

It operates for profit. It accepts deposits from the public and extends loans to the households, the firms and

the government. The essential characteristics of commercial banking are as follows:

• Acceptance of deposits from public.

• For lending or investment

• Repayable on demand or lending or investment

• Withdrawal by means of an instrument, whether a cheque or otherwise

I. Public Sector Banks:

Public Sector Banks (PSBs) are those banks where majority of stakes fi with the Government.

All these PSBs are listed on stock exchanges. Central Government entered banking industry with the

nationalization of Imperial Bank of India in 1955, then in 1969 14 major banks were nationalized and in

1980 4 more bank were nationalized.

To Name a few PSBs: State Bank of India and is subsidiaries, Bank of India, Bank of Baroda, Bhartiya

Mahila Bank, Central Bank of India, etc.

The objectives behind nationalization where:

• To break the ownership and control of banks by a few business

• To prevent the concentration of wealth and economic power,

• To mobilize savings from masses from all parts of the country,

10
• To cater to the needs of the priority sectors

II. Private Sector Banks:

Private Sector Banks in India is made up of private and public banks. But the greater part of stake is in the

hand of private shareholders and not with the Government. Private Banks are categorized as Old and New

Private bank

Old Private banks: These are those banks which were not nationalized during the process in 1969 and 1980

due to the smaller scale or regional reach only.

Example: Thalami Bank, Federal Bank, ING Vysya Bank, Karur Vysya Bank, etc.

New Private Banks: These are the banks which came into operations afire the liberalization in1990s.

Banking Regulation were amended in 1993 so that new private banks can enter theIndian Banking industry

.Example: ICICI Bank, AXIS Bank, HDFC Bank, Yes Bank, Development Credit Bank, Kotak Mahindra

Bank, RBL Bank, etc.

But there were certain criteria for the establishment of new private banks which are as follow:

• Bank should have minimum net worth of Rs 200 Cr.

• Proprotors should hold an iminium of 25% of paid-up capital

• Within 3 years of the starting of the operations, the bank should offer shares to public and their net worth

rust increase to 300 Cr.

III. Foreign Banks:

With the globalization hitting the world, the concept of banking has changed substantially.The concept of

Foreign Banks has changed the prevailing banking scenario in India. Banking is now crore of crore

11
customer-friendly, modern technology have been implemented like mobile banking, mobile application of

banks, etc.

Example: HSBC Bank, JP Morgan Chase Bank, Deutsche bank, Standard Charter Bank, etc.

IV. Regional Rural Banks:

Regional Rural Banks (RRBs) were started in 1970 since even afire the nationalization, therewere cultural

issues related to lending to the farmers. The main purpose of RRBs is tomobilize financial resources from

rural-semi-urban areas and grants loans and advancesmostly to small and marginal farmers, agricultural

labors, etc.

Example: Karnataka Vikas Gardena Bank, Maharashtra Garmin Bank, etc.

3. Schedule Co-operative Bank:

Larger visit unions are often called cooperative banks. Like credit unions, cooperative banks are owned by

their customers and follow the cooperative principle of one person, one vote.

Unlike credit unions, however, cooperative banks are often regulated under both banking and cooperative

legislation. They provide services such as savings and loans to non-re refers swell as to re refers, and some

participate in the wholesale market for hands, Money and even equities

I. Urban Co-operative Banks:

Urban Co-operative Banks are giving banking facility y to grass root persons. As Urban Co-operative Banks

are mostly working in the rural and semi-urban areas they understand the genuine commercial needs of the

local population in their area of operation Urban Co-operative Banks help small and medium sized traders,

entrepreneurs, artisans and farmers who are deprived of banking facility as private sector and commercial

banks tap only high profile and successful entrepreneurs.

12
Example: Ahmedabad Mercantile Co-Op Bank, Kakapo Curreri l Coop. Bank, Burrata Mercantile Co-

operative Bank, Saraswat Co-operative Bank, etc

II. Rural Co-optative Banks:

The rural cooperatives are further divided into short-term and long-term structure. The short-term

cooperative banks are three tired operating in different states.

I) State Cooperative Banks

II) Cooperative Banks

III) Primary Agricultural Credit Societies

The long-term structures are further divided into

State Cooperative Agricultural and Rural Development Banks (SCARDS)

Primary Cooperative Agricultural and Rural Development Banks (PCARDBS)

Different Banking activities:

• Retail banking

• Business banking

• Corporate banking

• Private banking

• Investment banking

13
 Bank of India

Bank of India was founded on 7th September, 1906 by a group of eminent businessmen from Mumbai. The

Bank was under private ownership and control till July 1969 when it was nationalised along with 13 other

banks.

Beginning with one office in Mumbai, with a paid-up capital of Rs.50 lakh and 50 employees, the Bank has

made a rapid growth over the years and blossomed into a mighty institution with a strong national presence

and sizable international operations. In business volume, the Bank occupies a premier position among the

nationalised banks.

The Bank has over 5000 branches in India spread over all states/ union territories including specialized

branches. These branches are controlled through 59 Zonal Offices and 10 NBG Offices. There are 45

branches/ offices abroad which includes 23 own branches, 1 representative office and 4 Subsidaries (20

branches) and 1 joint venture.

The Bank came out with its maiden public issue in 1997 and follow on Qualified Institutions Placement in

February 2008.

While firmly adhering to a policy of prudence and caution, the Bank has been in the forefront of introducing

various innovative services and systems. Business has been conducted with the successful blend of

traditional values and ethics and the most modern infrastructure. The Bank has been the first among the

nationalised banks to establish a fully computerised branch and ATM facility at the Mahalaxmi Branch at

Mumbai way back in 1989. The Bank is also a Founder Member of SWIFT in India. It pioneered the

introduction of the Health Code System in 1982, for evaluating/ rating its credit portfolio.

14
Presently Bank has overseas presence in 18 foreign countries spread over 5 continents – with 45 offices

including 4 Subsidiaries, 1 Representative Office and 1 Joint Venture, at key banking and financial centres

viz., Tokyo, Singapore, Hong Kong, London, Paris, New York and DIFC Dubai

Bank of India was initially a private owned bank, when in it was established in the year 1906 on 7th

September. After almost 63 years from its establishment, in the month of July, 1969, this Indian bank was

transformed into a nationalized bank. Starting its operation with just 50 employees in a Mumbai based

office, this bank has grown rapidly over these years. Presently, it has got a strong national as well as sizable

international presence and is considered to be one of the premier nationalized banks in India. Apart from 3,

752 branches With more than 800,000 machines worldwide, ATMs have made hard cash just seconds away

all throughout the day at every corner of the globe. Bank in India has even got one joint venture and three

subsidiaries abroad.

The bank has 65 branches in Coimbatore Zone and all these branches were fully computerized. Of these 35

were connected to the 750 branches located in different parts of the country.

Bank of India opened an ATM at its Kurichi Industrial Estate branch premises. This is the third ATM of the

bank in the city.

The bank has started introducing Biometric Automatic Teller Machines (ATMs) as it seems to be an

effective way of preventing PIN theft and is also a channel to expand a bank’s reach to the rural & illiterate

masses, according to Banknet India’s Report on Indian ATMs.

Its international footprints located in London, New York, Tokyo, Paris, Singapore and Hong Kong accounts

for approximately 17.82 % of B. O. I.’s total business. This was the first bank from India to establish a

foreign branch in 1946 in London and in 1974 at Paris in Europe. This Indian bank is associated with B. S.

E. (Bombay Stock Exchange) since the year 1921.

15
Vision

To Become The Bank Of Choice For Corporates, Medium Business And Upmarket Retail Customers And

Developmental Banking For Small Business, Mass Market And Rural Markets.

Mission

To provide superior, proactive banking services to niche markets globally, while providing cost effective,

responsive service to others in our role as a development bank, and in doing so, meet the requirements of our

stakeholders.

Quality Policy

We, at Bank of India, are Committed to become the bank of choice by providing SUPERIOR ,PRO-

ACTIVE, INNOVATIVE, STATE-OF-THE-ART Banking services with an attitude of care and concern for

the customers and patrons.

16
 Directors of Bank of India

Designation Name

Managing Director & CEO Shri Atanu Kumar Das

Executive Director Shri P R Rajagopal

Executive Director Shri Swarup Dasgupta

Executive Director Shri M Karthikeyan

Executive Director Ms Monika Kalia

GOI Nominee Director Dr. Bhushan Kumar Sinha

RBI Nominee Director Shri Subrata Das

Shareholder Dirctor Shri P.N. Prasad

Shareholder Director Ms. Veni Thapar

Part time Non official Director Shri Munish Kumar Ralhan

17
Bank Of India Branches in India

Andhra Pradesh Madhya Pradesh

Arunachal Pradesh Maharashtra

Assam Manipur

Bihar Meghalaya

Chandigarh Mizoram

Chhattisgarh Nagaland

Daman And Diu Orissa

Delhi Pondicherry

Goa Punjab

Gujarat Rajasthan

Haryana Sikkim

Himachal Pradesh Tamil Nadu

Jammu And Kashmir Tripura

Jharkhand Uttar Pradesh

Karnataka Uttarakhand

Kerala West Bengal

18
 Objective of the Study

1. To study the various products and services of Bank of India.

2. To study the emerging trends in technology in Bank of India.
3. To study the types of accounts and interest rate applicable on it.
4. To understand the internet banking system.

19
 Scope of the Study

1. To understand the products of Bank of India

2. To understand the Various Services.
3. To understand about the Internet and Mobile Banking.
4. To understand the new facilities in Bank.

20
 Limitation of the Study

1. The study is only limited to products and services of Bank of India..

2. The Information on the Bank of India website is limited.

21
 CHAPTER 2

REVIEW OF LITERATURE

22
 Review of Literature

Literature reviews that Indian banking system consist of a larger structure on of financial institutions,

Commercial banks, foreign financial institutions. These structural transformations of Indian finance system

can be divided into three parts. First, the post independence period (1947-1968). The Reserve bank of India,

performed role as a supervisor and controller of finance system. RBI, dominated over all the forms of

finance controls in India. In this time RBI, worked on financial stability, credit control, and regulation of

interest rates and formation banking structure.

The second financial repression, period 1969 to 1990 the movement commenced with the nationalization of

banks. This nationalization of commercial banks derives the base for changes in finance and banking

system. The result into interest rate regulation and credit programmers deposit and banking working

methods etc. The third period known as financial reform and liberalization period. Started in early 90’s. In

that period government of India was more likely to more liberalized. The three committee in 1985, vagual in

1987 and the Narasimham committee 1991. The most influential recommendations made by the committee

of Narasimham regarding liberalization, consolidation and privatization in banking system. And the

government of India started a financial reform era with the financial sector liberalization program. The main

aims of financial liberalization program is to regulate the rates of interest, cash reserves and performance

financial system consist of financial institute stocks exchanges and banks. It makes liberalization program

enhance the importance of banking sector and make it more efficient and competitive.

23
 CHAPTER 3

RESEARCH METHODOLOGY

24
 Hypothesis

1. Null Hypothesis: The products and services are not enough in the Bank of India

2. Alternative Hypothesis: The products and services are enough in Bank of India

25
 Research Design

The type of research design used in the study is “Descriptive Research”. Descriptive research is a powerful
research tool that permits a researcher to collect data and describe the demographics of the same with the
help of statistical analysis. Thus, it is a quantitative research method.

Descriptive research is a research design that is used to investigate different phenomenon and situations. It
always targets to answer questions like how the situation happen, when in terms of the time or date, where in
terms of the place it happened, and what the issue or phenomenon is. The research design majorly focuses
on explaining more of the population; therefore, it integrates different research methods for its success. It is
a unique kind of design because there is no manipulation of the variable; rather, the researcher uses
observation to measure the findings.

Descriptive research designs are used by researchers when they want to define the problem and why it exists
hence the use of varied designs that are added to help the research process. The descriptive design is used in
different organisations and institutions to solve the root of the problem.

26
 CHAPTER 4

DATA COLLECTION

27
 Data Collection

The Data Collected for the Project is Secondary Data. The Data is Collected from the Bank of India

Website.

28
 CHAPTER 5

ANALYSIS & INTERPRETATION OF DATA

29
Products and Services of Bank of India

1.Personal

A.Deposit: Deposit refers to a transaction that involves a transfer of something to another party for

safekeeping. In the world of finance, a deposit may refer to a sum of money kept or placed in a bank

account, typically to gain interest

a.Saving Account:

A savings account is an interest-bearing deposit account held at a bank or other financial institution. Though

these accounts typically pay a modest interest rate, their safety and reliability make them a great option for

parking cash you want available for short-term needs.

I.BOI Star Yuva Account

II.BOI Star Mahila SB Account

III.BOI Star Senior Citizen SB Account

IV.SB Account For Pensioners

V.Diamond Saving Bank Account

VI.Star Suraksha SB Plus Account

VII.Saving Bank Ordinary Account

VIII.BOI Saving Plus Scheme

IX.BOI Super Saving Plus

30
b.Salary Account

Salary Accounts are a convenient way of paying the monthly salaries from the employer to the employee. It

not only makes it easy for the employer, but also gives ‘Salary Account’ benefits to the employee.

By definition, a Salary Account is a type of Savings Account, in which the employer of the account holder

deposits a fixed amount of money as ‘salary’ every month.

I.Jai Jawan Salary Plus Account

II.BOI Salary Plus Account Scheme

III.BOI Star Gurukul SB Account

IV.Boi Saral Salary Account Scheme

c.Current Account

Current Account also known as financial account is a type of deposit account maintained solely or jointly for

carrying out large value transactions on a regular basis. Current Accounts relate to liquid deposits and unlike

Savings Account, it does not provide interests. Current Accounts are primarily opened by businessmen such

as proprietors, partnership firms, trust, association of persons, public and private companies etc.

It allows customers to deposit and withdraw amount at anytime without giving any notice. The account is

ideal for making payments to creditors using cheques. The main objective of the current bank account is to

enable the businessmen holding accounts to carryout the financial business transactions smoothly.

I.Normal Current Account

II.Silver Current Account

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III.Gold Current Account

IV.Gold Plus Current Account

V.Diamond Current Account

VI.Platinum Current Account

VII.Platinum Plus Current Account

VIII.Star Benefit CD Plus Current Account

IX.Current Deposit Plus Account

X.BOI Super Current Plus Account

d.Term Deposit

A term deposit is a fixed-term investment that includes the deposit of money into an account at a financial

institution. Term deposit investments usually carry short-term maturities ranging from one month to a few

years and will have varying levels of required minimum deposits.

The investor must understand when buying a term deposit that they can withdraw their funds only after the

term ends. In some cases, the account holder may allow the investor early termination—or withdrawal—if

they give several days notification. Also, there will be a penalty assessed for early termination.

I.Double Benefit Term Deposit

II.Fixed Deposit

III.Short Deposit

IV.Quaterly Deposit

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V.Monthly Deposit

VI.Recurring Deposit

VII.Star Flexi-Recurring Deposit

VIII.Penalty Details

e.Tax Saving

Tax saving fixed deposits are available from scheduled banks. These fixed deposit schemes are available

with a tenure of 5 years. Investors can claim a maximum of Rs.1.5 lakhs as tax benefits through tax saving

fixed deposits as per Section 80C of the Income Tax Act.

I.Star Sunidhi Tax-Saving Deposit Scheme

II.Capital Gain Tax Saving Scheme

f.Motor Accident Claims Annuity(Term) Deposit Account(MACAD)

Under the directions of Hon’ble High Court of Delhi directions and as advised by IBA, we have formulated

a New Product named “MACAD (Motor Accidental Claimant Annuity Deposit” and “MACT SB A/c

(Motor Accidental Claims Tribunal SB A/c).

One time lump sum amount, as decided by the Court / Tribunal, deposited to receive the same in Equated

Monthly Installments (EMIs), comprising a part of the principal amount as well as interest. Deposit Amount

Maximum: No Limit. Minimum: Based on minimum monthly annuity Rs. 1,000/- for the relevant period.

Tenure 36 to 120 months. In case the period is less than 36 months, normal FD will be opened. MACAD for

longer period (more than 120 months) will be booked as per direction of the Court.

33
B.Loans

The term loan refers to a type of credit vehicle in which a sum of money is lent to another party in exchange

for future repayment of the value or principal amount. In many cases, the lender also adds interest and/or

finance charges to the principal value which the borrower must repay in addition to the principal balance.

Loans may be for a specific, one-time amount, or they may be available as an open-ended line of credit up to

a specified limit. Loans come in many different forms including secured, unsecured, commercial, and

personal loans.

I.BSA Code of Conduct

II.BSA Empanelment Application Form

III.BSA Empanelment Process

IV.Covid 19 Pensioner Loan

V.Covid 19 Personal Loan(CPL)

VI.BOI Star Home Loan

VII.BOI Star Smart Home Loan

VIII.Star Pravasi Home Loan

IX.BOI Star Diamond Home Loan

X.Pradhan Mantri Awas Yojana

XI.BOI Star Loan Against Property

34
XII.Star Education Loan-Studies Abroad

XIII.Star Education Loan-Studies in India

XIV.BOI Star Vidya Loan

XV.Padho Pardesh

XVI.BOI Star Top Up Loan

XVII.BOI Star Vehicle Loan-Individual

XVIII.BOI Star Vehicle Loan- Entities Other Than Individual

XIX.BOI Star Personal Loan

XX.BOI Star Mitra Personal Loan

XXI.BOI Star Pensioner Loan

XXII.BOI Star IPO

XXIII.Pradhan Mantri kaushal Rin Yojana(Skill Loan)

2.Government Business Product

I.PPF Account

II.SCSS Account

III.Sukanya Samriddhi Accounts

IV.Sovereign Gold Bonds

V.National Pension System

35
VI.Banker to Govt of India(Ministry & Treasury)

VII.PFMS

VIII.Tax Collection

IX.RBI Bonds

3.Corporate

a.Loan

I.Bullion Banking

II.Export Finance

III.Channel Credit

IV.Discount Future Cash Flows

V.Foreign Currency Swing Limit

VI.Exporters Gold Card

VII.Traders

VIII.Du

c.Cash Management Services

al Currency Swing Limit

b.Trade Finance

I.Bill Finance

36
II.Bank Guarantee

4.Rural

a.Cards

I.Kisan Credit Card

II.BOI Kisan Shatabdi Krishi Vikas Card

III.Kisan Samadhan Card

IV.Star Bhumiheen Kisan Card

b.Fianacial Inclusion

PMJDY

I.Information of Services available at BC outlet

II.PMJDY-LifeIns-Claim Settlement Process

III.PMJDY-Life Insurance Coverage

IV.Rupay Card Insurance- Claim Settlement Process Document

V.Bank-Mitras/ BC- Detail with BC-Photos

c.Products

I.Help Line for COVID-19

II.Agri Clinics

III.Cold Storage

37
IV.Composite Cash Credit

V.Crop Finance

VI.Farm Mechanisation

VII.Land Development

VIII.Minor Irrigation

IX.Poultry Development

X.Purchase of Land

XI.Rural Godowns

XII.Daily Development

XIII.All Purpose Term Loan

XIV.Solar Pump Set

XV.Tatkal Loan

XVI.Gold Loan

XVII.KCC

XVIII.Star Krishi Vaahan

XIX.Star Agni Infra

XX.Star Kisan Ghar

XXI.Star Blue Revolution Scheme

38
XXII.Star Bio Energy Scheme

5.NRI

a.Loan Product

I.Housing Loan To NRIs/PIOs

II.Overdraft Against Securities

III.Loan Against FCNR(B) Deposit

b.Ancillary Service

I.Online Banking

II.Online Payment Service- BOI Star ePay

III.My IT Return

IV.Credit Card Payment Through Billdesk

V.Credit Card Payment Through NEFT

c.Deposit Product

I.NRI Saving Account

II.NRI Current Account

III.Term Deposit

IV.Brief Comparison of The Scheme

39
d.Investment Product

I.Insurance

II.Mutual Fund

III.Portfolio Management Service

6.Online Services

a.Payement

I.BOI QwikCollect

II.Pay Bills

III.Credit Card Bill Payment

IV.Tax Payment

b.Refund Claim

I.Bill Payments Refund

II.ATM Failure Refund

III.POS Failure Refund

c.Other Services

I.Online OTS

II.Locker Request

40
III.Gift Card Balance Enquiry

IV.BOI Star Rewards

V.BOI Star Eazy Pay

VI.Internet Banking Registration

VII.Loan Application

VIII.eFile IT Return

Internet Banking:

Internet Banking, also known as net-banking or online banking, is an electronic payment system that

enables the customer of a bank or a financial institution to make financial or non-financial transactions

online via the internet. This service gives online access to almost every banking service, traditionally

available through a local branch including fund transfers, deposits, and online bill payments to the

customers.

Internet banking can be accessed by any individual who has registered for online banking at the bank,

having an active bank account or any financial institution. After registering for online banking facilities, a

customer need not visit the bank every time he/she wants to avail a banking service. It is not just convenient

but also a secure method of banking. Net banking portals are secured by unique User/Customer IDs and

passwords.

I. Internet Banking Login

II. II.Internet Banking (Star Token NG)

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Mobile Banking

Mobile banking is the act of making financial transactions on a mobile device (cell phone, tablet, etc.). This

activity can be as simple as a bank sending fraud or usage activity to a client’s cell phone or as complex as a

client paying bills or sending money abroad. Advantages to mobile banking include the ability to bank

anywhere and at any time. Disadvantages include security concerns and a limited range of capabilities when

compared to banking in person or on a computer.

I.BOI Mobile

Install BOI Mobile Banking Mobile

42
Banking Payments

Bank of india online services (At your convenience, any time anywhere) BOI Mobile Banking

Bank of India’s new Mobile Banking Application – BOI Mobile is safe, secure and convenient channel for

Anytime Anywhere Banking. You can now access your account, view mPassbook, transfer funds and much

more. Simply follow below on-boarding steps to get started.

I.UPI

UPI refers to Unified Payment Interface Solution and it is an interoperable payment system which enables

quick payment using a unique identifier – Virtual Payment Address and is linked with your Bank account.

UPI Solution offers multiple features such as simplified on-boarding, availability of different transaction

types, multiple ways to execute payment and seamless user experience. UPI has emerged as a preferred

retail payment option within the digital payment ecosystem.

Payment can be done from Mobile, Web or other Application by knowing just unique remitter VPA.

Similarly, payment can be received by account holder by giving a unique identifier. Unified Payment

Interface thus allows making payment without knowing Beneficiary Account details

Key aspects

 Simplifying Issuance Infrastructure – The virtual addresses/payment addresses in conjunction with

mobile as "what you have" factor helps payment providers to create virtual token-less infrastructure.

 Mobile as Acquiring Infrastructure – Mobile phone as the primary device for payment authorization can

completely transform the acquiring infrastructure to be easy, low cost and universal

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 Enabling 1-click 2-Factor Authentication – UPI allows all transactions to be at least 2-FA using mobile

and second factor (PIN or Biometrics) makes all transactions compliant with the existing regulatory

guidelines.

 End-User Friendly – You can make or receive payments with ease and security to/from friends,

relatives, merchants, pay bills, etc. all using their mobile phones without sharing banking credentials.

Alerts and Reminders, consolidation of multiple banking relationship via single mobile app, use of

special purpose virtual addresses, etc. simplifies end-users experience.

UPI supports following financial transactions:

 Pay Request: A Pay Request is a transaction where the initiating customer is pushing funds to the

intended beneficiary.

 Collect Request: A Collect Request is a transaction where the customer is pulling funds from the

intended remitter by using Virtual ID.

 Scan QR: UPI is embedded with the feature of making payment by scanning the QR code.

Other Features

 User Profile: User can view his profile details.

 Change Application Password: User can change the application password as and when required.

 Manage favorite payee: User can add favorite payee.

 Delete Payment Address: As user can have multiple virtual addresses for single account, user can also

delete payment addresses as per need.

 Deregister Application: User can de-register from the application.

 Complaints: User can raise complaint by selecting complaint option in hamburger menu and can even

view the raised complaint.

 Logout: Logout option is there to sign out from the application.

 FAQ: Frequently asked question will illustrate the user about the app usage and various charges that

may incur on the transactions.

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Offers

I.Matercard

II.Visa

III.Rupay

Interest Rates

1.Saving Bank Deposit Interest

Interest shall be paid on SB Deposits at the rate of Interest as mentioned in the table given below. Interest is

calculated on daily products and will be credited in the SB A/c on quarterly basis in the months of May,

August, November and February, respectively every year or at the time of closing of the SB A/c subject to

minimum ₹1/- . Quarterly interest payment is effective from May 2016 and is invariably credited on regular

basis in SB account irrespective of the operational status of the account.

Any change/ revision in interest rate on Savings Bank Deposits shall be notified to the customers through

Bank's website i.e. www.bankofindia.co.in

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2.Rupee Term Deposit Rate

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47
3. NRI Deposit Rate

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Development in New Generation Banks

1. Electronic Payment Services

E Cheques Nowadays we are hearing about e-governance, e-mail, e-commerce, e-tail etc. In the same

manner, a new technology is being developed in US for introduction of e-cheque, which will eventually

replace the conventional paper cheque. India, as harbinger to the introduction of e-cheque, the Negotiable

Instruments Act has already been amended to include; Truncated cheque and E-cheque instruments.

2. Real Time Gross Settlement (RTGS)

Real Time Gross Settlement system, introduced in India since March 2004, is a system through which

electronics instructions can be given by banks to transfer funds from their account to the account

of another bank. The RTGS system is maintained and operated by the RBI and provides a means of efficient

and faster funds transfer among banks facilitating their financial operations. As the name suggests, funds

transfer between banks takes place on a 'Real Time' basis. Therefore, money can reach the

beneficiary instantaneously and the beneficiary's bank has the responsibility to credit the beneficiary's

account within two hours.

3. National Electronic Funds Transfer (NEFT)

The transfer of money from the customer remitting it to the beneficiary account usually takes place on the

same day. Settlement or clearance of funds takes place in batches as specified by the guidelines by

the RBI. Any amount of money can be transferred using NEFT,making it usually the best method for retail

remittances. Customers with Internet banking accounts can use the NEFT facility to transfer funds

nationwide on their own. Funds can also be transferred via NEFT by customers by walking into any bank

branch (which is NEFT- enabled) and leaving relevant instructions for such transfer - either from their

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bank accounts or by payment of cash. Transfer of funds to Nepal using NEFT, is also allowed subject to

limits.

4. Electronic Funds Transfer (EFT)

Electronic Funds Transfer (EFT) is a system whereby anyone who wants to make payment to another

person/company etc. can approach his bank and make cash payment or give instructions/authorization to

transfer funds directly from his own account to the bank account of the receiver/beneficiary. Complete details

such as the receiver's name, bank account number, account type (savings or current account), bank name, city,

branch name etc. Should be furnished to the bank at the time of requesting for such transfers so that the

amountreaches the beneficiaries' account correctly and faster. RBI is the service provider of EFT.

5. Electronic Clearing Service (ECS)

Electronic Clearing Service is a retail payment system that can be used to make bulk

payments/receipts of a similar nature especially where each individual payment is of are petitive

nature and of relatively smaller amount. This facility is meant for companies and government departments to

make/receive large volumes of payments rather than for funds transfers by individuals.

6. Automatic Teller Machine (ATM)

Automatic Teller Machine is the most popular devise in India, which enables the customers to withdraw

their money 24 hours a day 7 days a week. It is a devise that allows customer who has an ATM card to

perform routine banking transactions without interacting with ahuman teller. In addition to cash

withdrawal, ATMs can be used for payment of utility bills,funds transfer between accounts, deposit of

cheques and cash into accounts, balance enquiry etc.

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7. Tele-banking

Tele banking is another innovation, which provided the facility of 24 hour banking to the customer.

Tele-banking is based on the voice processing facility available on bank computers.The caller usually a

customer calls the bank anytime and can enquire balance in his account or other transaction history. In

this system, the computers at bank are connected to a telephone link with the help of a modem. Voice

processing facility provided in the software.This software identifies the voice of caller and provides him

suitable reply. Some banks also use telephonic answering machine but this is limited to some brief

functions. This is only telephone answering system and now Tele-banking. Tele banking is becoming

popular since queries at ATM’s are now becoming too long.

8. Electronic Data Interchange (EDI)

Electronic Data Interchange is the electronic exchange of business documents like purchase order,

invoices, shipping notices, receiving advices etc. in a standard, computer processed,universally accepted

format between trading partners. EDI can also be used to transmit financial information and payments

in electronic form

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CHAPTER 6

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 Findings

 There various products and services a in Bank of India so employees as well as customers required
detail knowledge of it.

 Customers face difficulty in internet banking. Some of customers does not know how to use internet
and does not avail the facilities that are offer by the bank.

 Many times employees and customers face server problem.

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CHAPTER 7

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 Conclusion

The Bank of India offers different types of products and Services to their customers. Bank of India has

introduced various new facilities and services. They should make the customers aware about the new

policies of the bank and on the website of Bank of India there are demo Videos for customers to use the

particular service. In this study I found that the obligation of Bank of India with its clients is great,since

Bank of India essentially centers around holding their clients.

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CHAPTER 8

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 Bibliography

1. https://bankofindia.co.in/

2. https://www.academia.edu/

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