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Indian Overseas Bank (IOB) is a public sector bank based in Chennai (Madras), with about 3400 domestic branches. Indian Overseas Bank was founded in February 10th of the year 1937 (81 years ago) with the twin objectives of specializing in foreign exchange business and overseas banking. Indian Overseas Bank provides its customers a variety of products including savings accounts.
About Indian Overseas Bank Savings Account
Savings Bank (SB) accounts are interest-bearing deposit accounts held at a retail bank or other financial intuitions that pay modest interest rate. They cannot be used directly as money (medium of exchange). The Banks, limit the number of withdrawals you can make from your savings account each month and may also charge fees unless you maintain a certain average monthly balance in the account. These accounts usually require either a low minimum amount as initial balance. Interest range may vary from 3.5% to 9% depending on several factors.
Indian Overseas Bank offers a basic savings bank account as well as several variants. The benefits of opening an Indian Overseas Bank Savings Account are many -
IOB offers 6 Savings bank deposit schemes, these are: -
Regular Savings Bank Account
Individuals, joint accounts, clubs, associations, trusts, Government Bodies and other non-trading organizations are eligible. Minors who have completed ten years of age can apply their names. You will need to maintain a minimum balance of Rs.100/- for non-cheque operated accounts in branches in rural and semi-urban areas. It is Rs.500 for non-cheque operated accounts and Rs.1000 for cheque operated account in other branches.
Savings Bank No Frills Account
Indian Overseas Bank also offers a no-frills account, account that can be opened and maintained with zero balance, levies zero or nominal charges and does away with the unnecessary services or frills. Minimum balance of Rs.500/- to Rs.1000/- should be kept in this account.
IOB Savings Bank Gold I
This is a unique high-end savings bank account product for professionals such as Doctors, Lawyers, CAs, and Executives working in MNCs, etc. an average daily balance not less than Rs.50,000 should be maintained over the last three months. Benefits from the IOB Savings Bank Gold I account are E banking, ATM compatible card from creation day, family health insurance, daily transactions through SMS, monthly account statements over Email, International Debit card without charges and Insurance on personal accident covers of Rs. 5 lakhs at free of cost.
IOB Savings Bank Gold II
This is a unique high-end SB product for professionals such as Doctors, Lawyers, CAs, Executives working in MNCs, Public/Private sector people, High net worth people, CEOs, IAS and IPS, etc. an average daily balance not less than Rs.1,00,000 should be maintained over the last three months.
IOB Savings Bank Silver I & IOB Savings Bank Silver II
This is for individuals employed in reputed companies among Public/Private sectors, Governments, software companies, etc. You get various concessions for an average daily balance of RS.5000 over the last three months. Benefits from the IOB Savings Bank Silver I & II are E banking, ATM compatible card from creation day, family health insurance, daily transactions through SMS, monthly account statements over Email, International Debit card without charges and Insurance on personal accident covers of Rs.1, 00,000 free of cost, ATM usage at any Bank free, Overdraft facility up to one month salary in case of salary earners and Utility Bill payment facility e.g. telephone bills, rent, tuition fees, Indian Overseas Bank credit card bills etc.
IOB SB Student
Indian Overseas Bank has introduced this savings account for students. This account is only eligible to students of age 16 and above. With a minimum balance maintenance of Rs.500 and a maximum of Rs.50,000 until the student turns 18. You get a multi-purpose card for ATMs, POS and other insurance benefits. Fund transfers are limited to payment of tuition/accommodation fees to a pre-determined college account.
The table below shows the minimum balance required under each type of savings account. Please note that the requirements may change any time at the discretion of the bank.
Rs. 100 without check book
Rs. 500 with check book
Rs. 500 without check book
Rs. 1000 with check book
Rs. 5 without check book
Rs. 250 with check book
Indian Overseas Bank savings account deposits currently earn an interest rate of 3.5%. However, this is subject to change by the bank at any time depending on economic conditions and other factors. It is advisable to visit a bank branch or the official website for details.
Some charges may be levied for non-maintenance of minimum balance as per the rules of the bank. Charges may also be levied for certain services such as cashing outstation checks, issuing demand draft, processing standing orders and so on. You may enquire at the nearest branch of IOB for details regarding charges.
In order to open an Indian Overseas Bank Savings Account, you may visit the nearest branch of the bank and fill out the application form. You will be required to submit your KYC documents. In case the depositor is unable to submit KYC documents such as proof of identity, age, address and so on, he may need an introduction by an existing customer who has maintained an active account for the past 6 months or more.
1. What is the best interest rate on an Indian Overseas Bank saving account?
Money deposited in an Indian Overseas Bank savings account earns a nominal rate of interest. Currently Indian Overseas Bank pays an interest of 3.5% on SB accounts. However, this is subject to change at the sole discretion of the bank.
2. How can I upgrade my savings account from one kind to the other?
Changing the type of savings account requires an application and procedure to be followed. There are also some conditions you must satisfy.
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