Indian Overseas Bank Personal Banking Service

Among the major public sector banks available in India, the IOB (Indian Overseas Bank) holds one of the top positions. Since its establishment in the year of 1937, this Chennai based bank has around 6 branches on the international level and 2048 branches on the national level. This bank has achieved one hundred percent achievement record in CBS as well networking status. The total number of CBS branches and counters (Extension) that this bank has is 2018. Other than these outlets and branches, the bank also has around 771 ATM counters located all over India.


Let us have a look at the detailed list of the Personal Banking services offered through this well renowned bank.


Personal Banking which has a list of sub parts. Let us have a look.


  • Savings Bank


This is the account type which can be opened by simply anyone while fulfilling the legal eligibility criteria mentioned below.


Savings Account type

Eligibility

Minimum Balance (INR)

Interest Rates achievable per annum

Requirements & Rules

Regular savings

Single or Joint account. Anyone who have completed the age limit of 10 years.

100-non check Rural & Semi 500-check Urban Areas


500-non check Metros & 1000-check Urban Areas


5-non check Pensioner’s 250-check Account

3.50 %

1) Correct filling up of the application form.

2) Identity Proof.

3) Address Proof.

4) Introduction Letter addressed to the Bank Authority.

5) Recent PP sized photograph (4 copies)

No Frills

Single or Joint account.Only Individuals who have completed 10 years of age and above

Rs. 5.00 (withdrawal is only through WITHDRAWAL SLIP)

3.50 %

Same as the Regular savings account with extra rules that include

Balance in the account should not exceed 50,000 INR at any circumstances.

Credit available in the account should exceed One lacs in a calendar year.


Other than these two types, there are the IOB Savings Gold & Silver account types.
These types of accounts are for those people who are professionally or self-employed or even run some sort of business. Let us have a look at them in a little bit of details.


Savings Account Type

Minimum Daily Balance for the last three months

Facilities & Concessions

Automatic Transferring of Balance

(SB to TERM DEPOSIT)

IOB SILVER-I

5,000 & above

Free debit card (international), internet banking facility, payment of tax through online mode, details of account statements on a monthly basis through e-mail, notifications of daily transactions through SMS, free transferring of funds through the RTGs & NEFT, free PERSONAL ACCIDENT INSURANCE coverage of One Lac INR. Banking at any CBS and TBA branches available throughout the country and overseas, ATM transaction is free of cost at any other bank, UBPF for rents and other bills, facilitation of PAN or TAN, Healthcare Plus (IOB family health insurance) facility, the salary earners can avail the facility of overdraft for a period extending up to one month.

N/A

IOB SILVER-II

5,000 & above

Same as IOB SILVER-I

Quarterly balance > 25,000 and above

The balance left while exceeding 35,000 will be put to term deposit in units of 2,000 INR

IOB GOLD-I

50,000 & above

Free debit card (international), internet banking facility, details of account statements on a monthly basis through e-mail, notifications of daily transactions through SMS, free personalized bank account Cheque book with account holder’s name being printed, free issuing of multi-city Cheque at MICR centers, free transferring of funds through the RTGs & NEFT, free PERSONAL ACCIDENT INSURANCE coverage of Five Lac INR. Banking at any CBS and TBA branches available throughout the country and overseas, ATM transaction is free of cost at any other bank, nil charges for opening up of a Demat account, gold coins at preferential rates, free payment of taxes through online mode, family healthcare insurance facility, facilitation of PAN or TAN, payment of bills through online mode

Quarterly balance > 50,000 and < 1,00,000

The balance left while exceeding 65,000 will be put to term deposit in units of 2,000 INR

IOB GOLD-II

50,000 & above

Same as IOB GOLD-I

Quarterly balance < 100,000

The balance left while exceeding 1,25,000 will be put to term deposit in units of 2,000 INR


  • Current Deposit


This sort of accounts is mainly ideal for business holders and company professionals who undergo monetary transactions through Cheque and not cash on a daily basis.

Let us have a look at the different sub parts available under this section:


Current Account Type

Eligibility

Minimum Balance (INR)

Features

Classic

Business holders, Corporate organizations, Service Industries, Trusts, HUF, Govt. or Private departments that are subjected to RBI directives

Not less than 1,00,000 on an average daily basis

Availability of internet banking Eligible for banking in any of the CBS branches.

Free of cost NEFT transferring of funds.

Free PERSONAL ACCIDENT INSURANCE coverage of 1, 00,000 INR.

Nil charges for opening up of Demat account.

Free personalized bank account Cheque book with account holder’s name being printed.

Free Debit Cards (international) to all the employees as well the owners.

Facility to pay tax through online mode.

Fifty percent concession on issuing of multi-city Cheque at MICR centers, folio charges, & demand drafts.

Twenty five percent concession on collection charges for outstation Cheque and RTGS method of fund transfer.

Facilitation of PAN/TAN facility.

Other facilities include online trading of equity and payment of Utility Bills.

Super

Same as “Classic”

Not less than 5,00,000 on an average daily basis

Availability of internet banking Eligible for banking in any of the CBS branches.

Free of cost NEFT transferring of funds.

Free PERSONAL ACCIDENT INSURANCE coverage of 5, 00,000 INR.

Nil charges for opening up of Demat account.

Free personalized bank account Cheque book with account holder’s name being printed.

Free Debit Cards (international) to all the employees as well the owners.

Facility to pay tax through online mode.

Fifty percent concession on issuing of multi-city Cheque at MICR centers, folio charges, & demand drafts.

Fifty percent concession on collection charges for outstation Cheque and RTGS method of fund transfer.

Facilitation of PAN/TAN facility.

Other facilities include online trading of equity and payment of Utility Bills.


  • Term Deposit


The following schemes are available under this type of IOB banking facility:


Schemes

Definition

Eligibility

Minimum Balance (INR)

Fixed Deposit

Depositing money for a fixed period of time in order to gain higher returns while interest rates are calculated.

Anyone who want to save an amount of money for a fixed period of time.

1,000/-

Recurring Deposit

Depositing a particular sum of money on a monthly basis in order to receive higher returns after a certain period of year

Anyone that includes a student to a pensioner, a rural slave to a business tycoon

50/-

Reinvestment Deposit

Reinvesting the interest that you are gaining from your deposited sum of money

Anyone who have an account with the bank

1,000/-

Education Deposit

This is more or less similar to the recurring deposit scheme with a little modification. The amount that you will be paying gets decreased every following year

Any person who have somewhat income on a regular or monthly basis

250/-(64 months)

350/-(84 months)


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