IOB – Savings Bank Silver I

IOB Silver I Savings Account
Average Quarterly Balance At least Rs. 5,000
Interest Rate 3.05%
Personal Accident Insurance Rs. 1 lakh

Indian Overseas Bank (IOB) Silver I Savings Account is for people employed with government departments, reputed companies, software firms, public and private sector. The average quarterly balance (AQB) limit is a minimum of Rs. 5,000. This will earn you several concessions as well. Simultaneously, you get the benefit of family health insurance, personal accident insurance, NEFT, RTGS, ATM Card, International Debit Card, payment of utility bills and tax, SMS alerts, and more.

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

Features of Silver I Savings Account IOB

Here are the features:

  • Several concessions are available if you maintain AQB of at least Rs. 5,000
  • You can open the savings account on zero-balance
  • No charges apply for International Debit Card
  • Option for Family Health Insurance – IOB Healthcare Plus
  • You will receive an ATM card as soon as you open the account
  • Get free SMS alerts for any transaction you make
  • There is a facility for mobile banking and internet banking
  • Get Rs. 1 lakh worth personal accident insurance at no cost
  • Transfer funds through NEFT or RTGS without charges
  • Salary earners can get an overdraft facility of up to a month’s salary
  • Account statements every month over the registered email address
  • Pay tax online and utility bills such as credit card bills, telephone bills, etc
  • You can also pay the rent, college fees, school fees, make donations, etc

Eligibility Criteria for IOB Silver I Savings Account

All individuals are eligible to open this account if they are employed with recognized firms, the private/public sector, a software company, or any government organization.

IOB Savings Bank Silver 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

Mobile Banking for IOB Silver I Savings Account

Here are the benefits of mobile banking on an IOB Savings Account:

  • You can access the app in 10 regional languages
  • The access is SIM binding for enhanced and secured transactions
  • You can access Bharat Bill Payment System
  • Take benefit of Standing Instruction, Voice Assistant, Pay Later
  • You can enrol for PMSBY and PMJJBY insurance
  • Without visiting ATM or branch, you can self-register for this service
  • You can go for deposit renewal or closure here
  • There is the availability of biometric login and this gives better security
  • You can also take advantage of mPassbook
  • There is a service for downloading or viewing account statements

Doorstep Banking for IOB Silver I Savings Account Holders

Here are the doorstep banking services for IOB Savings Bank subscribers:

  • You can request for cash withdrawal facility
  • There is a facility to pick up instruments such as drafts, pay orders, cheques, and more
  • You can get an account statement on request for non-financial transactions
  • You can submit Digital Life Certificate
  • The availability of cash deposit and financial transactions maybe later on
  • The personnel can accept IT Challan/15G Form/GST/15H Form/Business and Government Taxes
  • The bank official can deliver Gift Card, prepaid instruments, and more
  • He/she can also pick up the requisition slip for a new cheque book
  • And the personnel can also accept the Standing Instruction request

Frequently Asked Questions on IOB Savings Bank Silver I

Here are the IOB Savings Account Silver I FAQs:

Here are the required documents:

  • Identity proof such as Driving Licence, PAN Card, Passport, Voter ID Card, Aadhaar Card
  • Address proof such as property bill tax, utility bill, Aadhaar Card, etc
  • Filled and signed form for opening the account
  • Copy of Income Tax PAN

Only salaried individuals from reputed companies private or public sector can access this IOB Savings Account.

You will receive a free-of-charge personal accident insurance cover of Rs. 1 lakh. You can also opt for family health insurance.

You can earn 3.05% interest on the daily balance on this IOB savings account.

Salaried employees can avail themselves of overdraft facilities. They can get credits for up to 1 month’s salary.