Indian Overseas Bank Savings Account

0 Reviews

Write Review

Indian Overseas Bank Savings Account

Savings accounts are among the easiest bank accounts to open and operate. It is often the first bank account for many people. While it may offer a low interest rate, it is a safe and convenient way of storing money. You can choose from a variety of savings accounts to suit your particular banking and financial needs. Banks also offer zero-balance savings accounts for those who want just basic banking facilities like withdrawals and deposits.

Benefits of a savings account

There are several advantages to having a savings account:

  • Easy access to your money: You can deposit and withdraw money from a savings account as per your requirements.
  • Interest income: You can earn interest ( though nominal) on the money store in your savings account/.While you earn less interest in a savings account as compared to an FD or RD account, you also have far greater freedom in operating the account.
  • Bill payment: With the advent of digital banking, it is extremely easy to pay your electricity, mobile bills or any other payments.
  • Transferring funds with ease: You can transfer funds and conduct various banking transactions with a savings account.
  • Safety: It is definitely better to store your money securely in a bank rather than keeping it in your home.
  • Requires minimal documentation: A savings bank account is easy to open and requires minimal documentation

Disadvantages:

  • There are various fees associated with a savings account.
  • You need to maintain a specific balance each month in order to avoid penalties. The minimum balance required, interest rate and fees and charges vary from bank to bank and the type of account opened.
  • The interest is far lower when compared to that of, say, a Fixed Deposit account and offers low returns in comparison to other forms of savings.

Even with the downsides, a savings account is popular with the old and the young, as it provides easy access to money in times of need and inculcates a habit of saving. With the easy banking modes it has on offer, a savings account is a must to have.

Indian Overseas Bank Savings Account

An Indian Overseas Bank savings account provides a host of banking benefits like flexible easy accounts management, along with a competitive interest rate. You can make quick utility bill payments via NetBanking, and enjoy various features in convenience banking with an Indian Overseas Bank Savings Account.

Features and Benefits of an Indian Overseas Bank Savings Account

There are various benefits to having a savings account with IOB.

  • Safety and security when you store your cash in a savings account
  • Different savings account for different needs.
  • Access your account with ease via Internet Banking

Types of Indian Overseas Bank Savings Accounts

Below are a few of the different savings accounts offered by IOB. You can check the other offerings by looking up the bank’s website or by visiting the nearest branch.

Regular Savings Bank account

All residents are eligible including minors above the age of 10 years. The benefits include:

  • International VISA Debit Card
  • Instant Credit of Outstation Cheque up to Rs.15,000/-
  • Internet banking facility.

IOB Savings Bank Gold 1

This account is designed for professionals, businesspeople and high net worth individuals. It requires a quarterly average balance of Rs. 50,000.

  • ATM card from account opening day.
  • International Debit Card without charges.
  • Internet banking
  • Monthly account statements over E-mail.
  • SMS alerts for daily transactions.
  • Transfer of funds through RTGS and NEFT without charges.
  • Personal Accident Insurance covers of Rs. five lakhs free of cost.
  • ATM usage at any Bank free.
  • Demat account opening charges free.
  • Facility for Family Health Insurance.

IOB Savings Bank Silver 1

This product is designed for individuals employed in reputed companies among Public/Private sector, Government, software companies and offers various benefits for an average daily balance of Rs.5000 over the last three months.

  • ATM card from the first day of account opening
  • International Debit Card without charges.
  • Internet banking
  • Monthly account statements over E-mail.
  • SMS alerts for daily transactions.
  • Online Tax payment facility.
  • Transfer of funds through RTGS and NEFT without charges
  • Personal Accident insurance cover of Rs. 1,00,000 free of cost.
  • Utility Bill payment facility – Rent/school fees/college fees/ donations/ IOB credit card bills/utility bills/ Telephone bills
  • Overdraft facility up to one-month salary in case of salary earners.
  • Facility for family Health Insurance – IOB-healthcare Plus
  • ATM usage at any Bank free

IOB SB Student

All students of age 16 and above are eligible to open this account. It requires a minimum balance of Rs 500 and has a maximum balance of Rs, 50,000 until the student turns 18. Other benefits include free sms alerts on transactions, free multipurpose card to be used at ATM, POS, and e commerce. Free personal accident insurance cover of Rs. 1,00,000.

Funds transfer/banker’s cheque/DD is limited to payment of tuition/hostel fees to a pre-determined school/college account.

Basic Savings Bank Deposit Account

This kind of savings account is a no-frills account designed to accommodate all individuals who do not wish to keep a minimum balance in the account, and need only basic banking facilities such as deposit and withdrawal of cash.

Other benefits include free receipt/credit of money through electronic payment channels or by means of deposit/collection of cheques drawn by Central/State Government agencies and departments.

There is no limit on the number of deposits, but account holders are restricted to a maximum of four withdrawals in a month, including ATM withdrawals.

Free ATM card or ATM-cum-Debit Card.

No charges for non-operation of inoperative ‘Basic Savings Bank Deposit Account’.

Indian Overseas Bank Savings Account Minimum Balance

The minimum balance required in an Indian Overseas Bank savings account differs with each kind of account. It is advisable to contact the bank directly for details. Following is an overview:

Type of Savings Account Average Monthly Balance Required
Regular Savings Account Rs. 100/- for non-cheque operated accounts and Rs. 500/- for cheque operated accounts in branches in rural and semi-urban areas.
Rs.500 for non-cheque operated account and Rs.1000 for cheque operated account in other branches.
For pension accounts the minimum balance is Rs. 5/- for non-cheque operated accounts and Rs. 250/- for cheque operated accounts
IOB Savings Gold 1 Quarterly Average Balance of Rs. 50,000
IOB Savings Bank Silver 1 QAB of Rs. 50,000
IOB SB Student Rs.500
Basic Savings Bank Deposit account Nil

Indian Overseas Bank Savings Account Interest Rate

Indian Overseas Bank savings account offers interest rates of 4%, depending on the daily balance, and the type of account. Do keep in mind that the rates are subject to change at the sole discretion of the bank. It is advisable to check with the Bank for accurate rates.

Indian Overseas Bank Savings Account Charges

Different IOB savings accounts have a different schedule of charges. It is best to contact the Bank directly for the most up to date charges.

How to open a Indian Overseas Bank Savings Account

It is simple to open an IOB savings account. You can visit your nearest branch and have a customer care representative help you with the forms. You can talk to the representative about your saving needs and open an account accordingly.

Alternatively, you can download the online account opening form, print it, fill it in, and hand it over at the branch with 2 photographs and ID and address proof.

Indian Overseas Bank Savings Account FAQS

What is the best interest rate on an Indian Overseas Bank saving account?

The interest rates are currently at 4 %. For the latest interest rates, it is best to contact the nearest branch.

Who is eligible to open a Basic Savings Account with Indian Overseas Bank?

All resident individuals, singly or jointly, minors along with parent or legal guardian, are eligible to open a basic savings account.

Is it possible to open an IOB Bank savings account online?

You can fill in the application form online (if you have a minimum balance of Rs. 10,000), but you will need to submit it, along with the necessary KYC documents at the nearest branch.

Customer Reviews