Bank of India Star Salary Account

Bank of India

Bank of India (BoI) is one of India's oldest public sector banks, founded on 7 September 1906 in Mumbai under the leadership of Sir Sorabji Pochkhanawala. Nationalised in 1969 along with 13 other commercial banks, BoI is today headquartered in Bandra Kurla Complex, Mumbai, and operates 5,300+ branches and 17,500+ ATMs across India — one of the largest ATM networks among PSU banks. The Bank of India Star Salary Account is a corporate-tieup salary account designed for PSU employees and large corporates that route their monthly salary credit through a signed MoU with BoI. The Star Salary Account is a zero-balance account with the Monthly Average Balance (MAB) fully waived for the entire tenure of the corporate relationship, so salary credits are never penalised for falling short of any minimum. The account earns interest at 2.75% p.a. on the daily closing balance, credited quarterly, in line with RBI's savings account interest rate framework for PSU banks. There is no requirement for a minimum initial deposit — the account is opened by the employer on the day of joining. Account holders receive a complimentary Bank of India Star Salary Debit Card (RuPay variant) with domestic POS acceptance, free unlimited NEFT/RTGS transactions through the BOI Mobile app and internet banking, and a bundled personal accident insurance cover. The BOI Mobile app paired with the StarToken one-time-password (OTP) device handles UPI, IMPS, bill payments, FD booking, and one-tap salary credit alerts, giving account holders a full digital channel on top of the branch network. On leaving the employer, the Star Salary Account automatically converts to a BoI Star Savings Account without fresh paperwork — preserving the customer's account number, debit card, and standing instructions. KYC is employer-aggregated, statements can be downloaded in PDF, and statements are also fetchable via the RBI-recognised Account Aggregator framework. Source: Bank of India official website, updated May 2026.