BOI DD Charges 2020: Bank of India DD Charges, How to Make DD?

BOI DD Charges: Bank of India was founded on 7th September 1906 by wealthy businessmen of Mumbai. The first office of the Bank was situated in Mumbai. The lead promoter of Bank was Sir Sassoon J. David. The bank was incorporated with the authorized share capital of Rs. 1 crore divided into 1, 00,000 lac shares of Rs. 100 each.The bank commenced its operations on 1st November 1906.

First Board of Directors

  • Sir Sassoon David.
  • Sir Cowasjee Jehangir.
  • Cowasjee Jehangir.
  • Sir Frederick Leigh Croft.
  • Ratanjee Dadabhoy Tata.
  • Gordhandas Khattau.
  • Lalubhai Samaldas.
  • Khetsety Khiasey.
  • Ramnarain Hurnundrai.
  • Jenarrayen Hindoomull Dani.
  • Noordin Ebrahim Norrdin.

Bank of India is the first Indian bank to open its branch in London. It was opened in 1946.

The bank was nationalized in 1969 and since then it is under the control of Government of India.

What is a Demand Draft

A demand draft is an instrument which allows a bank to attribute the specified amount in the DD towards a particular account, which basically means that the funds are debited from the DD makers account as soon as the DD is made.

However, the funds are transferred to the receiver’s bank account only when the DD is encashed after being deposited.

Does Bank of India provide DD Making Facility?

Just like all leading banks, even Bank of India provides DD creation and cancellation facility.

The modes in which DD can be created via Bank of India is either through the Bank Account or by outsiders who do not have a Bank Account with Bank of India, that is, DD can be made via cash.

Bank of India DD Charges:

Now, you must be wondering whether making of DD is a costly affair. The answer is no. Banks provide this facility free of cost to its premium account holders and charge a nominal amount as DD charges or DD Commission to other account holders and outsiders.

The charges of the creation of a DD are as follows:

Demand Draft Amount Demand Draft Charges
Less than and upto  Rs. 5,000 Rs. 25
Rs. 5,000 to Rs. 10,000 Rs. 50
Rs. 10,000 to Rs. 1 lakh Rs. 5 per thousand or part thereof. (Minimum Rs. 60)
Above Rs. 1 lakh Rs. 4 per thousand or part thereof. (Minimum Rs. 600 and maximum Rs. 2,000)

Thus, it is very easy to get a DD Made from Bank of India. It is hassle free and the charges are also very nominal.

Services Provided

  • Consumer banking and corporate banking services.
  • Finance and Insurance.
  • Investment Banking.
  • Mortgage loans.
  • Trade Finance.
  • Cash Management Services.
  • Safe Custody Service.
  • Debenture Trustee.

Other Points

  • The head office of Bank is located in Bandra Kurla Complex, Bandra East, Mumbai.
  • The bank has over 5000 branches across India, 60 offices, 5 subsidiaries and 1 joint venture abroad. The bank has presence in 18 foreign countries spread over 5 continents.
  • Bank of India is founder member of SWIFT (Society for Worldwide Inter Bank Financial Telecommunications), which facilitates provision of cost-effective financial processing and communication services.
  • As of 2019 Bank of India employs 48,807 individuals.
  • As of 2019 the revenue of the bank is Rs. 462.68 billion, Operating income of Rs. 80.92 billion and total assets worth Rs. 6.31 trillion.

Key Persons

  • Shri Atanu Kumar Das is the Managing Director and CEO of Bank w.e.f. 20.01.2020.
  • Shri Chaitanya Gayatri Chintapall i is the Executive Director of Bank from 09.10.2017.

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