IOB Savings Account

Indian Overseas Bank offers Savings Accounts with interest rates of up to 2.90% p.a. for both resident Indians and non-resident Indians. These savings accounts cater to the needs of a diverse demographic, with a minimum balance ranging from Rs.5 to Rs.1,000. 

Here, we will illustrate the different types of Indian Overseas Bank Savings Account, their features and eligibility. Before that, let us look at the Indian Overseas Bank Savings Account interest rate.

IOB Savings Account Interest Rate 2024

Balances

Indian Overseas Bank Saving Account Interest Rate

Rs. 25 lakhs

2.75% p.a.

More than Rs. 25 lakhs - Rs. 1 crore

2.75% p.a.

More than Rs. 1 crore

2.90% p.a.

Features of the Indian Overseas Bank Savings Account

These are the characteristics of the IOB savings primary account-

 

  • The minimum balance required in non-cheque-operated accounts in rural and semi-urban areas is Rs. 100.
  • In rural and semi-urban areas, the minimum balance required in cheque-operated accounts is Rs. 500.
  • In other branches, the minimum balance required for non-cheque-operated accounts is Rs. 500.
  • In other branches, the minimum balance for cheque-operated accounts is Rs. 1,000.
  • Each year, you will receive 50 free cheque leaves.
  • There is no charge for internet banking or mobile banking.
  • There is a nomination option available.
  • Possibility to obtain fast credit on outstation cheques up to Rs. 15,000. 
  • Interest is paid on a daily basis on this account.
  • International VISA/MasterCard/RuPay debit card is provided free of charge.

How to Open a Savings Account in an Indian Overseas Bank?

Step 1: Open the IOB website and select the 'Register for Account Opening' link.

Step 2: After clicking the link, you will be taken to another website where you must provide information about your income, personal details, and so on. '

Step 3: Please enter the information correctly after consulting your documentation.

Step 4: All columns marked with an asterisk (*) must be completed.

Step 5: Once you've entered the necessary information, double-check it against your own documents. After proper verification, proceed by clicking on the "Click to Register for Account Opening" link.

Step 6: Following the preceding step, your screen will show a 'Registration Successful' notification, indicating that you have successfully registered for a Savings account. Along with this message, a Registration number will be displayed on the screen. Make a note of that for future reference.

Step 7: You are now ready to print your Application Form if you have completed the preceding steps.

Who Can Open an Indian Overseas Bank Savings Account?

The following are eligible to open a Savings Account with Indian Overseas Bank-

a) Regular Account

Regular Savings Account with a Bank Individuals, Clubs, Associations, Trusts, Joint accounts, Educational Institutions, Non-trading organizations, Government Bodies, Societies (including co-operative societies), and Societies (including co-operative societies) are all eligible to apply for this account.

Minors who are above the age of 10 will also be eligible to open a Regular Savings Bank Account in their own name.

b) Gold Savings Bank I

This account can be opened by professionals such as lawyers, chartered accountants, and doctors; executives working for software companies and multinational corporations; individuals working in the private or public sector; and High Net Worth Individuals (HNIs), CEOs, and IAS and IPS personnel.

c) Gold Savings Bank II

This account can be opened by professionals such as lawyers, chartered accountants, and doctors; executives working for software companies and multinational corporations; individuals working in the private or public sector; and High Net Worth Individuals (HNIs), CEOs, and IAS and IPS personnel.

d) Silver Savings Bank

Individuals working for reputable and well-known software organizations/enterprises, private or public sector companies, or government-run organizations may open this account.

Documents Required

To open an Indian Overseas Bank Savings account, you must furnish the following documents as basic documentation-

  • A completed copy of the Application Form.
  • Two recent passport-sized photos
  • Address verification for the address specified in the application.
  • As specified in the application, you must provide identification.

Types of Saving Accounts Offered by the Indian Overseas Bank

Following are the various types of Savings Accounts that can be opened at Indian Overseas Bank-

1) Basic Savings Account

Individuals, joint accounts, clubs, associations, trusts, government agencies, and other non-profit organizations are all eligible.

Minors over the age of 10 can apply for their names. For non-cheque-operated accounts in rural and semi-urban branches, a minimum balance of Rs.100/- is required. In other branches, it is Rs.500 for non-cheque-operated accounts and Rs.1000 for cheque-operated accounts.

2) SB Gold 1

This is a one-of-a-kind high-end savings bank account offered for professionals such as doctors, lawyers, accountants, and executives working for multinational corporations, among others. Over the last three months, an average daily balance of Rs.50,000 should have been maintained.

The IOB Savings Bank Gold I account offers E-banking, an ATM-compatible card from the start, family health insurance, daily transactions by SMS, monthly account statements via email, an international debit card without fees, and free insurance on personal accident covers of Rs. 5 lakhs.

 

3) SB Gold 2

This is a one-of-a-kind high-end SB product for professionals such as doctors, lawyers, CPAs, MNC executives, public/private sector employees, high-net-worth individuals, CEOs, IAS and IPS, and so on. Over the last three months, an average daily balance of Rs.1,000,000 should have been maintained.

4) No Frills Account

Indian Overseas Bank also provides a no-frills account, which may be created and maintained with a zero balance, has no or minimal fees, and does not include any additional services or frills. This account should have a minimum balance of Rs.500/- to Rs.1000/-.

5) Student Account

This savings account for students has been created by Indian Overseas Bank. This account is only available to students aged 16 and over. With a minimum balance maintenance of Rs.500 and a maximum balance maintenance of Rs.50,000 until the student reaches the age of 18.

You will receive a multi-purpose card that can be used for ATMs, POS, and other insurance advantages. Transfers of funds are restricted to the payment of tuition/accommodation fees to a predetermined college account.

6) Silver I & IOB Savings Bank Silver II

This is for persons working in reputable firms such as public/private sectors, governments, software corporations, and so on.

For an average daily balance of RS.5000 during the last three months, you qualify for a variety of benefits. E-banking, ATM compatible card from the day of creation, family health insurance, daily transactions via SMS, monthly account statements via Email, International Debit card without charges, free ATM usage at any bank, overdraft facility up to one month's salary in case of salary earners, and utility bill payment facility.

IOB Charges for Savings Accounts

Cheque Book Issue

Rs. 4 per cheque leaf

ATM Cheque Book Request

Rs. 55

Closure Charges

Rs. 100 - Rs. 200

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