• Rs.5 to Rs. 100 onward
• Facility of zero balance account is also available
• 3.5% to 3.75%
• Salaried and self-employed individuals, minors, students, high net-worth individuals
• Government employees, women, senior citizens, super senior citizens, defence personnel, and others
• Chequebook, passbook, internet banking, mobile banking, sweep-in and sweep-out
• Demat account, insurance products, ATM-cum-Debit Card, International Card
• Bill and tax pay, online transfers, SMS alerts, and a lot more
Indian Overseas Bank (IOB) offers various schemes under Savings Bank Deposit. These schemes are designed in a way to give you a ready access to banking and financial services. You can use the funds from the Savings Bank (SB) account as per your convenience. The eligible customers are those over 18 years of age and minors over or below 10 years of age residing within India. The SA is for different sections of the society. Below we will discuss about documents required for account opening, application procedure, interest rates and charges on the account, types of IOB Savings Account in detail, and more.
To open a savings account in Indian Overseas Bank savings offline or online, you have to provide the following documents.
Below-mentioned is the process to open a Savings Bank Account with IOB.
Below-given is a list of Indian Overseas Bank Savings Account interest rate and the minimum balance requirement.
With chequebook facility- Rs. 500
Without chequebook facility – Rs. 100
No Frills Account- Rs. 5
With chequebook facility- Rs. 1,000
Without chequebook facility – Rs. 500
With chequebook facility- Rs. 250
Without chequebook facility – Rs. 5
Before choosing the bank for savings account, here are the -> rules that you must obey. Below-mentioned are different savings deposit schemes by IOB:
This account comes with several benefits such as nomination and standing instruction facility, internet banking, mobile banking, insurance products, speedy fund transfers, instant credit of outstation cheques up to Rs. 15,000, free 50 cheque-leaves in a year, and International MASTER/VISA/RuPay Debit Card. You cannot take a loan on this deposit scheme.
Individuals, Trusts, Joint accounts, minors over 10 years of age (account in their name), Associations, Clubs, Government Bodies, Educational Institutions, Societies (including co-operatives), and Non-trading organizations.
For non-cheque operated accounts, the minimum balance should be Rs. 100. For cheque operated accounts in rural and semi-urban branches, the minimum balance should be Rs. 500.
For other branches, the minimum balance should be Rs.500 and Rs. 1,000 for non-cheque operated account and cheque operated account, respectively.
For pension accounts, the minimum balance for non-cheque and cheque operated accounts should be Rs. 5 and Rs. 250, respectively.
Submit the duly filled Application Form with your passport-sized photograph, proof of identity, and proof of address.
Interest is calculated and paid on the basis of daily product.
This account can be opened by individual customers. If you want to open a joint account with either or survivor, then you can do so. In case of joint account, the number of account holders can be only two. The aggregate of all credits in a FY (financial year) must not be over Rs. 1 lakh. The balance in the acc at any point of time should not go over Rs. 50,000. The aggregate of all transfers and withdrawals in a month should not go over Rs. 10,000.
This IOB bank account has no requirement for minimum balance. You can avail normal banking services on this acc. You get a free ATM Card or ATM-cum-Debit Card. There are no limits on the number of deposits you make in a month. The maximum number of free withdrawals in a month is 4. This includes ATM withdrawals.
This Indian Overseas Bank account is for individual employees of reputed companies in private and public sector, software companies, government, and others. There are several concessions on the average daily balance of Rs. 5,000 in a quarter. You can open this account with no initial deposit.
• Free SMS alerts for transactions.
• Free mobile banking and internet banking.
• International Debit Card without charges.
• ATM Card on the day one.
• Get monthly account statement on your email address.
• Transfer funds without charges through NEFT or RTGS.
• Online Tax payment facility
• Pay utility bills such as school fee/college fee/rent/donations/telephone bill/IOB credit card bills/ and more
• For salary earners, there is a facility of Overdraft up to one-month salary.
• IOB Healthcare Plus – A Family Health Insurance.
• Free Personal Accident Insurance of Rs. 1 lakh cover.
This product is for individual employees working in reputed companies among Public/Private sector, software companies, Government, and others. Several concessions are available on this account. There is no requirement for initial deposit in the account. However, the average daily balance for a quarter should be at least Rs. 5,000.
• Demat account opening without charges.
• Free personalized chequebooks with your name printed on it.
• Online Tax payment facility.
• Pay utility bills such as school fee/college fee/rent/donations/telephone bill/IOB credit card bills/ and more.
• Family Health Insurance
• Free Personal Accident Insurance of Rs. 1 lakh cover
You can make an automatic transfer of excess balance from the SB acc to a Term Deposit. This is if the quarterly balance is at least Rs. 25,000 and more. So if the acc balance is more than Rs. 35,000 the additional funds will be swept out to the Term Deposit in units of Rs. 2.000. If the savings account balance goes below the required minimum balance, then the adequate amount Term Deposit will be closed and transferred to the SB acc instead on the basis of last in-first out.
This Indian Overseas Bank savings account is for professionals such as lawyers, doctors, Chartered Accountants, IAS, IPS, CEOs, executives working for software companies, private/public sector, MNCs, business people, high net-worth individuals, and others. This product carries several concessions. All you have to do is maintain of Rs. 50,000 as the quarterly average balance.
• Free-of-cost personalized chequebook with your name printed on it
• Transfer of funds through NEFT and RTGS without charges
• Demat account opening without charges
• Free personal accident insurance with Rs. 5 lakhs cover
• Free ATM/Debit Card
• Free mobile banking and internet banking
• International Debit Card without charges
• Online bill payment and tax payment without charge
• Free SMS alerts for transactions
• Monthly account e-statements on your registered email address
If the quarterly average balance is Rs. 50,000 to Rs 1 lakhs, then the balance over Rs. 65,000 can be swept out to a Term Deposit in units of Rs. 2,000. If the minimum balance goes down, then respective amount Term Deposit will be closed to be transferred to the SB, on the basis of last in –first out.
This SB account is for professionals such as Chartered Accountants, doctors, lawyers, high net-worth individuals, executives working for MNCs, software companies, private/public sector, IPS, IAS, CEOs, and others. The product has several concessions on it. You must maintain quarterly average balance in the acc of at least Rs. 1 lakh.
• International Debit Card free-of-cost
• ATM Card on the day one
• Overseas Travel card free of charge
• Monthly account statement on your email
• Free internet banking and mobile banking
• Pay online tax and bill without charges
• Free-of-cost Demat account opening
• Online equity trading facility
• Free personalized chequebook with your name printed on it
• Transfer of funds through RTGS and NEFT without charges
• Free Personal Accident insurance covers of Rs. 5 lakhs
If the quarterly average balance is Rs 1 lakh and more, then balance above Rs, 1, 25,000 can be swept out to a Term Deposit in units of Rs. 2,000. If the minimum balance goes down, then relevant amount Term Deposit will be closed to be transferred to the savings account on the basis of last in –first out.
This SB account is for kids who are 1 day to 10 years of age. It is a joint account with the child’s parent or guardian. For children over 10 years of age and up to 18 years, minor self-operated account is available. The minimum balance requirement or non-chequebook and with chequebook account is Rs. 100 and Rs. 250, respectively. Below-provided are some of the other features of this account.
Parents will receive a chequebook. Maximum withdrawal per cheque leaf is Rs. 2,000.
This savings account is for all the existing customers who are students. The student should be over 10 years of age. The minimum balance requirement is Rs. 500. However, this can be a zero balance SB acc with prior permission. Maximum balance in the account cannot exceed Rs. 50,000 at any point of time. Maximum amount will be removed after the student attains 10 years of age. Below-provided are the facilities for IOB Student Savings Bank account.
Eligible candidates who can open this account are students who receive credit of scholarship amount under Government Schemes. Other eligible candidates are customers who receive credit of Direct Benefit Transfer (DBT). Like the former, this should also come under Government Schemes. Some of the features of this product are given below:
The Eighty Plus Indian Overseas Bank savings account is for Super Senior Citizens (individuals of 80 years of age and above). The product comes with special features and concessions for service charges. There is no requirement to maintain a minimum balance. The rate of interest is same as that applicable to the regular savings account. The customer should submit valid KYC documents include proof of age and date of birth.
As per the rules
• Free medical check-up in annual camp. This camp is organized by the bank in tie-up with Universal Sompo General Insurance/Apollo Munich Insurance
• Get free RuPay Platinum Debit Card. 50% of the annual maintenance charge is waivered from the 2nd year onward.
• Free personalized chequebook. There are no restrictions.
• Free SMS alerts on Debit/Credit transactions.
• Free enrolment for mobile banking and internet banking.
• Doorstep banking (by Indian Overseas Bank Business Correspondent) for needy account holders.
• Pensioners can submit Life Certificate using Jeevan Praman or Biometric Platform (eased with the help of Business Correspondent on your doorstep).
• Delivery of TDS certificate through courier or email as per need.
• Collection of (15 H) TDS-exemption Certificate through BC.
This savings account is exclusively for women. It comes with improved features, concessions, and facilities for female account holders. The minimum quarterly average balance should be at least Rs. 5,000. Those eligible to open the account include women of 18 years and above with independent and a regular source of income. The account holder can be salaried (working for private/public sector, government, MNC, etc) or self-employed professional.
• Free International Debit Card.
• Free funds transfer through NEFT/RTGS.
• ASBA facility.
• Free SMS alerts on transactions
• Free internet banking and mobile banking.
• Free online tax payment and bill payment.
• Health Insurance with health check-ups at discounted rate of premium and maternity benefits.
• Free Personal Accident insurance of Rs. 1 lakh.
Balance over Rs. 25,000 can be swept out in a Term Deposit in units of Rs. 5,000. If the account balance is less than the minimum required, then relevant units of Term Deposits will be closed and fund transferred to the SB account on the basis of last in-first out.
This Indian Overseas Bank savings account is designed for Defence personnel below the rank of commissioned offices and other staff. It is a zero balance account. Several concessions and features are attached to this product.
• Unlimited and free chequebook.
• Passbook available at non-home branch with facility of free updation
• Online tax and bill payment facility.
• Transfer of funds without charges through RTGS and NEFT.
• Free mobile banking and internet banking.
• Instant credit of outstation cheques of amount up to Rs. 30,000.
• Free International Debit Card. Add-on Card is available for free for the spouse.
• Free Standing Instructions facility.
• Family Health Insurance.
• Free Personal Accident Insurance with Rs. 2.5 lakhs cover.
This is a savings account for Defence personnel who are commissioned officers servicing in Defence sector. There are several concessions on this product. It is a zero balance account that comes with unlimited and free chequebooks, free-of-charge fund transfer through RTGS/NEFT, auto sweep in and sweep put, ASBA facility, and a lot more.
• Free passbook and updation at non home branch.
• Set up Standing Instructions without charges.
• Free International Debit Card and one add-on Card without charges for the spouse.
• Instant credit of outstation cheques of up to Rs. 30,000.
• Online bill pay and tax pay facility.
• Free Personal Accident Insurance of Rs. 5 lakhs cover.
This is a zero balance Indian Overseas Bank account usually opened by employers for their employees. The employee can keep it as a zero balance account as long as associated with the company and receiving the salary in this SB account. The requirement for average quarterly balance is up to Rs. 50,000.
• No charges for cash handling
• Free Passbook, NEFT/RTGS facility, SMS alerts on transactions
• Free set up of Standing Instructions, stop payment of cheques, RuPay Classic Card
• Free Credit Card for those who satisfy the eligibility norms. The base limit is Rs. 20,000.
• Maximum withdrawal on ATM card per day is Rs. 50,000.
• Maximum withdrawal per day on ecommerce/POS is Rs. 2 lakhs.
• Free personalized chequebook with 60 leaves or a simple chequebook with 60 leaves.
• Overdraft facility is available up to one-month net salary. The interest rate is as per that applicable on the temporary overdraft facility.
• Free monthly account statement on your email address.
• Free Personal Accident Insurance on death or permanent disability. Coverage for the same is Rs. 1 lakh for self, and for spouse an additional coverage of Rs. 50,000 is available.
• On switch over to another organization or retirement, this SB account will be treated as a Regular Savings Account, and you have to adhere to the minimum balance requirement.
• 50% concession for the first year on Demat account charges.
• 25% concession on retail loan procession fees. This concession is on the first loan taken only. The loans include vehicle loan, housing loan, educational loan, etc.
This is a savings account scheme for MACT Claims. You will receive a one-time lump sum amount for your Motor Accident Claims. The Claim amount will be as per the decision of the Tribunal/Court. This, the account will be credited with the monthly annuity and interest from the MACAD deposit you maintain with the Indian Overseas Bank or any other bank.
Here are the Indian Overseas Bank Savings Account FAQs:
The minimum balance is Rs. 100 for non-cheque-operated accounts. The same for cheque-operated acc. in semi-urban and rural branches is Rs. 500. For other locations, the same is Rs. 500 to Rs. 1,000 for non-cheque and cheque operated acc., respectively. The same is Rs. 5 and Rs. 250 for pension accounts of non-cheque and cheque facilities, respectively.
Yes, employed individuals can opt for Overdraft service. They can receive a credit up to a month’s salary.
You can keep Rs. 50,000 at any point in time as the maximum account balance. This cap does not apply when the student attains 10 years of age.
The minimum average balance for the quarter must be at least Rs. 5,000.
In a financial year, the aggregate of all credits must not go beyond Rs. 1 lakh. Also, the account balance must not exceed Rs. 50,000 at any point in time.
If you want to open a BSBDA account at Indian Overseas Bank, then you cannot open any other SB account or deposit account at this bank. If you already have an existing account, then close it in 30 days from opening the BSBDA account.
Salary earners with this savings account get a free personal accident insurance cover of Rs. 1 lakh. They can also avail themselves of family health insurance.
The bank’s business correspondent offers doorstep banking for needy acc. holders. They can deliver TDS certificates by email or courier. They can collect a 15 H, TDS-exemption Certificate. Also, pensioners utilize the Biometric Platform or Jeevan Praman to submit a Life Certificate with help from the correspondent.
The subscribers will get a 50% discount on the annual maintenance charges on the Demat account for the first year. Also, they will receive a 25% discount on the processing fees for the first retail loan taken.
The account holders will get a free personal accident insurance cover of Rs. 5 lakhs.
The account holders will receive a free personal accident insurance cover of Rs. 2.5 lakhs.
You can make cash withdrawals from this account through a withdrawal form or Biometric authentication.
The maximum balance is Rs. 50,000 if the child operates the account. But this cap is not applicable if the parents operate the acc.
The account holders have to keep Rs. 50,000 as the quarterly average balance.
The account holders need to maintain Rs. 1 lakh as the quarterly average balance.
There is no limit to the minimum balance. Also, you get the benefit of a zero-balance facility. There are no limits for total credits to keep in the account at any point in time. You do not have to pay any charges for inactive accounts.
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