Indian Overseas Bank Savings Account

Last Updated : Feb. 6, 2025, 12:58 p.m.

Indian overseas bank was incorporated in February 1937. The Indian Overseas Bank has been specialising in foreign banking and related services right from the very beginning. It provides various bank accounts customized to the needs of the customers. In this article, we delve deeper into the savings accounts Indian Overseas Bank provides and their characteristics.

Indian Overseas Bank Savings Account Interest Rate May 2026

Since the Indian Overseas Bank specialises in overseas banking, the overseas and domestic interest rates are different. The table below shows a brief comparison of the saving account interest rates.

Types of Indian Overseas Bank Savings Account

Let us take a look at the types of savings accounts offered by Indian Overseas Bank in detail.

Regular Savings Accounts: Any resident individual or minor above the age of 10 years can apply to open this account. This account can be held either by a single holder or even jointly. The interest is paid daily.

Features:

Quarterly Average Balance Requirement:

Accounts with Cheque Book:

• Metro and Urban: Rs. 2,000/-
• Rural and Semi-Urban: Rs. 500/-
• Pensioners: Rs. 250/-

Accounts without Cheque Book:

• Metro and Urban: Rs. 500/-
• Rural and Semi-Urban: Rs. 100/-
• Pensioners: Rs. 5/-

Benefits

• Nomination facility
• Instant transfer of funds
• Internet and mobile banking
• 50 leaves of cheques
• International debit card (Visa/Mastercard/Rupay)

SB Small Account: This account can be opened by single or joint holders but the maximum number of people can only be 2.

Features

Small Account means a savings account in a banking company where-

(i) The aggregate credits in a financial year do not exceed Rs. 1,00,000
(ii) The aggregate withdrawals and transfers in a month do not exceed Rs. 10,000
(iii) The maximum balance at any point is Rs. 50,000

Benefits - The small account does not have a minimum balance requirement or a minimum deposit requirement. It can be opened with a minimum balance.

BSBDA: This is one of the most basic banking facilities available to all customers. This account does not have a minimum balance requirement. If any customer has any other savings account, you will have to close it within 30 days of opening the BSBDA account.

Features

• Receipt of money via all electronic means is accepted in this account.
• No charges for non-operation of the account
• Withdrawals limited to 4 per month

Benefits

• No limit over deposits in a month in the account
• Free ATM and Debit cards are available for this account.

IOB MACT SB: This account can be opened by individuals including minors through their guardians. The MACT SB account is mandatory to receive the monthly annuity and interest from the MACAD deposit. Only a single operation is permitted for this account.

Features

• No minimum balance
• The rate of Interest is as per the regular savings account.

Benefits

• Nomination is permitted in this account.

SBDBT: The students who are receiving scholarships under the DBT scheme are eligible to open this savings account.

Features

• Can be opened with zero balance
• No credit limit restrictions
• The account will be credited with scholarship even in case of dormancy.

Benefits - The account does not have any minimum balance restrictions.

IOB Salary Accounts (G-D-P): This account can be opened by employees who are drawing salaries from central/state government PSUs or reputed corporates. This savings account can be opened by any individual between the ages of 18 and 65 years.

Features

• Gross salary requirement for Gold account holders - Rs. 10,000 to Rs. 50,000.
• Gross salary requirement for Diamond account holders - Rs. 50,000 to Rs. 1,00,000.
• Gross salary requirement for Platinum account holders - Rs. 1,00,00 and above.
• ATM cash withdrawal limit for Gold account holders - Rs. 50,000 per day.
• ATM cash withdrawal limit for Diamond account holders - Rs. 1,00,000 per day for VISA card and Rs. 50,00 per day for Rupay card.
• ATM cash withdrawal limit for Platinum account holders - Rs. 1,00,000 per day for VISA card and Rs. 50,00 per day for Rupay card.
• Personalised chequebooks are available.
• Unlimited locker operations allowed.

Benefits

• Zero balance account for individual and family members.
• Internet and mobile banking facility.
• Debit cum ATM card given to individuals.
• Free RTGS/NEFT and IMPS.
• Free SMS for the account holder.
• Temporary overdraft facility available.
• Concessions on locker rents.
• Free lounge access for account holders.

SB MAX: This savings account can be opened by all the individuals who are eligible to open a normal savings account.

Features

• Quarterly average balance - Rs. 5,000.
• Visa gold or Rupay platinum card issued by bank.
• Unlimited ATM access.
• Sweep-in facility available for this account.

Benefits

• ATM POS limit - Rs. 1.25 lakhs.
• Free personal accidental insurance up to Rs. 2 lakhs.
• Low processing fees for home and vehicle loans.

SB Super Star Account: This account can be opened by individuals from day 1 to 25 years of age. This account can be converted to major self-operated when the individual attains majority. This is one of the best savings accounts for minors.

Features

• The maximum balance limit for this account is Rs. 50,00.
• This is to promote savings for minors.
• Internet and mobile banking are available for account holders after the age of 10.
• Investment options to different schemes are allowed in this account for example Sukanya Samridhi.

Benefits

Minimum balance

• For non - chequebook holders - Rs. 200.
• For chequebook holders - Rs. 500.
• ATM POS limit - Ra. 25,000.
• 25-leaf chequebook issued for free.

IOB Sixty Plus non-pensioner Account: T his account is available for all resident individuals above 60 years of age. There is no minimum balance requirement for this account. It is one of the best zero balance savings accounts. This account can be held either jointly or by a single person.

Features

• Threshold deposit of Rs. 50,000.
• Personalised chequebook available.
• Credit card and debit card issuance by bank.
• ATM cash withdrawal limit - Rs. 30,000 per day.

Benefits

• Unlimited ATM card access.
• Unlimited free locker operations.
• Concessions on loan processing fees.
• Visa classic/ Rupay classic card available for account holders.

IOB-SB-Pensioner: All government employees either after superannuation or VRS can opt for opening this account. There are two categories of pension accounts which are a minimum of 50,000 per month (Pensioner I) and more than Rs. 50,000 per month (Pensioner II).

Features

• Free medical check up camps
• Free Internet and mobile banking facility
• Free ATM cum debit cards
• ATM cash withdrawal limit - Rs. 50,000 for Pensioner I
• ATM cash withdrawal limit - Rs. 1,00,000 for Pensioner II

Benefits

• Free NEFT/ RTGS and IMPS facilities.
• Free personal accident insurance.
• Concession on processing fees of home loans.
• Dedicated senior citizen branches.

IOB HNI: This is one of the best savings accounts for nigh net worth individuals. The quarterly average balance for this account is Rs. 50,000.

Features

• Free internet and mobile banking facility
• Free ATM and lounge access with debit card

Non maintenance charges -

• Threshold deposit - Rs. 1,25,000
• Concession on home loans processing
• Sweep out facility available

Benefits

• Free personal accident insurance.
• ATM POS limit - Rs. 1,25,000 for VIsa Gold.
• ATM withdrawal limit - Rs. 40,000 for Visa Gold.
• Tax payment, monthly utility payment are all free of charge.

IOB Freedom Savings Account: Any resident individual more than 18 years of age is eligible to open this account. There is no minimum balance requirement. Sweep in and sweep out facilities are available.

Features

• Threshold deposit of Rs. 50,000
• Joining and renewal fees of Rs. 1600
• ATM cash withdrawal limit per day is Rs. 50,000
• Free platinum debit card
• Lounge access on airports

Benefits

• Maximum sweep Rs. 1.5 crores.
• Personal accident insurance cover of Rs. 10 lakhs.
• Unlimited number of cash transactions.

Documents Required for Indian Overseas Bank Savings Account

As the Indian Overseas Bank has its presence both internationally and in India, the documentation is quite important. The customers have to complete the KYC requirements. Apart from filling out the form and submitting the photographs and documents, the documents given below are required for identity and address proof.

Proof of Address:

• Water, electricity bills
• Ration card
• ITR returns
• Voter ID

Proof of identity:

• Aadhar card
• PAN card
• Passport
• Driving licence
• NREGA card in case of small accounts to be opened
• Government ID card
• Identity cards of some of PSU’s

What is the Minimum Balance for an Indian Overseas Bank Savings Account?

The minimum deposit amount and minimum balance requirements in the Indian Overseas Bank start from as low as Rs.5. The table below shows the requirements for savings accounts at home and other branches.

How to open a Savings Account in an Indian Overseas Bank?

To open a savings account in the Indian Overseas Bank, you can either choose an online or an offline option. The online option will ask for documents to be submitted online and the originals to be carried for verification purposes.

Step 1: If you navigate the website of Indian Overseas Bank, you can see the option of saving bank accounts which further has a menu that lets you select the application form.

Step 2: Fill in the application form and upload all the documents required for KYC verification.

Step 3: Carry the filled-in application form and documents to be attested to the branch.

Step 4: A welcome kit will be shared with you and the account will be activated.

Offline

If you wish to submit all your documents offline, visit the branch near to you and submit all the documents at the branch. After verification, the bank will provide you with a welcome kit and your account will be activated.