IOB – Savings Bank Gold II

IOB Savings Bank Gold II
Average Daily Balance At least Rs. 1 lakh spanning the recent 3 months
Interest Rate 3.05%
Personal Accident Insurance Rs. 5 lakhs

IOB (Indian Overseas Bank) Gold II savings account is a specialized product for professionals such as CAs, lawyers, doctors, and people working in software firms/MNCs, high net worth individuals, and others. The average daily balance over the last 3 months should not be less than Rs. 1 lakh. It comes with additional facilities such as equity trading, bill payment, International Debit Card, mobile banking, Demat account, personal accident insurance, and others.

In this post, we will discuss IOB Gold II Savings Account features, sweep facility, eligibility criteria, interest rate, banking on app, doorstep banking service, and frequently asked questions.

Features of Indian Overseas Bank Gold II Savings Account

Here are the features of the IOB Savings Account:

  • Transfer of funds through NEFT and RTGS without charges
  • You will receive an ATM Card on the very first day of account opening
  • No cost for an overseas travel card
  • Rs. 5 lakhs worth free personal accident insurance cover
  • Free mobile banking and internet banking
  • Get your name printed on a personalized cheque book at no additional cost
  • Get the provision for family health insurance
  • No charges for the issuance of International Debit Card
  • Get free SMS alerts for daily transactions
  • E-statements on monthly basis on your email address
  • Option for online equity trading
  • No charges to open a Demat account
  • You can make an online bill payment
  • Also, you can pay off online tax, free of cost

IOB Savings Bank Gold II Sweep Facility

If the average balance for a quarter in the SB account is Rs. 1 lakh and more, then the exceeding amount is over Rs. 1,25,000 can be swept out into a term deposit in the units of Rs. 2,000. In case the balance (minimum) drops in the savings account, then the shortfall amount is then swept out from the term deposit to the SB account, on a last in – first out basis.

Eligibility Criteria for IOB Savings Bank Gold II

The eligible individuals are professionals such as lawyers, Chartered Accountants, doctors, executives employed in MNCs/public or private sector/software companies, high net worth individuals, business people, IPS, IAS, CEOs, and more.

IOB Savings Bank Gold II 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

Benefits of Mobile Banking IOB

Read more to know the benefits of Indian Overseas Bank Mobile Banking:

  • Integration of Bharat Bill Payment System
  • There is an option to self-register for mobile banking for which you do not have to visit a branch or ATM
  • For the safety of transactions, access to the account is linked to the SIM
  • The facility is available in 10 different regional languages
  • To log in, you can utilize the biometric option for enhanced security access
  • You can take advantage of Pay Later/Standing Instruction/mPassbook/Voice Assistance/View and Download Statements
  • Enrolment for insurance under PMJJBY and PMSBY
  • Deposit renewal or closure

IOB Doorstep Banking Service

Here are the features of the Indian Overseas Bank Savings Account:

  • You can receive an account statement for non-financial transactions on request
  • Acceptance of GST/IT Challan/Government and Business Taxes/15G Form/15H Form
  • You can submit Digital Life Certificate
  • The officials can pick up the requisition slip for a new cheque book
  • The personnel can deliver prepaid instruments or Gift Card
  • You can also avail of the service for cash withdrawal
  • They can also accept the request for Standing Instruction
  • But the service for cash deposit and a financial transaction may be available later on
  • The bank will also provide a facility for a pick of instruments such as cheques, pay orders, drafts, and more

Frequently Asked Questions on IOB Savings Bank Gold II

Here are the IOB Savings Account Gold II FAQs:

Here are the documents you need:

  • Filled and signed account opening form
  • Address proof such as utility bill, property tax bill, Aadhaar Card, or any other government-recognized one
  • Identity proof such as PAN Card, Passport, Driving Licence, Aadhaar Card, Voter ID Card
  • Income Tax PAN copy

Cashless purchases or online payments with International Debit Card, a multi-city cheque book that can be accessed from Magnetic Ink Character Recognition Code (MICR) centers, mobile and internet banking for paying taxes, bills and more, chequebook with subscriber's name printed, and opening a Demat account.

You can easily keep a track of your bank account, as the bank sends monthly to your registered email address. You will also receive a quick notification on your registered mobile number on making a transaction.

The Savings Bank Gold II account provides an online equity trading option where you can maximize investments.

IOB Savings Gold II account holders can use the privilege of an Overseas Travel Card without any charges to travel abroad without any hassle.