Indian Overseas BankIOB Regular Savings Bank Account

Indian Overseas Bank is a public sector bank which allows its customers to open a savings account offering a wide range of deals and rewards.

Eligibility:

The regular savings bank account can be applied as a joint account, by an individual, minors who have completed at least 10 years of age, Trusts, Associations, NGOs, Co-operative Societies, Government Bodies, Educational institutions and other non-trading organizations.

Minimum Balance Requirement:
  • For Rural and Semi-Urban branches
    • For cheque operated account- Rs 500
    • For non-cheque operated account- Rs 100
  • Other branches
    • For cheque operated account- Rs 1000
    • For non-cheque operated account- Rs 500
  • Subscribers with pension accounts
    • For cheque operated account- Rs 250
    • For non-cheque operated account- Rs 5
Requirements for opening an account:

The application form filled with correct details along with the applicant's address proof, identity proof and two passport size photos.

Regular Savings Bank Account Features and Benefits:
  • It comes with an interest rate of 4% yearly and is payable on daily product basis.
  • Regular Savings Bank Account does not allow a loan against deposit.
  • The customer will be provided with IOB international Debit card powered by VISA.
  • An outstation cheque that amounts up to Rs. 15,000 can be instantly credited to account.
  • With the likes of internet banking, insurance products, facilities for nomination, standing instruction, and multicity cheque facility, IOB Regular Savings Bank Account provides a wide range of banking solutions.
  • It provides with ultra-fast transaction of funds.
Value Additions:

By maintaining an Average Quarterly Balance (AQB) of Rs 10,000, the subscriber will be provided with the following facilities:

  • The subscriber is allowed to transfer two inland drafts of Rs 10,000 every month.
  • Also, the subscriber can collect an outstation inland draft or cheque of Rs 10,000 every month without any additional charges.
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