IOB Savings Account

Indian Overseas Bank or IOB has remained as one of the most accountable, transparent and leading banking institutions of the country since its inception. It is committed towards striving excellence in the banking arena and providing best of the services to its customers.

In this post, we will discuss about the IOB Bank Savings Account, it’s features and benefits, how to open a IOB Bank Savings Account, IOB Bank Savings Account Interest Rate and much more to help you make a guided decision.

Let’s first take a look at the IOB Bank Savings Account Interest Rates:

IOB Savings Account Interest Rate

Below given are the interest rates of IOB Bank Savings Account based on the sitting balance, effective from 10^th April 2023:

(Disclaimer: Interest Rates are subject to changes. Please check the official bank website for the most recent changes in the data)

Types of IOB Bank Savings Account

The below-mentioned are the different types of IOB savings accounts with their prime features explained:

IOB Bank Regular Savings Account

• Comes with International VISA/MASTER/RUPAY Debit cards
• Provides Nomination facility
• 50 cheque leaves complementary per year
• Minimum balance requirements: Rs 100 for non-cheque operated accounts and Rs 500 for cheque operated accounts in rural and semi-urban areas.

Rs 500 for non-cheque operated account and Rs 1000 for cheque operated accounts in other branches and for pension accounts minimum balance is Rs 5 for non-cheque and for cheque operated accounts it is Rs 250

• Eligibility: Individuals, Joint accounts, Clubs, associations, trusts, Govt. Bodies, societies (includi8ng co-operatives), educational institutions and other non-trading organizations.

Minors above 10 years of age can apply

IOB Bank Eighty plus Savings account

• Door-step banking for the needy customers
• Comes with a free RuPay platinum Debit card
• Free Medical check-up during annual camp organized by the bank in a tie-up with health insurance partners- Apollo Munich Insurance/Universal Sompo General Insurance
• Minimum Balance requirements: No minimum balance required
• Eligibility: All Super Senior Citizens aged 80 and up on the date the account is opened. Any appropriate KYC papers showing age/DOB that complies with the RBI’s current KYC guideline can be accepted as evidence of age. Birth certificates or any other acceptable proof of age that includes the age/date of birth can also be recognized as proof of age.

IOB Bank SB Gold I Savings Account

• Issues an International Debit Card Issued without Charges
• Provides Family Health Insurance Facility
• Personal Accident Insurance Cover Rs 5 lakhs
• Minimum balance requirements: Quarterly average balance not to be less than Rs 50,000
• Sweep Facility available (conditions apply)
• Eligibility: All individuals including professionals such as doctors, lawyers, C.A.S., Executives working in MNC, Software companies, Public sector and business people, High Net Worth Individuals, CEOs, IAS and IPS

IOB Bank SB Gold II Savings account

• Personal Accident Insurance covers of Rs 5 lakhs
• ATM cards issued on day one
• Sweep facility available
• Provides Family health insurance
• Minimum balance requirements: Quarterly average balance not to be less than Rs 1,00,000
• Eligibility: All individuals including professionals such as doctors, lawyers, C.A.S., Executives working in MNC, Software companies, Public sector and business people, High Net Worth Individuals, CEOs, IAS and IPS

IOB Bank SB Silver I Savings account

• Personal Accident Insurance Cover of Rs 1 lakh
• Family Health Insurance facility (IOB-healthcare plus)
• International Debit Card issued without any charges
•  Minimum Balance requirements: Initial account opening amount is zero
• Quarterly average balance requirement is above Rs 5,000 (to be eligible for the concession)
• Eligibility: All individuals Including those employed in registered companies, Among Software/Private Sector, Govt.

IOB Bank SB Silver II Savings Account

• Provides Accident Insurance Cover of Rs 1 lakh
• Family Health Insurance facility
• Free Internet banking and Mobile Banking facility
• Minimum Balance requirements: Initial account opening amount is zero
• Quarterly average balance requirement is above Rs 5,000 (to be eligible for the concession)
• Eligibility: All individuals including those Employed in Reputed Companies, Among Software/Private Sector, Govt.

IOB Student Savings Account

• Provides IOB Debit Card without charges
• Complementary Cheque Book
• Fund Transfer Facility / Bankers cheque (or) Demand Draft restricted to tuition Fees / Hostel fees to a Particular School / College Account for payment of fees
• Minimum balance requirements: Rs 500 (Zero balance with prior permission)
• Eligibility: All Existing Customers (Students) – Student Age – 10 Years and above

IOB Bank Corp Salary Account

• Provides free passbook
• Rs 50,000 per day ATM limit and Rs 2 lakhs per day in POS/E comm.
• Comes with free RuPay Classic Card
• No cash handling charges
• Minimum Balance requirements: Can be opened and maintained at Zero Balance as long as he/she associated with that organisation and receiving salary in the same account (Average quarterly Balance up to Rs 50,000)

IOB Bank SB Platinum Savings account

• Comes with free cheque Book (75 leaves)
• Free International VISA Debit Card
• Free Personal Accident Cover of Rs 75,000
• ASBA facility available
• Minimum balance requirements: Rs 750
• Eligibility: All individuals including those employed in reputed companies among software, public/private sector, Government, etc.,

IOB Bank Basic Savings Bank Deposit Account

• All basic banking facilities available
• No minimum balance requirements
• Comes with ATM card or ATM-cum-Debit Card
• Eligibility: BSBDA account holders will not be eligible for opening any other savings account in that bank

IOB SB-AROGIYA MAHILA Savings account

• Provides Auto sweep in and sweep out facility (Conditions Apply)
• Comes free International debit card
• Provides Family Health Insurance facility
• ASBA facility available
• Minimum balance requirements: Quarterly average balance not less than Rs 5,000
• Eligibility: Women of age 18 years and above with source of regular income. Self-employed women professionals. Salaried Women employees (Govt./PSU/Private sector/MNCs etc.)

IOB SB Little Star

• Eligibility: Kids -1 day to 10 Years. (Opened as a Joint Account with Parent/ Guardian). Above 10 Years and up to 18 Years- Minor Self Operated
• Minimum Balance Requirement Rs 100 for non-cheque book account Rs 250 for cheque book operated account
• Maximum withdrawal limit of Rs 2,000 per cheque leaf for parent’s

Features of IOB Bank Savings Account

• Zero balance account: IOB Bank offers several zero balance accounts where one need not worry about the minimum balance requirements, making it feasible for people from the impoverished parts of society as well as paid folks to keep up with their financial obligations.
• Competitive interest rates: IOB bank offers attractive interest rates on its various products enabling the customers to grow their savings with easy sweep in and sweep out facilities
• Wide selection of Accounts: IOB Bank recognizes the needs of each individual client and offers them with the type of best savings account options they will benefit the most from such as Eighty plus senior citizen savings account, AROGYA MAHILA savings accounts, Regular savings account and much more
• Free transactions: customers can usually get tired of compensating service charges and transaction fees, so IOB Bank provides free and unlimited transactions on various types of savings accounts for a hassle-free experience
• Debit Card: IOB Bank provides its users with customised debit cards, such as Rupay platinum and classic debit cards that comes packed with a lot of benefits
• SMS and email alerts: IOB Bank also provides free Banking facilities to its customers where they can check their account balance, know about their transactions and get SMS alerts.
• 24X7 concierge services: A committed customer care base is available round the clock to support you with your queries for a hassle-free experience

How to Open IOB Bank Savings Account Online?

There are certain types of IOB bank savings account which can be opened online. Understated are the steps to open such an account online:

STEP 1: Visit the IOB Bank’s official website

STEP 2: In the Menu Bar you will find the “Digital Banking” option. Hover over it and choose “Video base SB account opening” under “Digital Initiative”

STEP 3: Now, you’ll be redirected to the Customer Portal page containing document and condition details for the account opening process. Accept the terms and conditions and move forward 

STEP 4: Select your preferred account type and branch

STEP 5: Then fill the details asked for in the form (Name, Address, Contact Number, Aadhaar, PAN details etc.)

STEP 6: Fill in your professional details and complete the process

STEP 7: At last complete your Video KYC

Once your account is activated, you will receive a text on your registered mobile number.

How to Open a IOB Bank Account Offline?

The IOB Bank offers various kinds of savings accounts that cater to diverse individuals’ requirements. Here’s how to open a IOB Bank Savings Account

STEP 1: Visit your nearest IOB Bank branch

STEP 2: Ask for an application for opening a savings account and fill it up with all the necessary details

STEP 3: Choose the kind of savings account that fits your need

STEP 4: Carry your identity proof and address proof documents (AadharCards, PAN Card, voter ID Card, Passport size photograph, utility bills etc.)

STEP 7: Submit the application form and depending on the minimum balance requirement, an initial deposit is to be made depending on the account type.

STEP 8: After the documents are verified successfully you will receive your account information and details.

STEP 9: Once the activation of your account is complete, you can start using it for transactions, withdrawals and much more.

Documents required for opening IOB Bank Savings Account

The applicant is required to submit following documents:

1. Passport-size photograph
2. PAN Card/Form 60
3. Any one of the following document:
4. Aadhaar Card
5. Passport
6. Voter’s Identity Card (Election Card)
7. Permanent and valid driving license with photograph
8. Job Card issued by NREGA duly signed by an officer of the State Government
9. Letter issued by the National Population Register containing details of name and address.

When the customer submits all the above-mentioned documents for opening the account, the bank will verify the documents and the details mentioned in the application form in order to ascertain whether they are eligible for the savings account or not.

Eligibility for Opening IOB Bank Savings Account

1.HUFs and Indian residents may open savings accounts at IOB Bank.

2. The account holders must be at least 18 years old, or of legal age of majority.

3. People who are under 18 or who are considered minors have the option of creating an account with their parents or other legal guardians.

4. There are also options to create accounts with IOB Bank for institutions, enterprises, partnerships, estates, sole proprietorships and such

5. The person who wants to open an account must meet the requirements established by the Reserve Bank of India and must present the required address evidence.

6. For quite a few types of savings accounts, the user is obligated to maintain a minimum account balance; therefore, the user must be fit to maintain the same.

Benefits of Opening an IOB Savings Account

The following are the advantages of opening a savings bank account with IOB Bank are explained here:

1.  The bank guarantees that it will fulfil the requirements and desires of every kind of customer wishing to create a suitable bank account thanks to its extensive account alternatives.
2. It offers tailored benefits and options for savings with high-interest rates for women, older adults, children, and wage earners according to their needs and savings.
3. When a consumer opens a savings account with IOB Bank, it is stress-free for them to inquire about the bank’s personal loans, mortgages, and business loans.
4. Concierge services are offered to consumers at every stage, around-the-clock, ensuring their pleasure and quick response to their inquiries.
5. A variety of cash back incentives, retail discounts, and healthcare discounts are offered in certain types of savings accounts for the advantage of the account holders.
6. There are many ways to initiate fund such as Internet Banking, Mobile Banking, NEFT and IMPS among others.
7. Customised services are provided to consumers to make their experience better. These include doorstep banking for senior citizens, customised account packages etc.
8. No Minimum Balance accounts support underprivileged citizen and minors to open bank account and enjoy the benefits thus enhancing their banking experience

IOB Bank Savings Account vs. Current Account

The bank provides both savings account and current account option to its consumers based on their needs. Below are certain differences between the two to help you choose what you want:

• Usage: Savings accounts and current accounts are two separate types of accounts that serve various functions. Savings accounts are often preferred by those who wish to preserve money and grow their savings over time, whereas current accounts are designed for businesses and individuals that frequently trade for larger sums.
• Target Customer Base: Savings Accounts often cater to salaried folks and the general public. For this, savings accounts generally have lower minimum balance requirements than current accounts which have a higher minimum balance requirement since they are used for bigger transactions on a far more frequent basis.
• Interest Rates: money accounts often provide greater interest rates than current accounts, which appeals to consumers who wish to grow their idle savings 
• Transaction Limit: Usually current accounts are used for more frequent transactions and therefore they do not have any set transaction limit but savings accounts have a limit on transactions as recurring withdrawals prevent the savings’ growth
• Overdraft: Current accounts usually provide overdraft privileges, which let people as well as corporations withdraw more money than their available amount which is typically unavailable with savings accounts.

To conclude, it is wise to note that the reasons why savings account and current account are used are quite different from each other. Beneficiaries use the account for various purposes and for their sole features. It is desirable for customers to check which type of account justifies their requirements and needs and select the type of account based on those parameters.

Tabular Comparison of IOB Bank Savings Account vs. Current Account

Modes of Transferring Funds from IOB Bank Savings Account

IOB Bank offers a number of options for transferring money from savings accounts. The most well-liked models include:

1. NEFT: One of the most popular electronic fund transfer methods for moving money received from banks is NEFT. One only has to supply the beneficiary’s bank account information and the transfer amount to complete a transfer.

2. RTGS: In a similar vein, RTGS is one of the online funds transfer techniques used to send a sizable sum of money to other bank accounts.

3. IMPS: IMPS, which is available around-the-clock, is utilised to transmit money instantly. This strategy may be applied even on days off or holidays. The beneficiary’s mobile number, MMID (Mobile Money Identifier), or account number, and IFSC code are required parameters.

4. UPI: With the rise of cashless transactions, UPI use has become extremely popular. Using one’s UPI ID (Unified payment interface) is a simple, safe, and trustworthy method of transferring funds.

Suggested Read: UPI Charges

5. Cheque: A check is a printed document that allows a bank to transfer a certain amount of money from a customer’s account to a person or organisation listed in the check’s address. Do check the IOB timings before heading to your branch in case you wish to issue or cash a cheque.

Steps to Transfer Funds from IOB Bank Savings Account

The following steps can be followed for online transactions from your IOB Bank savings account:

STEP 1: Log in to your IOB Bank netbanking account by entering your registered ID and Password on your IOB Bank Mobile Banking App

STEP 2: Find the option of “Payments” option and click it.

STEP 3: Choose the mode such as NEFT or IMPS or UPI.

STEP 4: Enter beneficiary details.

STEP 5: Enter the amount you want to transfer.

STEP 6: Review the details and verify them.

STEP 7: Confirm the transaction by entering the transaction password and OTP.

Once the transaction is complete, you will receive an alert on your registered mobile number.

Indian Overseas Bank Customer Care

IOB Call: Toll free number 1800 425 4445 or +91 44 24371120 (Digital Complaints) 

IOB Email: atmcard@iob.in

More: IOB Customer Care

IOB Savings Account: FAQs