Indian Overseas Bank Savings Account
| Details | SB Account Interest Rate | Minimum Balance Requirement | |||||
| Balance Up to Rs. 25 Lakhs | Balance Above Rs. 25 Lakhs | Rural | Semi-Urban | Urban | Other Branches | Pensioners Savings Account | |
| Savings Bank Account Domestic | 3.5% | 3.75% | With chequebook facility- Rs. 500
Without chequebook facility – Rs. 100 No Frills Account- Rs. 5 |
With chequebook facility- Rs. 500
Without chequebook facility – Rs. 100 No Frills Account- Rs. 5 |
With chequebook facility- Rs. 1,000
Without chequebook facility – Rs. 500 |
With chequebook facility- Rs. 1,000
Without chequebook facility – Rs. 500 |
With chequebook facility- Rs. 250
Without chequebook facility – Rs. 5 |
Indian Overseas Bank Savings Account
Savings Bank (SB) accounts are low-interest savings accounts kept at a retail bank or other financial institution. They cannot be used as money directly (medium of exchange). Banks can restrict the number of withdrawals you may make from your savings account each month and charge fees if you do not maintain a certain average monthly balance in the account. These accounts usually need a low minimum balance as an initial balance. Depending on various variables, interest rates will range from 3.5 per cent to 9 per cent.
To maximize your money, IOB offers some of the most favourable interest rates on Savings Accounts. With effect from September 8, 2020, the bank will pay a 3.10 per cent interest rate on their Regular Savings Bank Account. This interest will be charged regularly for each product.
Features and Benefits of Indian Overseas Bank Savings Account
Indian Overseas Bank provides a standard savings account as well as many variations. There are many advantages to opening an Indian Overseas Bank Savings Account, including the fact that your money is secure and free of market risks.
- In addition to a nominal interest rate on deposits, the bank provides a variety of other services.
- Depending on the necessities of the customer, the bank offers various forms of savings accounts.
- Money can be deposited and withdrawn via a variety of platforms, including mobile banking, internet banking, and SMS banking.
- Utility bills can be paid using the ECS program as part of your savings account.
- You can conveniently withdraw money from a large number of ATM kiosks located across the country and abroad.
- You will get a bonus for your savings.
- Subject to some restrictions, you can obtain a free debit/credit card.
- Your money does not sit idle; rather, it earns a small amount of interest.
Indian Overseas Bank Savings account Charges
| Account | Minimum Balance Requirement | Interest Rate | |
|---|---|---|---|
| Regular Savings Bank | For rural and semi-urban branches | Rs. 100 without chequebook
Rs. 500 with a chequebook |
4.00% – 4.00% |
| Other Branches | Rs. 500 without chequebook
Rs. 1000 with a chequebook |
4.00% – 4.00% | |
| Pension accounts | Rs. 5 without chequebook
Rs. 250 with a chequebook |
0.50% – 3.25% | |
| IOB – Savings Bank Gold I | Rs 50,000 or more. | 4.00% – 4.00% | |
| IOB – Savings Bank Gold II | Rs 1,00,000 or more. | 4.00% – 4.00% | |
| IOB – Savings Bank Silver I | No minimum balance is required except in certain cases. | 4.00% – 4.00% | |
| IOB – Savings Bank Silver II | No minimum balance is required except in certain cases. | 4.00% – 4.00% | |
| IOB SB – Student | Rs 500 | 4.00% – 4.00% | |
Indian Overseas Bank Savings Account Products
IOB provides its customers with six Savings bank deposit plans, these are:
- Regular Savings Bank Account
- Savings Bank No Frills Account
- IOB Savings Bank Gold I
- IOB Savings Bank Gold II
- IOB Savings Bank Silver I
- IOB Savings Bank Silver II
- IOB SB Student
Regular Savings Bank Account
Individuals, joint accounts, societies, associations, trusts, governmental bodies, and other non-profit organizations are all eligible. Minors over the age of ten may apply for their titles. For non-cheque-operated accounts in rural and semi-urban branches, a minimum balance of Rs.100/- is needed. It is Rs.500 for non-cheque operated stores and Rs.1000 for cheque operated accounts in other components.
IOB Savings Bank Gold I
This is a one-of-a-kind high-end savings bank account product for professionals such as doctors, lawyers, accountants, and executives working for multinational corporations. Over the last three months, an average daily balance of not less than Rs. 50,000 should have been held. The IOB Savings Bank Gold I account comes with the following:
- E-banking,
- An ATM compliant card from the start,
- Family health insurance,
- Regular purchases via SMS,
- Monthly account statements via email,
- An international debit card without fees, and
- Free insurance on personal injury covers up to Rs. 5 lakhs.
IOB Savings Bank Gold II
This is a one-of-a-kind high-end SB product for professionals such as Doctors, Lawyers, CAs, Executives in MNCs, 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 preserved.
Indian Overseas Bank Savings Account SB Student
Indian Overseas Bank has launched this savings account for students. This account is only available to students aged 16 and up, with minimum balance maintenance of Rs.500 and cumulative balance maintenance of Rs.50,000 before the student reaches the age of 18. You will be given a multi-purpose card that will allow you to use ATMs, POS machines, and other insurance benefits. Transfers of funds are restricted to the payment of tuition/accommodation fees to a pre-determined college account.
Savings Bank No Frills Account
Indian Overseas Bank also provides a no-frills account, which can be opened and retained with a zero balance, has no or minimal fees, and does not include any excessive services or frills. This account should have a minimum balance of Rs.500/- to Rs.1000/-.
IOB Savings Bank Silver I & IOB Savings Bank Silver II
This is for people working in reputable industries such as public/private sectors, governments, tech companies, and so on. For an average daily balance of Rs. 5000 over the last three months, you qualify for a variety of benefits. Benefits of Silver I& II IOB are:
- E-banking,
- Creative ATM card,
- Family health,
- Day-to-day SMS transactions,
- Monthly E-mail account details,
- International debit card free and personal accident insurance covers Rs. 1,00,000 free,
- ATM use at any bank free, and
- Overdraft facilities up to one month’s wages.
Indian Overseas Bank Savings Account Welcome Kit
Indian Overseas Bank will mail a Welcome Package containing a custom chequebook and ATM Card to the customer’s postal address chosen for correspondence 7–8 working days after the date of opening a specific savings account.
Also, Check: Indian Overseas Bank Personal Loan
Indian Overseas Bank Savings Account Opening Process
Clients don’t have to remain in long queues to meet with a bank representative to open a Savings Account anymore. Customers can now do the same thing online in a lot less time and with a lot less hassle. Individual or Single Accounts can be opened online with a minimum deposit of Rs. 10,000. To open a Savings Account with IOB successfully, follow the steps mentioned below:
- Open the IOB website and click on the ‘Register for Account Opening’ page.
- After clicking the link, you will be redirected to another page where you must enter information such as your salary, personal data, and so on. Please enter the details correctly after consulting your records.
- All columns denoted with an asterisk (*) must be completed.
- Once you’ve entered the necessary details, double-check it against your records. After proper verification, continue by clicking on the “Click to Register for Account Opening” tab.
- Following the move mentioned above, your screen will show a ‘Registration Active’ alert, indicating that you have successfully registered for a Savings account. Along with this letter, a Registration number will be shown on the phone. Save this number in a secure place on your mobile or in a document.
- You are now able to print your Application Form if you have completed the preceding steps.
- If you cannot print your Application Form right away, you can do so later by clicking on the Reprint Application Form tab.
Indian Overseas Bank Documents Required Saving Account
To apply for an Indian Overseas Bank Savings account, you must have the following documents as essential documentation:
- A properly completed copy of the Application Form.
- Two latest passport-sized photos
- Address verification for the address specified in the document.
- As stated in the application, you must have valid ID proof.
FAQs about Indian Overseas Bank Savings Account
✅ What is the helpline number for the Indian Overseas Bank savings account?
Individuals can contact Indian Overseas Bank at 011-39404444 / 011-66014444, which is available 24 hours a day, seven days a week, from all landlines and cell phones in the region.
✅ What is the least balance for an Indian Overseas Bank savings account?
Indian Overseas Bank saving account items have different minimum balance requirements. The minimum balance needed to open an Indian Overseas Bank Basic Banking Account is Zero.
✅ Which is the best Indian Overseas Bank savings account?
There are several Indian Overseas Bank savings account options. These accounts are targeted at a particular group of people. Individuals should choose the best product by comparing the interest rate offered, minimum account requirements, and services.
