IOB – Savings Bank Gold I

IOB Savings Bank Gold I
Average Quarterly Balance At least Rs. 50,000
Interest Rate 3.05%
Personal Accident Insurance Rs. 5 lakhs

Indian Overseas Bank (IOB) Gold I Savings Account comes with mobile banking, doorstep service, ATM Card, International Debit Card, NEFT, RTGS, Family Health Insurance, Personal Accident Insurance, and more. It is available for professionals such as lawyers, doctors, employees from reputed organizations, high net worth individuals, CAs, and others. You will also receive concessions on several products, free SMS alerts, e-statements on email, and other facilities.

In this post, we will discuss IOB Gold I Savings Account features, sweep facility, eligibility criteria, interest rates, mobile banking, doorstep banking, and frequently asked questions.

Features of Indian Overseas Bank Gold I Savings Account

Here are the features of the SB account:

  • The average quarterly balance limit is at least Rs. 50,000
  • You will receive an ATM Card and International Debit Card at no cost
  • Get personalized cheque books and have your name printed on them at no cost
  • You will get email e-statements every month
  • Access free mobile banking and internet banking
  • You can transfer funds through NEFT and RTGS, free of cost
  • There is a facility for family health insurance
  • Get alerts through SMS for daily transactions
  • You can pay bills online and pay tax as well on the internet without charges
  • You can open a Demat account at no additional cost
  • Rs. 5 lakhs worth personal accident insurance cover at no charges

Sweep Facility for IOB Gold I Savings Account

Here are the details:

  • Your SB account may attain an average quarterly balance between Rs. 50,000 and Rs. 1 lakh
  • In this case, if the balance goes over Rs. 65,000, then the remaining amount can be swept out and reserved in Term Deposits
  • The sweep-out will be in the units of Rs. 2,000
  • The minimum balance in a savings account may go down the average quarterly balance limit
  • In this case, adequate units from Term Deposits will be closed
  • The same will be transferred then to the SB account on the last in-first out basis

Eligibility Criteria for IOB Gold I Savings Account

The eligible individuals include professionals such as executives working in software companies/MNCs, lawyers, doctors, CAs, high net worth individuals, people from the private or public sector, CEOs, business personnel, IPS, and IAS.

IOB Savings Bank Gold I Interest Rate

Here are the details for this IOB Savings Account interest rate:

Interest Rate Minimum Balance
Features Balance Up to Rs. 25 Lakhs Balance Above Rs. 25 Lakhs Urban Semi-Urban Rural SB Account for Pensioners Other Accounts
Savings Bank Account
1. Domestic
a. Along with cheque book 3.05 3.05 1000 500 500 250 1000
b. With no cheque bookt 3.05 3.05 500 100 100 5 500
c. No-frills account 3.05 3.05 5 5
2. Non-resident 3.05 3.05
a. NRE 3.05 3.05
b. NRO 3.05 3.05

Why Choose Mobile Banking IOB?

Here are the reasons why you should choose Indian Overseas Bank Mobile Banking:

  • Bharat Bill Payment System integration is available
  • You can opt from 10 different regional languages
  • You can self-register on the app for services than visiting a branch or ATM
  • You can close or renew a deposit account
  • You can also enroll for insurance under PMSBY and PMJJBY
  • The access to an account is binding to SIM for security and safety measures
  • You can log in to the platform through the biometric option for a secured access
  • Take benefit of Standing Instructions/Voice Assistance/View and Download Statements/Pay Later/mPassbook

How to Take Help from the IOB Doorstep Banking Service?

Here are the benefits of the IOB Doorstep Facility:

  • The correspondent will help you submit Digital Life Certificate
  • On request, you can access non-financial transaction account statement
  • You can also provide a request for Standing Instruction
  • It is possible to apply for even cash withdrawal
  • The personnel can come over to collect IT Challan/GST/Form 15H/Form 15G/Business and Government Tax
  • The bank official can collect pay orders, cheques, drafts, and other instruments
  • The person can also come to pick up the new cheque book’s requisition slip
  • The service of financial transactions and cash deposit may be available soon
  • The bank official may also deliver Gift Card and Prepaid Instruments

Frequently Asked Questions on IOB Savings Bank Gold I

Here are the IOB Savings Account Gold II FAQs:

These are the papers you require for a Gold I savings account:

  • Duly filled and signed account opening form
  • Copy of Income Tax PAN
  • Identity proof such as Passport, PAN Card, Aadhaar Card, Driving Licence, Voter ID Card
  • Address proof such as Property Bill Tax, Aadhaar Card, Utility Bill, etc

You can choose Family Health Insurance. Also, Rs. 5 lakhs worth and free of charge personal accident insurance cover.

The Indian Overseas Bank Gold I Savings Account Interest Rate is 3.05%.

When the balance in the account goes over Rs. 65,000 you can choose to auto sweep-out to Term Deposit. The transfer is in the units of Rs. 2,000.

You will receive a monthly e-statement at your registered email address. Also, on daily transactions, you will get SMS alerts on your registered mobile number.