The Indian Overseas Bank is one of the leading public sector Banks. It is headquartered in Chennai. There are 3400 domestic branches of which about 1159 are in Tamilnadu. The bank was founded in the year 1937 by Chidambaram Chettiar.
It was one of the 14 banks that was nationalized in the year 1969. IOB offers hassle free and excellent banking services.
Savings account
You can open a savings account in IOB in the name of an
- Individual
- Joint account
- Club
- Association
- Non-trading organizations
You can open an account in the name of a minor child if he/she has completed 10 years.
Minimum balance
The minimum balance that you should maintain is Rs.100/- in the case of account without a checkbook, Rs.500/- for an account with a checkbook. Rs.1000/- for accounts with checkbooks that can be operated in other banks, as well.
However, for pension accounts, the minimum balance is Rs.5/- for accounts without cheque operation and Rs.250/- for accounts that are cheque operated.
Charges levied for non-maintenance of minimum balance
in case you do not maintain the minimum balance in the bank you may be given intimation and persuasive letters and notifications. If you still fail to maintain the minimum balance. Charges will be levied which will be as follows depending on the category
Category Penalty
Rural and Semi-urban branches Rs. 7/- per month
Other branches Rs. 14/- per month
Pensioners SB account Same as above based on the category of the bank.
