IOB Regular Savings Bank Account

IOB Regular Savings Bank Account
Monthly Average Balance (MAB)
  • Rs. 100 to Rs. 500 for non-cheque operated accounts
  • Rs. 500 to Rs. 1,000 for cheque operated accounts
Interest Rate 3.05%
Debit Card International VISA/MASTER/RUPAY Debit Card

Indian Overseas Bank (IOB) Regular Savings Account is a demand deposit account. Here, you can deposit the desired sum and earn a fixed interest. You will receive an International Debit Card. Also, you can perform internet banking. The minimum balance requirement varies between Rs. 100 to Rs. 1,000 depending on several factors. The highest interest you can avail of is 3.05%. This savings bank (SB) account of for those over 18 years of age. If minors apply, they should be over 10 years of age.

In this post, we will discuss IOB Regular Savings Account features, eligibility criteria, interest rate, mobile banking, doorstep banking, and frequently asked questions.

Features of IOB Regular Savings Bank Account

Here are the details of this IOB Savings Account:

  • To open this SB account, you need a duly filled application form and a recent passport-size photograph
  • You have to submit a government-recognized address proof and identity proof
  • International VISA/MASTER/RUPAY Debit Card
  • The minimum balance requirement is Rs. 100
  • This is valid for non-cheque operated accounts
  • For cheque operated accounts, the requirement is Rs. 500
  • This is true for semi-urban and rural branches
  • For other branches, you must maintain Rs. 1,000 for cheque operated account
  • For other branches. You must keep Rs. 500 for non-cheque operated account
  • For cheque operated pension accounts, the balance required is Rs. 250
  • For non-cheque operated pension accounts, the minimum balance is Rs. 5
  • There is no loan against deposit available

IOB Regular Savings Bank Account Eligibility Criteria

Here is more about this Indian Overseas Bank Savings Account:

  • Individuals, minors over 10 years of age can apply in their name
  • Clubs, joint accounts, Trusts, Associations
  • Societies including co-operatives, government bodies
  • Non-trading organizations, educational institutions, etc

IOB Regular Savings Account Interest Rate

Here is more on this IOB Savings Account:

  • The IOB Savings Account interest is paid on a daily product basis
  • The interest rate is 3.05% across all SB accounts
  • This rate of interest is applicable for account balances up to and above Rs. 25 lakhs

Benefits of IOB Mobile Banking

Here is more about Indian Overseas Bank Mobile Banking:

  • You can self-register for mobile banking without going to ATM or branch
  • You can use the biometric option for login. This provides enhances security
  • The access to the account is SIM binding. This is for the safety of transactions
  • The service is available in 10 regional languages
  • Integration of Bharat Bill Payment System
  • Voice assistance, mPassbook to view and download statements
  • Deposit closure and renewal
  • Standing Instruction/Pay Later
  • Insurance enrolment for PMJJBY and PMSBY

Indian Overseas Bank Doorstep Banking Service

Here are the features of the IOB SB Account:

  • For non-financial transactions, you can request for account statement
  • The bank will offer to pick up instruments such as Pay Order, Drafts, Cheques, and more
  • Pick up of Requisition Slip for a New Cheque Book
  • Acceptance for the request of Standing Instructions
  • Acceptance of IT Challan/GST/15H Form/15G Form/Government and Business Taxes
  • Delivery of Gift Card or Prepaid Instruments
  • Submission of Digital Life Certificate
  • For financial transactions, a cash deposit facility could be available later on
  • For now, cash withdrawal service is there

Frequently Asked Questions on IOB Regular Savings Account

Here are the FAQs:

You will receive 50 cheque leaves without charges per financial year.

Yes, you can choose a nomination facility for the savings account.

You will get a chance to take insurance products, speedy fund transfer, and Standing Instruction.

You will receive the facility of mobile banking and internet banking.

You will get instant credit for outstation cheques. The limit for the same is up to Rs. 15,000.