Individual Savings Account
This account is available for individuals involved in business enterprises, small scale arable, livestock, poultry, fish farming and Micro, Small and Medium Enterprises (MSME)
Corporate Savings Account
This account is available for Cooperatives, Self Help Groups (SHGs), Partnerships, Associations, Corporate entities etc. involved in small scale arable, livestock, poultry, fish farming, agro – allied business and Micro, Small and Medium Enterprises (MSME).
Liberty Savings Account (LISA) For Women Only
The targets are individual women, women cooperatives, women in Self Help Group (SHGs) and women Entrepreneurs who are involved in farming, agro allied business, and retail trade.
Micro Enterprise Savings Account (MESA) For All Gender
This savings account is for both male and female. Individuals engaged in micro enterprise like Vulcanizers, mechanics, carpenters, petty traders, cottage industries etc.
BOA Rural Business Initiative (BOARBI) Savings
This target the bottom of the pyramid in the Economic ladder. The account is available for cooperatives, Self-Help groups, Associations etc. involved in micro crops, micro livestock and other micro enterprises. It is operated under upfront savings voluntary and monthly compulsory savings.
Account Opening Requirements:
Individual
- Completed account opening package i.e. comprising of mandate and KYC
- Two completed signature cards
- Three recent passport photographs each duly endorsed at the back by the account holder.
- In the case of joint accounts, signature cards are to be completed by signatories with signing instructions e.g. “Both to sign”, “Either to sign” or “Any two or three to sign” clearly given.
Partnership
- Completed account opening package i.e. comprising of mandate and KYC
- Two signature cards (To be completed by authorized signatories)
- Copy of registered and executed partnership agreement to be submitted.
- Copy of Business Name Registration Certificate (if partnership operates under business name).
- Three (3) recent passports photographs each of authorized signatories.
- Registered address of the business to be given.
- Copy of Resolution appointing the bank as bankers to the partnership.
Clubs, Societies and Voluntary Organizations
- Completed account opening package i.e. comprising of mandate and KYC
- Two Signature cards (to be completed by Authorized Signatories).
- Certificate of Registration obtained from the Ministry responsible for co-operative societies: (for sighting and photocopy for records)
- Three (3) recent passport photographs of each authorized signatory
- Resolution from clubs, society’s or organization’s executive committee requesting to open account with the Bank, and specifying signatories.
Corporate [COMPANIES AND MINISTRIES, DEPARTMENTS & AGENCIES (MDA)]
- Completed account opening package i.e. Mandate card and KYC (Corporate Groups).
- Completed signature cards.
- Board resolution to open account with BOA specifying signatories.
- Copy of memorandum and articles of association (In case of limited liability companies) and
- Copy of certificate of incorporation.
