Opening a savings account is a fundamental step towards financial security and growth. Indian Overseas Bank (IOB) offers a range of savings accounts tailored to cater to the diverse needs of individuals and organizations. In this article, we will look into the various aspects of IOB savings accounts, including interest rates, account types, features, eligibility criteria, and more.
IOB Savings Account
A savings account is a cornerstone of personal finance, providing a safe place to store funds while earning a reasonable return. Indian Overseas Bank understands this need and offers a variety of savings accounts with different features and benefits.
IOB Savings Account Interest Rate
IOB offers competitive interest rates on its savings accounts, ensuring that your hard-earned money works for you. As of 2023, the interest rates are as follows:
| Amount | Interest Rate |
|---|---|
| Balances up to Rs. 25 lakhs: | 2.75% p.a. |
| Balances from Rs. 25 lakhs to Rs. 1 crore: | 2.75% p.a. |
| Balances above Rs. 1 crore: | 2.90% p.a. |
Features of IOB Savings Accounts
IOB savings accounts come with a host of features designed to make banking convenient and rewarding:
- Varying minimum balance requirements based on account type and location.
- Free issuance of 50 cheque leaves annually.
- No charges for internet banking or mobile banking services.
- Nomination facility for account holders.
- Fast credit for outstation cheques up to Rs. 15,000.
- Daily interest accrual on account balance.
- Complimentary VISA/MasterCard/RuPay debit card.
How to Open an IOB Savings Account?
Opening an IOB savings account is a straightforward process:
- Visit the IOB website and click on the ‘Register for Account Opening’ link.
- Provide accurate information about your income and personal details.
- Complete all mandatory fields marked with an asterisk (*).
- Review the information and verify it against your documents.
- After verification, click on the “Click to Register for Account Opening” link.
- Upon successful registration, you will receive a confirmation message and a registration number.
Eligibility Criteria for IOB Savings Accounts
IOB savings accounts are available to a wide range of individuals and entities:
- Regular Account: Individuals, organizations, clubs, trusts, and more.
- Gold Savings Bank I & II: Professionals, executives, and high-net-worth individuals.
- Silver Savings Bank: Employees of reputable organizations.
- Students: Students aged 16 and above.
Required Documents for Account Opening
To open an IOB savings account, you will need:
- A completed application form.
- Two recent passport-sized photos.
- Address and identification verification documents.
Types of Savings Accounts Offered by IOB
- Basic Savings Account: Suitable for various individuals and organizations with different minimum balance requirements.
- SB Gold 1: An exclusive account for professionals and individuals maintaining a high average daily balance. It offers premium features and benefits.
- SB Gold 2: Similar to SB Gold 1, tailored for professionals and individuals with a higher average daily balance.
- No Frills Account: A minimalistic account with low or zero balance requirements and limited services.
- Student Account: Tailored for students aged 16 and above, offering features like a multi-purpose card and fund transfer options.
- Silver I & IOB Savings Bank Silver II: Geared towards individuals working in reputable organizations, providing a range of benefits based on average daily balance.
IOB Charges for Savings Accounts
IOB charges nominal fees for certain services related to savings accounts:
| Cheque Book Issue: | Rs. 4 per cheque leaf. |
| ATM Cheque Book Request: | Rs. 55. |
| Closure Charges: | Rs. 100 – Rs. 200. |
FAQ
Yes, IOB offers an online account opening process through their website.
The Student Account is available for students aged 16 and above.
Yes, IOB offers a complimentary debit card with most of its savings accounts.
Interest is calculated daily on IOB savings accounts.
No, there are no charges for using internet banking services with an IOB savings account.