Latest IOB Interest Rates for Savings Account – 2024

Both resident and non-resident Indians can open a savings account with Indian Overseas Bank. The bank provides savings accounts starting from just ₹100 minimum monthly balance. 

Continue reading to know the IOB interest rates for savings account and other key features. 

Recent Indian Overseas Bank Savings Account Interest Rates 2024

As per the latest notifications, the following are the applicable IOB SB account interest rate on different savings accounts. 

Given that you expect marginally higher returns than regular savings schemes, you may rely on fixed deposits. The IOB FD interest rates are excellent and may go up to 7.25% p.a. depending on the lock-in period. 

Note: The rates discussed above may vary quarterly based on the RBI’s repo rate and other external factors. Hence, it is advised to refer to the official website at regular intervals to know such details. 

Indian Overseas Bank Savings Account Minimum Balance Required

As the Indian Overseas Bank savings account interest rate has already been discussed above, let’s now focus on the Average Monthly Balance provisions for each account type. 

Indian Overseas Bank Savings Account Charges 

Besides having an idea about the IOB Bank savings account interest rate, you should be aware of the various charges for a hassle-free banking experience. So, here are the specifics:

Why Choose an Indian Overseas Bank Savings Account?

Many reasons make it rational for an individual to open an IOB savings account, some of them are discussed below. 

• As you decide to deposit money in your account, you start gaining interest returns by avoiding the market risks.
• Making cashless transactions becomes way easy as you register for IOB’s net banking and SMS banking services
• Different account categories are present thus making it possible to achieve personalised goals faster.
• You get ECS service along with your savings account that ensures seamless bill payments.
• Finally, you earn occasional rewards on savings. 

Key Benefits of Indian Overseas Bank Savings Account

Both individual and joint account holders get exclusive benefits offered by the Indian Overseas Bank. You can read about the advantages here:

• All IOB regular savings bank account holders get a free VISA/Mastercard/RuPay debit card which can be used to withdraw money from ATMs worldwide.
• The nomination facility is enabled for all account types.
• A high outstation cheque limit of up to ₹15,000 is allowed for any regular savings account owner.
• Mobile banking and net banking facilities are completely free.
• Individuals applying for the Gold I and Gold II savings accounts can make use of the free online tax payment facility.
• If you select the savings scheme – IOB Savings Bank Silver I or Silver II, you will get a personal accident insurance cover of ₹1 Lakh.
• Free NEFT and RTGS transactions can be initiated from any savings account(s) apart from the regular category. 

Additional Benefits Associated with Indian Overseas Bank Savings Account

Other than competitive IOB interest rates for savings account and a few of the highlighted benefits, you can expect some extra perks, such as:

• Sweep-in and sweep-out facilities for surplus savings funds above ₹35,000
• Demat account linking 
• Timely SMS alerts upon regular transactions 
• Monthly account e-statements through registered email address
• Free cheque book 
• Family health insurance

Also, you can open a specialised joint account with your child under the IOB Little Star scheme. For this, the child or primary account holder must be less than 10 years old. 

These are the top 3 benefits of the IOB Little Star scheme:

• The sweep-out feature can be availed at a very low amount of just ₹10,000.
• Demand drafts or cheques worth ₹25,000 per year can be credited to the child for free.
• Indian Overseas Bank gives a free chequebook. However, not more than ₹2,000 can be withdrawn at a time. 

How to Open an Online Indian Overseas Bank Savings Account?

You can follow the given below steps to open Indian Overseas Bank savings accounts as a new holder:

• Step 1: Visit the official website of the Indian Overseas Bank.
• Step 2: Click on the option ‘Register for Account Opening’.
• Step 3: Provide the necessary information regarding your monthly income, particulars, address details and so on.
• Step 4: Double-check the information you have entered. All the fields must have data similar to your official documents. 
• Step 5: Proceed to enter the link, ‘Click to Register for Account Opening’.
• Step 6: Take note of the registration number that gets displayed on a new screen. The same screen will provide you with an official notification stating that your registration is successful. 
• Step 7: Finally, take a printout of the application form for further processing. 

How to Open an Offline Indian Overseas Bank Savings Account? 

If you are intending to open a savings account by visiting the nearest Indian Overseas Bank, then this guide is for you:

• Step 1: Ask for the account opening form by visiting the branch’s helpdesk.
• Step 2: Fill out the details. Ensure all the fields having an asterisk are duly filled out.
• Step 3: Attach a self-attested photocopy for each of your Aadhaar and PAN cards and submit it along with the form.

Now, the officials will verify all your basic information and confirm the account opening status. 

Eligibility Criteria to Open Indian Overseas Bank Savings Account 

Go through the criteria below to get an overall idea regarding account opening eligibility:

• Your age should be above 18 years. However, the Indian Overseas Bank also allows minors to open a savings account jointly with their legal guardians.
• Even if you are requesting for an account remotely, you must be present within India at the time of applying.
• Apart from individuals, educational institutions, clubs, trusts, associations, non-trading organisations, and cooperative societies can open an IOB savings account.
• Digital savings account aspirants who are agreeing to maintain an AMB of ₹1,000 can also open a savings account.

Documents Required to Open Indian Overseas Bank Savings Account 

Only a few documents must be put forward to complete the account opening procedure. These include:

• Duly filled account opening form
• Two recent passport-size photographs
• Photocopy of an ID proof document (Aadhaar card/PAN card/driving licence/voter’s ID card/passport, etc.
• Address verification document (any utility bill or bank statement of the previous 3 months)

Types of Indian Overseas Bank Savings Accounts and Their Features

Primarily, you will notice 6 different savings account schemes offered by the Indian Overseas Bank. The domestic IOB interest rates for savings account for any of these programs can currently go up to 2.75%. 

However, the associated features are different for each account type. Here you can learn about them:

1. Regular Account

• Account holders get an International VISA Debit Card helping them to execute cashless transactions anywhere.
• This account comes with a multi-city cheque facility.
• On maintaining an average monthly balance of more than ₹10,000, you can qualify for facilities like inland drafts/ mail transfers of amounts not exceeding ₹10,000 per month.

2. Gold Savings Bank I

• In addition to an IOB International Debit Card, you get free internet payment services for any-time banking.
• You can perform NEFT and RTGS transactions free of charge.
• You get a personal accident cover of ₹5 Lakhs.

3. Gold Savings Bank II

Besides all the features extended with the Gold Savings Bank I account category, you get to boost your investments with IOB’s online equity trading facility.
All the customers get an IOB Travel Card while travelling overseas. It helps realise cash withdrawals for no additional costs.
Tax and bill payments through the IOB Mobile app are completely free.

4. Silver Savings Bank

• The bank gives an International Debit Card for free.
• Special offers get unlocked for customers who manage to maintain more than ₹5,000 for the previous 3 months.
• An overdraft facility of up to 1 month’s salary is extended to any salaried professional.

5. Student Savings Bank Account

• This account type has a minimum monthly balance requirement of only ₹500.
• A debit card and a cheque are issued to every student free of cost.
• The bank offers a fund transfer facility which makes money management a lot easier.

6. No Frills Account

• There is no minimum balance requirement.
• Minimum documentation is required while opening a new account.

Steps to Open Indian Overseas Bank Video KYC Savings Account

Here’s a quick guide for all those who are wondering how to open an IOB digital savings account:

• Step 1: Visit the official website of the Indian Overseas Bank. 
• Step 2: You will see the option ‘Digital Banking’. Click on it and then click on the link – ‘Digital Initiatives’. 
• Step 3: Now, select the option ‘Video-based SB account opening’.
• Step 4: Next, carefully go through all the terms and conditions applicable to every IOB savings account holder. After you are done reading the terms, click on the appropriate option to proceed with the call.

While connecting with the designated official you must keep a few things handy. These include your PAN card, and Aadhaar card, along with a pen and paper. 

The bank personnel will ask you to sign the paper in front of him and show the official documents. Applicants need to cooperate to get their accounts opened instantly. 

IOB Savings Account Transaction Limit

You can be a lot less cash-dependent while using the BHIM IOB UPI app. It allows you to send money to another person’s bank account and settle outstanding bills throughout the day. 

The following table gives you the transaction limits that you must be aware of before exploring the net banking features:

Note: No additional charges are deducted on any transaction. 

How to Close an Indian Overseas Bank Savings Account?

If you are not sure about how to close your existing IOB savings account, here’s a quick stepwise guide:

• Step 1: Fill out the account closure form. You can either download it online or collect the form from your home branch. 
• Step 2: Attach a self-attested photocopy of your PAN card with the form before submitting it to the branch manager. 
• Step 3: Surrender all the remaining cheque leaves, account passbook and debit card to the concerned authority.
• Step 4: Wait till the account closure request is approved.
• Step 5: Provide a valid mode of payment to withdraw the remaining balance from your IOB savings account. You can either opt for cash/ cheque/ demand draft facilities. 

Final Word

It is too easy to open a savings bank account these days and start systematic wealth management. In this journey, you can leverage IOB interest rates for savings account as it is a reliable avenue trusted by several Indians.

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Disclaimer

This article is solely for educational purposes. Stable Money doesn't take any responsibility for the information or claims made in the blog.