Indian Overseas Bank Zero Balance Savings Account
Last Updated : March 25, 2025, 4:39 p.m.
Indian Overseas Bank is a pioneer in many banking fields. The main objective of the bank was to enhance foreign transactions. It has a presence throughout the country. In this article, we will take a look at the zero-balance savings accounts provided by the bank. Indian Overseas Bank also provides features like Indian Overseas Bank balance check enquiry . This product offered by the Indian overseas Bank has many advantages and benefits. Let us delve deeper into the same.
Types of IOB Zero Balance Savings Account
Below are some of the types of zero balance savings accounts offered by Indian Overseas Bank.
IOB-SB-Pensioner
A minimum pension credit per month | up to Rs. 50,000/- | Rs. 50,000/- Above | |
Minimum Balance Requirement | Nil | Nil | |
Joint A/c Facility with Spouse | Yes | Yes | |
Internet & Mobile Banking Facility | Free | Free | |
Type of ATM Card | VISA Platinum/Rupay Platinum | VISA Signature/RuPay Select | |
Debit Card Charges | Issue Charge | Free | Free |
Annual Maintenance Charge | Free | Free | |
ATM Cash Withdrawal Limit | Rs. 50,000/- per Day | Rs. 1,00,000/- per day in VISA Signature/ Rs. 50,000/- in Rupay Select | |
POS Limit | Rs. 2,00,000/- per day in VISA Platinum Rs. 1,25,000/- in Rupay Platinum | Rs. 3,50,000/- per day VISA Signature/ Rs. 5,00,000/- per Day Rupay Select | |
Ecom Limit | Rs. 2,00,000/- per Day in VISA Platinum Rs. 1,25,000/- in Rupay Platinum | Rs. 3,50,000/- per Day | |
Free ATM Card Access at Own ATM | Unlimited | Unlimited | |
Free ATM Card Access at Other ATM | 3 transactions (financial + non-financial) per month at Metro or 5 transactions (financial + non-financial) per month at other centres | Unlimited | |
Lounge Access: Domestic /International Airport | Lounge access is subject to card network. As per the present scenario, Rupay (Platinum/Select) provides 2 lounge access per quarter while VISA(Platinum/Signature) provides 1 lounge access per quarter | ||
Temporary Overdraft Facility in case of emergency, | 1 month net pension up to - Rs. 50,000/- | 2 months net pension up to - Rs. 1 Lakh | |
Personalized Cheque Book | 40 leaves free per year | 100 leaves free per year | |
IOB Salary Accounts with three variants Gold, Diamond & Platinum
Eligibility | Regular Employees of CG, SG, PSU, Semi Government, MNCs, Reputed Institutions, Reputed Corporate, Reputed Educational Institutions etc. | ||||
Age | Age - 18 to 65 Years | ||||
Gross Salary (Average of Last 3 Months Gross Salary) | Rs. 10,000 & above upto Rs. 50,000/- | Rs. 50,000 & above upto Rs. 1,00,000/- | Rs. 1,00,000/- and Above per Month | ||
Internet & Mobile Banking Facility | Free | Free | Free | ||
Type of ATM Card | VISA Platinum/Rupay Platinum | VISA Signature/RuPay Select | VISA Signature/RuPay Select | ||
ATM Cash Withdrawal Limit | Rs. 50,000/- per Day | Rs. 1,00,000/- per Day in VISA Signature/Rs. 50,000/- in Rupay Select | Rs. 1,00,000/- per Day in VISA Signature/Rs. 50,000/- in Rupay Select | ||
POS Limit | Rs. 2,00,000/- per Day in VISA Platinum/Rs. 1,25,000/- in Rupay Platinum | Rs. 3,50,000/- per Day - VISA Signature/Rs. 5,00,000/- per Day Rupay Select | Rs. 3,50,000/- per Day- VISA Signature/Rs. 5,00,000/- per Day Rupay Select | ||
Ecom Limit | Rs. 2,00,000/- per Day in VISA Platinum/Rs. 1,25,000/- in Rupay Platinum | Rs. 3,50,000/- per Day | Rs. 3,50,000/- per Day | ||
Free ATM Card Access at Own ATM | Unlimited | Unlimited | Unlimited | ||
Free ATM Card Access at Other ATM | 3 Transactions (Financial + Non-Financial) per Month at Metro or 5 Transactions (Financial + Non-Financial) per Month at Other Centres. | Unlimited | |||
Lounge Access: | Domestic/International Airport | Lounge Access is Subject to Card Network | |||
Fund Transfer Through NEFT | Free | Free | Free | ||
Fund Transfer Through RTGS | Free | Free | Free | ||
Fund Transfer Through IMPS | Free | Free | Free | ||
SMS Charges | Free | Free | Free | ||
Temporary Overdraft Facility in Case of Emergency, | 1 Month Net Salary up to - Rs. 50,000/- | 2 Months Net Salary up to - Rs. 1 Lakh | 3 Months Net Salary up to - Rs. 2 Lakh | ||
Personalized Cheque Book | 40 Leaves Free Per Year | 60 Leaves Free Per Year | 100 Leaves Free Per Year | ||
Locker Operations | Unlimited Free | Unlimited Free | Unlimited Free | ||
Concession on Locker Rent | 10% Waiver | 15% Waiver | 25% Waiver | ||
Processing Fee for Home Loan of Rs. 25 Lacs and Above | 100% Concession | 100% Concession | 100% Concession | ||
Processing Fee for Home Loan below Rs. 25 Lacs | 50% Concession | 75% Concession | 100% Concession | ||
Processing Fee for Eligible Retail Loan (Other than Home Loan) Schemes | 50% Concession | 75% Concession | 100% Concession | ||
Joint A/c Facility with Spouse | Yes | Yes | Yes | ||
Instant Credit of Outstation Cheques | Rs. 15,000/- | Rs. 25,000/- | Rs. 30,000 | ||
Government-and-Institutional-Savings-Account
Free RTGS/NEFT/IMPS |
Free SMS Alerts & Email Alerts |
Free Account Statement, |
Provision for Cash Pick up Service |
Free 'Payable at Par' Cheque Books |
Free Local and Outstation Cheque Collection |
Free Cash Withdrawals Across All Locations |
Free Unlimited Issue of Demand Drafts |
Dedicated Resource Manager at Each RO |
SBDBT
- The account will be credited with DBT/Scholarship amount even if the account becomes dormant/ Inoperative.
- Is exempted from minimum balance charges and inoperative charges.
- Free from restrictions of total credit limit.
IOB-Freedom-Savings-Account
Type of Debit Card | Free Rupay Platinum Debit Card |
Lounge Access: Domestic/International Airport | Lounge Access is Subject to Card Network. |
ATM Cash Withdrawal Limit | Rs. 50,000/- per Day (Rupay Platinum Debit Card) |
ATM POS Limit | Rs. 1.25 Lac (Rupay Platinum Debit Card) |
Ecom Limit | Rs. 1.25 Lac (Rupay Platinum Debit Card) |
Personal Accident Insurance | Personal Accident Insurance Covers of Rs. 10 Lakh |
Number of Cash Transactions | No limit on number of cash transactions |
Sweep in Sweep Out Facility | Available, If the Balance Exceeding Rs. 50,000 will Swept Out and Kept in TD |
Core Deposit/Threshold Deposit | Rs. 50,000/- |
Maximum Amount of Sweep | Rs. 1.50 Crore |
Frequency of Sweep Out | Weekly Once |
Sweep Out Amount | Rs. 5,000/- |
Minimum Tenor of Deposit under Auto Sweep | 7 Days |
Maximum Tenor of Deposit under Auto Sweep | 179 Days |
BSBDA
- While there will be no limit on the number of deposits that can be made in a month, account holders will be allowed a maximum of four withdrawals in a month, including ATM withdrawals.
- Facility of ATM card or ATM-cum-Debit Card.
- BSBDA account holders are not allowed to have any other bank accounts in the same bank.
- If you have any other account, you will be required to close it within 30 days from the date of opening a BSBDA account.
IOB MACT SB
Withdrawals | Only through withdrawal forms or through Biometric authentication. |
Nomination | Permitted |
Purpose | MACT SB account is mandatory in case the monthly annuity and interest from the MACAD deposit is maintained with the bank. |
IOB-Sixty-Plus-Non-Pensioner
Debit Card Charges | Issue Charge | Free |
Annual Maintenance Charge | 50% Waiver | |
ATM Cash Withdrawal Limit | Rs. 30,000/- Per Day Higher Cash Limit Available | |
POS Limit | Rs. 75,000/- Per Day Higher POS Limit Available | |
Ecom Limit | Rs. 75,000/- Per Day Higher Ecom Limit | |
Free ATM Card Access at Own ATM | Unlimited | |
Free ATM Card Access at Other ATM | 3 Transactions (Financial + Non-Financial) Per Month at Metro or 5 Transactions (Financial + Non-Financial) Per Month at Other Centres | |
Free Personal Accident Insurance | With Account | Not Available |
With Debit Card | Available with Higher Variant Card Subject to Subject to Maintenance of Required Balance and Applicable Card Charges | |
Fund Transfer Through NEFT | Online - free Offline - 3 | |
Fund Transfer Through RTGS | Online - free Offline - 3 | |
Fund Transfer Through IMPS | Free | |
Credit Card Subject | Free Issuance | |
Personalized Cheque Book | 25 Leaves Free Per Year | |
Demand Drafts | Waiver of Charges up to 3 Per Month to the Extent of Preceding Quarter Average Balance Available in the Account | |
Locker Operations | Unlimited Free | |
Concession on Locker Rent | 10% Waiver | |
Processing Fee for retail Loan | 25% Concession | |
SWEEP OUT FACILITY | Available, If the Balance Exceeding Rs. 50,000/- Will be Swept Out and Kept in TD | |
Core Deposit /Threshold Deposit | Rs. 50,000/- | |
Sweep Out Amount | Rs. 5,000/- | |
Sweep Out Periodicity (From SB to FD Account) | Up to Rs. 179 days | |
Documents Required for ICICI Bank Zero Balance Savings Account
KYC documents are mandatory for opening a zero balance account at Indian Overses Bank. These include identity proof, address proof and photographs.
How to open an IOB Zero Balance Savings Account?
- Zero balance accounts at Indian Overseas Bank can be opened online as well as offline.
- For the online, you can visit the official website of the bank and apply for the respective accounts.
- For opening the accounts offline, visit the nearest branch and submit the documents as per KYC requirements.
Maximum Limit for IOB Zero Balance Savings Account
- For IOB's zero balance savings accounts, the maximum balance limit is Rs. 50,000 for self-operated minor accounts, but there's no limit if the account is operated by parents.
UPI Transaction Limit of IOB Bank Zero Balance Savings Account
- Initial Limit: For the first transaction after setting the UPI PIN, the maximum amount is ₹5,000, and the cumulative amount within the first 24 hours is also ₹5,000.
- Per Transaction Limit: After the initial 24 hours, the per-transaction limit is ₹50,000.
- Per Day Limit: The daily limit for BHIM IOB UPI transactions is ₹1,00,000.
- Maximum Number of Transactions: You can make a maximum of 10 transactions in 24 hours per account within the ₹1,00,000 limit.
What is the Withdrawal Limit Per Day IOB I Zero Balance Savings Account?
- It is INR 30,000 with a POS limit of INR 75,000.
Frequently Asked Questions (FAQs)
Can I open a zero balance account at IOB?
What is an IOB freedom account?
Does zero balance account have MAB requirement?
What is the IOB mini- statement number?
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