Ambani, the chairman and managing director of India's largest private company, Reliance Industries, will stand for the election at Bank of America's annual shareholders' meet this year, said the bank.
Earlier, in 2007, Sunil Mittal, Chairman of Bharti Enterprises, had joined the board of Standard Chartered Plc as an independent non-executive director.
However, he stepped down in 2009.
"Bank of America's shareholders will benefit from the global perspective Ambani brings to our board. He has demonstrated expertise in risk management and strategic planning across a diverse range of businesses, including energy, information and communication technology, and retail networks," said Bank of America Chairman Charles O Holliday in a statement.
Bank of America's Chief Executive Officer Brian T Moynihan welcomed the move and said: "Ambani has a reputation for strategic vision and operational excellence."
Currently, Ambani is also a member of the Prime Minister's Council on Trade and Industry.
He is a member of the Indo-US CEOs Forum, the Co-Chair of the Japan-Indian Business Leaders Forum, and India-Russia CEO council.
"I am delighted to join the board of Bank of America I look forward to contributing to the growth and progress of Bank of America," said Ambani.