Indian Overseas Bank (IOB) Savings Account

Indian Overseas Bank Savings Account Details
Minimum Balance Requirement

• Rs.5 to Rs. 100 onward

• Facility of zero balance account is also available

Interest Rate

• 3.5% to 3.75%

Eligible Account Holders

• Salaried and self-employed individuals, minors, students, high net-worth individuals

• Government employees, women, senior citizens, super senior citizens, defence personnel, and others

Facilities

• 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.

Documents Required to Open Indian Overseas Bank Savings Account

To open a savings account in Indian Overseas Bank savings offline or online, you have to provide the following documents.

  • Duly filled and signed SB account opening form
  • Identity Proof (any one of the following): Driving License, PAN Card, Aadhaar Card, Passport, Voter ID
  • Address Proof (any one of the following): Property tax bill, utility bill, Aadhaar Card, any other government recognized address proof.
  • Income Tax PAN Copy
  • In case of account for minors, you have to provide address proof and ID of parent/guardian, birth proof of the minor, photograph of the minor as well as guardian/parent, and declaration form by guardian/parent.

How to Apply for Indian Overseas Bank Savings Account?

Below-mentioned is the process to open a Savings Bank Account with IOB.

  • Visit the official website of the bank and download the form to open a savings account.
  • On the form, put your latest passport-sized photograph
  • Fill the form and then find out the nearest bank branch. Go to the branch with the original and copy of the required KYC documents.
  • After verification of the documents and the application form, the customer representative will guide you through further procedure.

Indian Overseas Bank Savings Account Interest Rates

Below-given is a list of Indian Overseas Bank Savings Account interest rate and the minimum balance requirement.

Details SB Account Interest Rate Minimum Balance Requirement
Balance Up to Rs. 25 Lakhs Balance Above Rs. 25 Lakhs Rural Semi Urban Urban Other Branches Pensioners Savings Account
Savings Bank Account Domestic

3.5%

3.75%

With chequebook facility- Rs. 500

Without chequebook facility – Rs. 100

No Frills Account- Rs. 5

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. 1,000

Without chequebook facility – Rs. 500

With chequebook facility- Rs. 250

Without chequebook facility – Rs. 5

Savings Account for NRO

3.5%

3.75%
Savings Bank Account for NRE

3.5%

3.75%

Types of Indian Overseas Bank Savings Account

Before choosing the bank for savings account, here are the -> rules that you must obey. Below-mentioned are different savings deposit schemes by IOB:

  1. Regular Savings Bank Account
  2. 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.

    Criteria Details
    Eligibility Requirement

    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.

    Minimum Balance

    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.

    Documents

    Submit the duly filled Application Form with your passport-sized photograph, proof of identity, and proof of address.

    IOB Savings Account Interest Rate

    Interest is calculated and paid on the basis of daily product.

  3. IOB SB Small
  4. 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.

    • A free ATM card is issued for the account holders.
    • You will also receive SMS alerts.
    • The bank will accept KYC documents such as voter identity card, driving licence, ration card, certificate from VAO, Passport, PAN Card, or an available and recognized proof of identity as well as address for the opening of the account.
    • The documents could also be a Job Card by NREGA signed by the State Government officer or a letter by the UIDAI containing details such as address, name, and Aadhaar Number.
  5. IOB Basic Savings Bank Deposit Account (BSBDA)
  6. 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.

    • You can withdraw and deposit cash at the bank branch and ATM.
    • You can also deposit or withdraw cash through receipt/credit of cash on electronic payment channels or deposit/collection of cheques drawn by the State or Central Government departments or agencies.
    • You need to submit KYC documents as per the RBI guidelines. If the account is opened on the basis of simplified KYC norms, then the acc shall be treated as a ‘Small Account’.
    • You cannot open any other savings bank deposit account in Indian Overseas Bank in this case. If you have an SB account in the bank, then you have to close it within 30 days from the opening of BSBDA account.
    • No charges are applicable on non-operation of inoperative BSBDA accounts.
  7. IOB SB Silver I
  8. 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.

    Criteria Details
    Special Concessions

    • 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.

  9. IOB - SB Silver II
  10. 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.

    Criteria Details
    Special Concessions

    • Demat account opening without charges.

    • Free personalized chequebooks with your name printed on it.

    • 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.

    • Family Health Insurance

    • Free Personal Accident Insurance of Rs. 1 lakh cover

    Sweep In and Sweep Out Facility

    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.

  11. IOB - SB Gold I
  12. 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.

    Criteria Details
    Special Concessions

    • 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

    • Family Health Insurance

    • 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

    Sweep In and Sweep Out Facility

    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.

  13. IOB - SB Gold II
  14. 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.

    Criteria Details
    Special Concessions

    • 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 SMS alerts for transactions

    • 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

    • Family Health Insurance

    • Free Personal Accident insurance covers of Rs. 5 lakhs

    Sweep In and Sweep Out Facility

    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.

  15. IOB SB Little Star
  16. 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.

    Criteria Details
    Maximum Balance Ceiling for maximum balance is Rs. 50,000. But this ceiling does not apply if the account is operated by parents.
    Chequebook

    Parents will receive a chequebook. Maximum withdrawal per cheque leaf is Rs. 2,000.

    Free Services Free collection or cheques or Demand Drafts gifted to the child. The amount of the same should be either in INR or foreign currency up to Rs. 25,000 in a year.
    Sweep In and Sweep Out You can sweep out excess balance if over Rs. 10,000. This fund will be swept to a Term Deposit in units of Rs. 2,000. Cut off level for sweep in is Rs. 8.000. If the minimum balance goes down, then relevant amount Term Deposit will be closed. This fund will be then transferred to the SB acc on the basis of Last in first out.
  17. IOB Student
  18. 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.

    • Free chequebook
    • Debit Card without charges
    • Free Standing Instructions
    • You can transfer funds through banker’s cheque or DDs restriction to hostel fee/tuition fee to a particular college/school account.
  19. IOB SBDBT
  20. 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:

    • This is a product for credits of DBT and student scholarship accounts.
    • The account will be credited with Scholarship/DBT amount even if the acc is inoperative or dormant.
    • There are no restrictions on total credit limits.
    • There is no requirement for minimum balance. It is a zero balance acc.
    • There are no charges on inoperative accounts.
  21. IOB Eighty Plus SB
  22. 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.

    Criteria Details
    Mode of Operation Self account or joint account with spouse only, or self with family or spouse only subject to the super senior citizen as primary account holder.
    Nomination

    As per the rules

    Scheme Change The account can be converted on request only
    Concessions on Service Charges

    • 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.

  23. IOB SB Arogiya Mahila
  24. 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.

    Criteria Details
    Special Concessions

    • 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.

    • Family Health Insurance

    • Health Insurance with health check-ups at discounted rate of premium and maternity benefits.

    • Free Personal Accident insurance of Rs. 1 lakh.

    Sweep Out Facility

    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.

  25. IOB SB DEFNON
  26. 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.

    Criteria Details
    Special Concessions and Features

    • 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.

    • ASBA facility.

    • 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.

  27. IOB SB DEFCOM
  28. 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.

    Criteria Details
    Special Concessions and Features

    • Free passbook and updation at non home branch.

    • Set up Standing Instructions without charges.

    • Free internet banking and mobile banking.

    • 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.

    • Family Health Insurance

    • Free Personal Accident Insurance of Rs. 5 lakhs cover.

  29. IOB Corp Salary Account
  30. 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.

    Criteria Details
    Special Concessions and Features

    • No charges for cash handling

    • Free Passbook, NEFT/RTGS facility, SMS alerts on transactions

    • Free internet banking and mobile banking.

    • 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.

  31. IOB MACT SB
  32. 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.

    • The amount is usually deposited as EMI comprising of interest and principal amount. If this is a minor operated account, then it will be through a guardian in a single name.
    • There is no minimum balance specification. Interest rate is applicable as that for regular savings account. Nomination facility is available.
    • You can withdraw with the help of Biometric authentication or withdrawal form.
    • An endorsement is made on the claimant’s passbook that no Debit Card and Chequebook is issued and will not be issued without the Court’s permission.
    • There is no internet banking, mobile banking, and welcome kit as well.

Other Banks Savings Accounts

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