Question 1

What is Bank of India?

Accepted Answer

Bank of India (New Zealand) Limited is a wholly-owned subsidiary of Bank of India, one of India's leading public sector banks. Established in New Zealand in 2011, it is the second Indian bank to operate in the country, following Bank of Baroda.

The bank primarily serves the Non-Resident Indian (NRI) community in New Zealand while also offering comprehensive banking services to local residents and businesses. With a capitalisation of NZ$50 million at establishment, Bank of India (New Zealand) is registered as the 20th bank in New Zealand and holds a BBB- credit rating (Stable outlook) from Standard & Poor's.

Question 2

When was Bank of India founded?

Accepted Answer

The parent Bank of India was founded on September 7, 1906, in Mumbai, India, by a group of prominent businessmen including Ramnarain Ruia, Sassoon Jacob Hai David, Ratanjee Dadabhoy Tata, and other eminent figures from Mumbai's business community. It began with one office, a paid-up capital of ₹5 million, and 50 employees.

The bank operated under private ownership until July 19, 1969, when it was nationalised along with 13 other major commercial banks in India. Bank of India was a pioneer in international banking, becoming the first Indian bank to open an overseas branch in London in 1946.

Bank of India (New Zealand) Limited was established in 2011, inaugurated by Reserve Bank of New Zealand Governor Alan Bollard. The subsidiary opened with a capitalisation of NZ$50 million, exceeding the minimum NZ$30 million required to establish a bank in New Zealand at that time.

Question 3

Where is Bank of India headquartered?

Accepted Answer

Bank of India (New Zealand) Limited is headquartered in Auckland at 10 Manukau Road, Epsom, Auckland 1023. The parent Bank of India is headquartered at Bandra Kurla Complex, Mumbai, India.

The New Zealand headquarters serves as both the main administrative office and a full-service branch location.

Question 4

Where does Bank of India operate?

Accepted Answer

Bank of India (New Zealand) operates primarily in the Auckland region with two branches. The main branch is located at 10 Manukau Road, Epsom, Auckland 1023, and the second branch is at 31 East Tamaki Road, Papatoetoe, Manukau 2025.

Both branches serve customers throughout New Zealand, with a particular focus on the greater Auckland metropolitan area where the majority of the NRI community resides. The bank's services are available to customers across New Zealand, though physical banking facilities are concentrated in Auckland.

Question 5

What services does Bank of India offer?

Accepted Answer

Bank of India (New Zealand) offers a comprehensive range of retail and commercial banking services, including:

Deposit Accounts: BOI Star Savings Deposit Accounts (available in NZ and US dollars), BOI Star Current Accounts, Recurring Deposit Accounts, and Term Deposits (ranging from 30 days to five years).

Lending Products: Home loans (BOI Star Home Loans) with fixed and floating interest rate options, personal loans for various purposes, business loans, and overdraft facilities.

International Remittances: Four free monthly remittances to India with same-day or immediate credit capabilities to Bank of India accounts in India, plus international transfer services to other countries.

Specialized NRI Services: Non-Resident External (NRE) and Non-Resident Ordinary (NRO) account opening, foreign exchange services, and specialized banking solutions for the Indian diaspora.

Digital Banking: Online banking portal for account management and transactions, internet banking facilities, and digital remittance services.

Question 6

What makes Bank of India unique?

Accepted Answer

Bank of India (New Zealand) distinguishes itself through its specialized focus on serving the Non-Resident Indian community in New Zealand. The bank offers four free monthly remittances to India, a significant benefit for NRIs maintaining financial connections with their home country.

Indian international students receive special treatment with a total waiver of all fees and no minimum balance requirements for savings accounts. The bank's deep understanding of cross-border banking between India and New Zealand, combined with its parent bank's extensive network of over 5,200 branches across India, enables seamless international transactions.

The bank leverages its parent organisation's 118-year banking heritage and expertise in areas such as agricultural financing and small business lending, adapted for the New Zealand market. As a subsidiary of a founding member of SWIFT, Bank of India brings sophisticated international banking capabilities to its New Zealand operations.

Question 7

What type of financial institution is Bank of India?

Accepted Answer

Bank of India (New Zealand) Limited is a registered bank operating as a wholly-owned subsidiary of an international banking group. In New Zealand's regulatory framework, it is classified as a locally incorporated registered bank, subject to oversight by the Reserve Bank of New Zealand.

The institution functions as a universal bank, providing both retail and commercial banking services. While it offers full banking capabilities to all New Zealand residents and businesses, it specializes in serving the Non-Resident Indian community, positioning itself as a niche universal bank with a multicultural focus.

The parent organisation, Bank of India, is a public sector bank in India, majority-owned (approximately 81.73%) by the Government of India and listed on both the National Stock Exchange and Bombay Stock Exchange.

Question 8

What is Bank of India's connection to India-New Zealand trade?

Accepted Answer

Bank of India (New Zealand) was established specifically to support the growing trade relationship between India and New Zealand, which was valued at approximately NZ$1 billion annually at the time of the bank's opening in 2011. The bank's former Chairman and Managing Director, Alok Misra, identified increasing bilateral trade as a key factor in the decision to establish a New Zealand presence.

The bank provides trade finance services, foreign currency accounts, and specialized corporate banking solutions designed to facilitate cross-border commerce between the two countries. Its expertise in financing both Indian and New Zealand businesses engaged in bilateral trade makes it a strategic partner for companies operating in both markets.

The bank's establishment coincided with negotiations for a Free Trade Agreement between India and New Zealand, positioning it to capitalize on expanding economic ties between the two nations.

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