IOB 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.
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
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.
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.