Indian Overseas Bank Account Opening Online | Indian Overseas Bank Account Opening Form | OB Minimum Balance | Indian Overseas Bank Account Statement
Savings Bank (SB) accounts are interest-bearing deposit accounts that pay a low-interest rate and are held in a retail bank or other financial institution. They can’t be exchanged for cash (medium of exchange). Banks may restrict the number of withdrawals you may make from your savings account each month and levy penalties if you do not maintain a specific average monthly balance. These accounts usually have a low minimum beginning balance requirement. Depending on a number of circumstances, interest rates might range from 3.5 percent to 9%. The article will share more details about the Indian Overseas Bank Account Opening Form and the documents required, minimum balance, and charges for it.
Indian Overseas Bank Account Opening– Features & Benefits
Indian Overseas Bank offers a basic savings account as well as a variety of other options. There are numerous advantages of Indian Overseas Bank Account Opening and some of them are as follows:
- Your funds are secure and unaffected by market fluctuations.
- In addition to a nominal interest rate on deposits, the bank provides a slew of other benefits.
- Customers can choose from a variety of savings accounts, depending on their needs.
- Money can be deposited and withdrawn using a variety of methods, including mobile banking, online banking, and SMS banking.
- As part of your savings account, you can pay utility bills using the ECS service.
- You can simply withdraw money from a significant number of ATM kiosks located around the country as well as internationally.
- Also, you can get paid for saving money.
- You can receive a free debit or credit card, but there are certain restrictions.
- Your money does not go to waste; instead, it yields a little amount of interest.
Minimum Balance in IOB Savings Account
The minimum balance necessary for each type of savings account is shown in the table below. Please keep in mind that the bank’s requirements may change at any time.
|Account||Minimum Balance Requirement|
|Regular Savings Bank||For rural and semi-urban branches||Rs. 100 without checkbook Rs. 500 with checkbook|
|Other Branches||Rs. 500 without checkbook Rs. 1000 with checkbook|
|Pension accounts||Rs. 5 without checkbook Rs. 250 with checkbook|
|IOB – Savings Bank Gold I||Rs 50,000 or more.|
|IOB – Savings Bank Gold II||Rs 1,00,000 or more.|
|IOB – Savings Bank Silver I||Rs 1,00,000|
|IOB – Savings Bank Silver II||Rs 1,00,000|
|IOB SB – Student||Rs 500|
Indian Overseas Bank Account Opening Interest Rates
Savings account deposits at Indian Overseas Bank presently earn 3.05 percent interest. However, depending on economic conditions and other considerations, the bank may amend this at any time. For more information, go to a bank branch or the official website.
Charges for Indian Overseas Bank Account
According to the bank’s guidelines, non-maintenance of the minimum balance may result in fees. Certain services, such as cashing outstation checks, issuing demand drafts, and processing standing orders, may be subject to fees. For further information on costs, contact the IOB branch closest to you.
What is Indian Overseas Bank Account Opening Process
You can open an Indian Overseas Bank Savings Account by visiting the bank’s nearest branch and filling out an application form. It will be necessary for you to provide your KYC documents. If the depositor is unable to provide KYC documentation such as proof of identification, age, and address, he may require an introduction from an existing client who has had an active account for at least six months.
Types of Indian Overseas Bank Savings Accounts
IOB offers 6 Savings bank deposit schemes, these are: –
Regular Savings Bank Account
Individuals, joint accounts, clubs, associations, trusts, governmental bodies, and other non-trading entities are also eligible to participate. Minors who have reached the age of 10 can register their names. For non-cheque operated accounts in rural and semi-urban branches, you must maintain a minimum balance of Rs.100/-. In other branches, it is Rs.500 for non-cheque-operated accounts and Rs.1000 for cheque-operated accounts.
Savings Bank No Frills Account
Indian Overseas Bank also offers a no-frills account, which can be opened and maintained with no minimum balance, has no or minimal fees, and eliminates extraneous services or frills. This account should have a minimum balance of Rs.500 to Rs.1000.
Gold IOB Savings Bank IOB Savings Bank IOB Savings Bank IOB Savings Bank
This is a one-of-a-kind high-end savings bank account for professionals such as doctors, lawyers, accountants, and MNC executives, among others. Over the last three months, an average daily balance of not less than Rs.50,000 should be maintained. E-banking, ATM compatible card from the day of account opening, family health insurance, daily transactions through SMS, monthly account statements via email, free international debit card, and free personal accident insurance of Rs. 5 lakhs are all benefits of the IOB Savings Bank Gold I account.
IOB Savings Bank Gold II
This is a one-of-a-kind high-end SB product for professionals such as doctors, lawyers, accountants, MNC executives, public/private sector employees, high-net-worth individuals, CEOs, IAS and IPS, and others. Over the last three months, an average daily balance of Rs.1,00,000 should have been maintained.
IOB Savings Bank Silver I & IOB Savings Bank Silver II
This is for people who work for reputable companies in the public and private sectors, government agencies, software firms, and so on. For an average daily balance of RS.5000 during the last three months, you gain a variety of benefits. E-banking, ATM compatible card from the day of creation, family health insurance, daily transactions through SMS, monthly account statements over Email, International Debit card without charges, ATM usage at any Bank free of charge, Insurance on personal accident covers of Rs.1,00,000 free of charge, Overdraft facility up to one month salary in case of salary earners, and Utility Bill payment facility e.g., telephone bills, rent, tuition fees etc
IOB SB Student
This savings account for students has been created by Indian Overseas Bank. Only students aged 16 and over are eligible for this account. Until the youngster turns 18, the student must maintain a minimum balance of Rs.500 and a maximum balance of Rs.50,000. You’ll receive a multi-purpose card that can be used at ATMs, POS machines, and for other insurance advantages. Payment of tuition/accommodation fees to a pre-determined college account is the only type of money transfer allowed.
A nominal rate of interest is paid on money placed in an Indian Overseas Bank savings account. SB accounts currently earn 3.5 percent interest from Indian Overseas Bank. This, however, is subject to change at the bank’s sole discretion.
Changing the kind of savings account necessitates the completion of an application and procedure. There are also other requirements that must be met.
https://www.iob.in/ is the official website of Indian Overseas Bank