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Savings Account

A savings bank account is a type of demand deposit account, which is opened mainly for the purpose of saving money and not for any commercial reason, unlike a current account. Uncertainties and ambivalence are part of life and savings accounts are one of the best ways to meet them. So, if you do not have savings accounts with any of the banks then you should open a savings account without any further delay. Savings with IOB is always preferred as it provides the best services to its customers.
 

Indian Overseas Bank is a banking, insurance and industry pioneer that focuses on foreign exchange businesses and trade finance. IOB was the first bank to foray into the consumer credit space and started providing personal loans well before it was nationalised.
 

Indian Overseas Bank has multiple types of savings accounts aimed at suiting the requirements of different individuals, institutions, organisations, etc. Interested customers can choose anything from a basic savings account to a premium savings account in addition to a joint savings account. The number of permitted withdrawals from an IOB Savings account is fifty every 6 months in a financial year. For a savings account with IOB which is opened in the middle of the year, the approved withdrawals will be calculated on a pro rata basis. A service charge at rates as advised from time to time will be levied if the number of withdrawal exceeds the permitted limit.
 

There are different types of IOB savings accounts that can cater to various needs and requirements.

Type of Savings Account

  1. Regular Savings Account – These are simple savings accounts to meet the daily banking needs of an individual. The following are the features that are a part of these accounts:
  • Affordable and convenient savings accounts in which the minimum balance in rural and semi-urban areas for a non-cheque operated account is Rs. 100, while it is Rs. 500 for cheque-operated accounts. In urban areas, the minimum balance for a non-cheque operated account is Rs. 500; while it is Rs. 1,000 for a cheque-operated account.
  • Pension accounts have a minimum balance of Rs. 5 for non-cheque operated accounts, while the balance is Rs. 250 for cheque-operated accounts.
  • Account holders are given an international Visa Debit Card that may be used at any Visa ATM globally or for shopping, etc.
  • Indian Overseas Bank has a vast network of branches and ATMs for daily banking needs.
  •  IOB offers customer the convenience of banking with NetBanking, and Anywhere Banking services.
  •  IOB offers customer with an instant credit of Outstation Cheque up to an amount of Rs. 15,000.
  • Customers also receive multicity cheque facility.
  • Nomination facility is available with this account.
  • Customers find that there is a speedy transfer of funds between own accounts and between third party accounts in different banks.
  •  IOB offers account holders a number of insurance products via the bank.

Eligibility: Following are the eligibility criteria of an IOB saving account:

  • All resident individuals either solely or jointly can open this account.
  • A Hindu Undivided Family can also open this account
  • Govt. bodies
  • Societies (including co-operatives)
  • Educational institutions
  • Clubs
  • Associations and non-trading organisations
  • Children who have completed ten years of age can hold an account in their own name
  1. Savings Bank Gold I Account – This is a premium savings accounts aimed at professionals such as lawyers, doctors, CAs, executives working with MNCs, high net worth individuals, etc. This account has a host of concessions and features to satisfy everyone’s needs. The features of the account are as follows:
  • Customers are given an ATM Card on the very first day itself.
  • Account holders receive SMS alerts on every transaction.
  • Account holders are given an international Visa Debit Card that may be used at any Visa ATM globally or for shopping, etc.
  • Account holders may withdraw cash from an IOB/non-IOB ATM at no extra charge.
  • Account holders get free personalised multicity cheques issued at MICR centres.
  • Receipt of free personalised chequebooks with the account holder’s name.
  • Account holders can transfer funds through NEFT and RTGS without any charges.
  • Provision of a monthly account statement that is sent via email to account holders.
  • Account holders get internet banking facility.
  • Account holders can make use of the Anywhere Banking facility in CBS/TBA branches.
  • Demat accounts may be opened at no charge.
  • This account offers online bill payment and online tax payment facilities that are free of cost.
  • Account holders receive a Personal Accident Insurance cover of Rs. 5 lakh free of cost.
  • There is a facility of Family Health Insurance with this account.
  • Quarterly average balance that has to be maintained is at least Rs. 50,000.

Eligibility

  • Any resident individuals including professionals such as lawyers, doctors, C.A.s, Executives working with MNCs, software companies, public/ private sectors.
  • Business people
  • CEOs
  • IAS and IPS
  • High Net Worth individuals
  1. Savings Bank Gold II Account – This is Indian Overseas Bank’s most premium savings account aimed at professionals such as C.A.s, lawyers, doctors, executives working with MNCs, high net worth individuals, etc. This account has a host of concessions and features that are as follows:
  • SMS alerts are sent to account holders on any transaction.
  • Customers are given an ATM Card on the very first day itself.
  • Account holders are given an international Visa Debit Card that may be used at any Visa ATM globally or for shopping, etc.
  • Account holders may withdraw cash from an IOB/non-IOB ATM at no extra charge.
  • Facility of online equity trading is provided.
  • Account holders receive an Overseas Travel Card free of any charge.
  • Account holders get free personalised multicity cheques issued at MICR centres.
  • Receipt of free personalised chequebooks with the account holder’s name.
  • Account holders can transfer funds through NEFT and RTGS without any charges.
  • Provision of a monthly account statement that is sent via email to account holders.
  • Provision of internet banking facility.
  • Account holders can make use of the Anywhere Banking facility in CBS/TBA branches.
  • Account holders may open Demat accounts at no charge.
  • This account offers online bill payment and online tax payment facilities that are free of cost.
  • Account holders receive a Personal Accident Insurance cover of Rs. 5 lakh free of cost.
  • There is a facility of Family Health Insurance with this account.
  • Quarterly average balance that has to be maintained is at least Rs. 1,00,000.

Eligibility

  • Any resident individuals including professionals such as lawyers, doctors, C.A.s, Executives working with MNCs, software companies, public/ private sectors.
  • High Net Worth individuals
  • CEOs
  • Business people
  • IAS and IPS
  1. Savings Bank Silver I Account – These special IOB savings accounts are aimed at individuals who are working with reputed companies in the Public/Private sector, Government, software companies, etc. The features of this account are as follows:
  • Account holders are given an international Visa Debit Card that may be used at any Visa ATM globally or for shopping, etc.
  • SMS alerts are sent to account holders on any transaction.
  • Customers are given an ATM Card on the very first day itself.
  • Account holders may withdraw cash from an IOB/non-IOB ATM at no extra charge.
  • Account holders can transfer funds thru NEFT and RTGS without any charges.
  • Provision of a monthly account statement that is sent via email to account holders.
  • Provision of internet banking facility.
  • Account holders can make use of the Anywhere Banking facility in CBS/TBA branches.
  • This account offers utility bill payment facility for rent/school and college fees/IOB credit card bills/donations/telephone bills/utility bills.
  • Online tax payment facilities are free of cost.
  • Account holders receive a Personal Accident Insurance cover of rupees one lakh free of cost.
  • There is a facility of Family Health Insurance with this account – IOB Healthcare Plus.
  • There is PAN/TAN facilitation.
  • In case of salaried individuals, the account offers overdraft facility of up to one month’s salary.
  • Quarterly average balance that has to be maintained with this account is at least Rs. 5,000.

Eligibility

  • Any resident individuals including those working software companies, public/ private sectors, Govt.
  1. Savings Bank Silver II Account – These special savings accounts are aimed at individuals who are working with reputed companies in the Public/Private sector, Government, software companies, etc. The features of this account are as follows:
  • Account holders are given an international Visa Debit Card that may be used at any Visa ATM globally or for shopping, etc.
  • Account holders receive free personalised multicity cheques issued at MICR centres.
  • Free personalised chequebooks are provided that bear the name of the account holder.
  • Account holders may open a Demat account free of charge.
  • SMS alerts are sent to account holders on any transaction.
  • Customers are given an ATM Card on the very first day itself.
  • Account holders may withdraw cash from an IOB/non-IOB ATM at no extra charge.
  • Account holders can transfer funds thru NEFT and RTGS without any charges.
  • Provision of a monthly account statement that is sent via email to account holders.
  • Provision of internet banking facility.
  • Account holders can make use of the Anywhere Banking facility in CBS/TBA branches.
  • This account offers online bill payment.
  • Online tax payment facilities are free of cost.
  • Account holders receive a Personal Accident Insurance cover of rupees one lakh free of cost.
  • There is a facility of Family Health Insurance with this account – IOB Healthcare Plus.
  • The quarterly average balance that has to be maintained with this account is at least Rs. 5,000.
  • Those account holders who maintain an average quarterly balance of Rs. 25,000 and above may choose to transfer this balance automatically in the Savings Account to a Term Deposit.

Eligibility

  • Any resident individual including those working software companies, public/ private sectors, Govt.
  1. IOB Students Savings Account – These are a type of savings accounts designed to inculcate the value of saving in students. The bank wishes to provide financial awareness along with teaching them the prudence in savings. The detailed features of the Account are as follows:
  • In keeping with the times, Indian Overseas Bank allows that this account may be opened online by registering on its website.
  • SMS alerts are sent to account holders on every transaction.
  • The account holder receives a free multipurpose card that can be used at ATMS, POS and ECOM.
  • The account holders receive a Personal Accident Insurance cover of Rs. One lakh free of charge.
  • On opening the account, the account holder receives a free chequebook.
  • The account provides a facility for payment of fees in that there is a fund transfer facility/bankers cheque or Demand Draft that is restricted to the payment of tuition fees/hostel fees to a specified school or college account.

Eligibility

  • Students from the age of 16 years and above can utilise this account.
  1. Corporate Salary Account – These savings accounts are for companies that wish to maintain salary accounts of their employees. Here are the features of the account:
  • On opening the account, the account holder receives an Indian Overseas Bank International Visa Debit card, free of cost, which can be used at any ATM, POS or ECOM.
  • This account provides a free mobile banking facility.
  • Account holders may avail of internet banking facilities at no extra charge.
  • Account holders can transfer funds thru NEFT and RTGS without any charges.
  • Account holders receive a Personal Accident Insurance cover of rupees one lakh, free of cost.
  • The account holder receives 60 cheque leaves per annum free of cost.
  • The account offers overdraft facility of up to one month’s salary.
  • Account holders may withdraw up to a maximum of Rs. 50,000 per day through ATMs.
  • Free cash withdrawals at other ATMs.

Eligibility

  • The account can be opened for any employee/salaried individual by the company, in which the salary of the account holder will be credited every month.
  1. IOB SB Platinum Special account – In 2011, Indian Overseas Bank marked its platinum jubilee year. The bank launched a special savings bank account scheme called the IOB SB Platinum Special account to mark this momentous occasion. The features of this account are as follows:
  • The minimum balance to be maintained in these IOB Savings accounts is very nominal at Rs. 750.
  • On opening an account under this scheme, the account holder receives a free chequebook with 75 leaves.
  • Account holders are also provided with a free IOB International Visa Debit Card, which can be used at any Visa-enabled ATM, or at POS or ECom.
  • Provision of free mobile banking facility.
  • Account holders have free net banking facility.
  • Account holders can transfer funds through RTGS or NEFT free of cost.
  • The account provides anywhere banking facility.
  • Account holders receive a free personal Accident Insurance cover of Rs. 75,000 at no extra charge.
  • Account holders may withdraw up to a maximum of Rs. 15,000 in any ATM.
  • The account provides free online tax payment facility.
  • Facility of utility bill payment is also provided.
  • Account holders receive SMS alerts on any transaction that takes place with their accounts.
  • Account holders can access retail products offered by Indian Overseas Bank, such as a housing loan, vehicle loan, Gold Loan and health insurance at competitive rates.
  • The account provides ASBA facility.

Eligibility

  • This account is available to all resident individuals including those working in reputed companies among the software, public/private sector, government, etc.
  1. IOB Little Star Account – A unique savings account for kids to teach them the value of money and simple banking processes. Here are the features of the account:
  • This savings account can be opened by parents for their minor kids.
  • An IOB minimum balance requirement for non-chequebook account holders is Rs. 100.
  • The maximum balance amount allowed in these IOB Savings accounts is Rs. 50,000. This limit is removed once the child attains 18 years of age.
  • The account provides free collection of cheques/drafts that have been gifted to the child up to a limit of Rs. 25,000 per annum, in either Indian or foreign currency.
  • The account provides liquid deposit facility or Sweep-in, Sweep-out facility in which the balance on exceeding Rs. 10,000 will be swept out and kept in Term Deposits in units of Rs. 2,000. When the minimum balance goes down, the adequate units in the Term Deposits will be closed and transferred back to the Savings Bank account on Last in – First out basis.
  • Parents of the child have the option of investing in the following schemes on behalf of their child – RD/RDP, MIS/MDA/Easy Deposits, Para Banking (Insurance, Mutual Fund-SIPs).

Eligibility

  • A savings account with IOB can be opened for a child who is a minor by a parent or a guardian, provided the child is between the ages of 1 day to 18 years.
  1. Basic Savings Bank Deposit Account – This is a zero balance savings account. Features and benefits are as follows:
  • The account holder can make any number of deposits in a month.
  • Account holders can make a maximum of four withdrawals in a month, which includes ATM withdrawals.
  • Account holders receive ATM cum Debit card facilities.
  • The convenience of banking with NetBanking services.

Eligibility: Eligibility requirements of IOB for savings account are listed below:

  • Any resident individual solely or jointly or a Hindu Undivided Family can open an account.
  1. IOB Small Account – A savings account for your banking needs. The features and benefits are as follows:
  • The introduction has to be done through a current savings account with IOB holder who has been subject to full KYC procedures.
  • ATM Debit Card facility is available.
  •  Savings account with IOB holders may also opt to receive SMS alerts of any transaction taking place in that account.
  • The balance in the IOB Small Account should not exceed Rs. 50,000 at any point in time.
  • The aggregate of all the withdrawals and transfers in a single month should not exceed Rs. 10,000.
  • The aggregate of all the credits in a single financial year should not exceed Rs. 1 lakh.

Eligibility: IOB savings account eligibility criteria are provided in detail below:

  • A resident individual with not complete KYC documents, i.e. one who does not have a Photo ID Proof or an Address Proof like Aadhar Card or Voter ID Card as per the bank’s acceptable list of documents.
  • Savings Account Interest Rate

IOB savings accounts interest rates are calculated @ 4% p.a. on the daily end of day balance. IOB savings account charges are also minimal as compared to other banks.

Documentation

Documentation for IOB savings account is a simple process. The following documents are required to be submitted. The documents should be accompanied by the original documents for verification:

  • Latest Passport photos
  • Identity Proof – self-attested copy and original for verification
  • Address proof – self-attested copy and original for verification.

Opening of accounts: An IOB savings account may be opened in the name of individuals, singly or jointly. Women can also opt to open an IOB women’s savings bank account. Minors can open an account themselves, though they should be accompanied by their guardians. Following are the entities eligible for savings with IOB:

  • Primary co-operative credit society which is financed by the bank.
  • Village and Khadi Industrial Board
  • Marketing committee of agricultural products
  • Societies which are registered under Society Registration Act, 1860 or any other corresponding law which is in force in the state or territory
  • Companies which are administered by Companies Act, 1956 and those that have been licensed by the Central Government under the section 25 of the said act. The companies which are licensed under the corresponding provisions of Indian Companies Act, 1913 are also permitted but are restricted to add the words “Limited” or “Private Limited” in their name.
  • Registered or unregistered self-help groups which are committed to promote savings habits among individuals.
  • Organisations involved in the development of women and children in rural areas.
  • Farmers’ associations.

Savings account from IOB will not be opened in the name of following:

  • Any trading, commercial or business concern, whether such an organisation is a partnership, proprietorship, company or association.
  • Government bodies and department which depend on budget allocations to do their job
  • Municipal Committees and Corporations
  • Panchayat Samities
  • State Housing Boards
  • Industrial Development Authority
  • State Electricity Boards
  • Water / Sewage / Drainage Boards
  • State Text Book Publishing Corporations or Societies
  • Metropolitan Development Authorities
  • State or district level housing co-operatives societies
  • Other banks including regional rural banks, land development banks and co-operatives bank
  • Political parties

IOB branches are permitted to open savings bank account for the following special categories of depositors, provided they meet the necessary guidelines laid down by the bank:

  • Minor represented by guardians
  • Minor above the age of ten years
  • Blind persons
  • Illiterates
  • Trusts
  • Ladies whose face are covered

Applying Online

You can easily apply online for an IOB savings account by logging into Paisabazaar.com. You just need to choose the one which suits your needs and then fill up the necessary details and click ‘apply’. Any customer who is interested can also visit the nearby IOB branch and fill up an application form.