Indian Overseas Bank Savings Account

NRE/NRO Accounts:

The interest rates for NRE and NRO accounts across different amounts are given in the table below: 

Types of Savings Accounts Offered by Indian Overseas Bank:

1. Regular Savings Bank Account
   1. Account holders are entitled to an International VISA Debit Card for making easy Automated Teller Machine (ATM) cash withdrawals and also for making cashless purchases.
   2. Enjoy the facility of instant credit of outstation cheque up to worth of Rs.15,000.
   3. The regular savings bank account provides internet banking facility which helps to make the transactions easier.
   4. This account features multi-city cheque facility.
   5. This account also provides holders with Nomination facility and standing instruction facility.
   6. Transfer funds in no time with the fund transfer services available as an IOB customer.
   7. Choose from a range of insurance products offered by Indian Overseas Bank.
   8. Upon maintaining an average quarterly balance of Rs.10,000, you can be eligible for facilities like inland drafts / mail transfers of amounts not more than Rs.10,000 per month, twice a month and collection of inland outstation instruments like cheques / drafts / dividend warrant etc. of amounts not more than Rs.10,000 per month. (Subject to conditions).
2. IOB - Savings Bank Gold I
   1. Account holders are entitled to an IOB International Debit Card, free of charge, for ease of cashless purchases and online payments.
   2. Avail the facility of internet banking for convenient anytime banking.
   3. With this account you get personalized multi city cheques which are issued at Magnetic Ink Character Recognition (MICR) centers, free of charge.
   4. Keep track of your account activity with monthly account statements which will be sent to your registered email id and also SMS alerts which will be sent to your registered mobile number for every transaction.
   5. Transfer funds easily and securely to any bank account in the National Electronic Fund Transfer (NEFT) network via Real Time Gross Settlement (RTGS) and NEFT, free of charge.
   6. Account holders will be provided with personalized cheque books, free of charge, with the account holder's name printed.
   7. With this account, you get complimentary Personal Accident Insurance cover of Rs.5,00,000.
   8. Enjoy the convenience of anywhere banking at any Core Banking Solution (CBS)/ Transaction Balance Account (TBA) branches.
   9. As Savings Bank Gold account holder, enjoy the exclusive privilege of ATM, usage at any bank's ATM, free of charge.
   10. You may avail the facility of opening a Demat account with the bank, free of charge.
   11. Pay not only your bills but also make tax payments, free of charge.
   12. Take care of your loved ones as this account also grants you the facility of availing a Family Health Insurance policy.
3. IOB - Savings Bank Gold II
   1. Account holders are entitled to an International Debit Card, free of charge, for ease of cashless purchases and online payments.
   2. Avail the facility of internet banking for convenient anytime banking.
   3. With this account you get personalized multi city cheques which are issued at MICR centers, free of charge.
   4. Keep track of your account activity with monthly account statements which will be sent to your registered email id and also SMS alerts which will be sent to your registered mobile number for every transaction.
   5. Transfer funds easily and securely to any bank account in the NEFT network via RTGS and NEFT, free of charge.
   6. Account holders will be provided with personalized cheque books, free of charge, with the account holder's name printed.
   7. With this account, you get complimentary Personal Accident Insurance cover of Rs. 5,00,000.
   8. Enjoy the convenience of anywhere banking at any CBS/TBA branch.
   9. As Savings Bank Gold account holder, enjoy the exclusive privilege of ATM usage at any bank's ATM , free of charge.
   10. You may avail the facility of opening a Demat account with the bank, free of charge.
   11. Pay not only your bills but also make tax payments, free of charge.
   12. Take care of your loved ones as this account also grants you the facility of availing a Family Health Insurance policy.
   13. Maximize your investments with the online equity trading facility, also a part of features offered with this account.
   14. Travelling overseas? Don't worry, IOB provides you with an Overseas Travel card, completely free of charge.
4. IOB - Savings Bank Silver I
   1. For ease of online payments, purchases and cashless transactions, account holders are entitled to an International Debit Card, free of charge.
5. IOB - Savings Bank Silver II
   1. For ease of online payments, purchases and cashless transactions, account holders are entitled to an International Debit Card, free of charge.
   2. Avail the facility of internet banking for convenient anytime banking.
6. IOB - Student Savings Account
   1. Internet banking registration done free of charge.
   2. Receive SMS alerts for all account transactions.
   3. Account holder will be given a multi-purpose ATM card to facilitate ATM cash withdrawals and to make payments at point-of-sale terminals and e-commerce websites.
   4. Account holder will be entitled to complimentary Personal Accident Insurance cover worth Rs.1 lakh.
   5. Cheque book will be provided, free of charge, for payment of fees.
   6. Account holder can avail the facility of making fund transfers, bankers cheque / Demand Draft for payment of tuition fees to the account of a particular college or school.

Indian Overseas Bank Minimum Balance Requirements:

Indian Overseas Bank offers multiple types of Savings Bank accounts for their customers. Each account features differing requirements for minimum balance which must be maintained for account operation.

How to Open an Indian Overseas Bank Savings Account Online?

Opening a Savings Account with Indian Overseas Bank has never been easier. Now, customers need not wait in queues for their turn to physically meet with a bank representative to open a Savings Account. The same can now be done online in significantly lesser time and with hassle. Individual or Single Accounts can be opened via online application with a minimum amount of Rs.10,000. Here are the steps which you need to follow in order to successfully open a Savings Account with IOB.

1. Open the IOB website and click on the link labeled 'Register for Account Opening.'
2. After clicking on the link, you will be redirected to another page where you are required to input information pertaining to your income, personal details, etc. Please fill in the information correctly after referring to your documents.
3. All columns marked with an asterisk (*) must be filled compulsorily.
4. Once you have input the required information, make sure you verify the same from your own documents. After due verification, click on the ‘Click to Register for Account Opening’  tab to proceed.
5. Following the above step, your screen shall display a 'Registration Successful' message on the screen, notifying you that you have successfully registered for a Savings account. Along with this message, there will be a registration number displayed on the screen. Make sure you note that down for future reference.
6. Finally, you are now ready to print your Application Form.

If you are unable to print your Application Form immediately, you may do so later by clicking on the Reprint Application form' tab.

How to Open an Indian Overseas Bank Savings Account Offline? 

The following are the steps to open an Indian Overseas Bank Savings Account Offline: 

1. First, you need to visit your nearest branch of Indian Overseas Bank. 
2. Fill the offline savings bank account opening form by providing all your basic details. 
3. Enclose your self-attested copy of your PAN and Aadhar card and submit it to bank’s official. 
4. The bank officials will verify all your details. Once the verification is done, your savings account will be opened. 

Following are some charges associated with Savings Accounts offered by Indian Overseas Bank:

Eligibility for Indian Overseas Bank Savings Accounts:

• Regular Savings Bank Account: Any individuals, Clubs, Associations, Trusts, Joint accounts, Educational Institutions, Non-trading organizations, Government Bodies, Societies (including co-operative societies) are eligible to apply for this account. Any minors above the age of ten years is also eligible to hold a Regular Savings Bank Account in his/her own name.
• IOB - Savings Bank Gold I: This account can be opened by individuals who are professionals like lawyers, chartered accountants, doctors; by executives employed with software firms, MNCs; by individuals employed with a private or public sector firm; by High Net Worth individuals (HNIs), CEOs and those employed as IAS and IPS officers.
• IOB - Savings Bank Gold II: This account can be opened by individuals who are professionals like lawyers, chartered accountants, doctors; by executives employed with software firms, MNCs; by individuals employed with a private or public sector firm; by High Net Worth individuals (HNIs), CEOs and those employed as IAS and IPS officers.
• IOB - Savings Bank Silver I: This account may be opened by individuals who are working with reputed and known software organizations / firms, with a Private or Public Sector companies or a Government run organization.

Documentation Required:

In order to apply for any Indian Overseas Bank Savings account, you will need to provide the following documents as basic documentation:

1. Duly filled copy of the Application Form.
2. Two recent Passport Size Photographs.
3. Address proof for address stated in the application.
4. ID proof as stated in the application.

GST of 18% is applicable on all banking products and services from July 1, 2017 onwards.