Indian Overseas Bank Current Account

• Instant money transfer
• 24x7 ATM withdrawals
• Attractive rate of interest

Apply Now

Indian Overseas Bank (IOB) was one of the many banks that was established prior to the country’s independence. The goal of forming the bank was to create a specialisation in business related to foreign exchange in the banking industry on a global level. At present, the bank has a number of branches within the country and branches in 5 other Asian countries.

Since its establishment, IOB has grown at an accelerated pace. It has expanded the scope of the products that it offers its customers. These products range from savings accounts to retail loans and insurance policies.

One of the many products that the bank offers its customers is the current account. A current account is a type of bank account that is most often used by individuals who run businesses. The account’s features provide account holders with high liquidity, which is a requirement for them to run their operations. IOB offers its customers 3 variants of the current account.

IOB Current Deposit (CD) - Classic

Features and benefits

• The IOB CD Classic is a special kind of current account that is ideal for medium sized companies.
• The minimum balance requirement for the account for the last 3 months should be Rs.1 lakh or more.
• The bank provides its IOB CD Classic account holders with its internet banking facilities to carry out their transactions.
• Account holders have the privilege of banking anywhere.
• IOB provides its IOB CD Classic customers with a 50% concession on folio charges.
• The bank waives any opening charges for Demat accounts opened by the IOB CD Classic customer.
• IOB CD Classic account holders receive international debit cards against their accounts free of cost for themselves and their employees.
• Demand Drafts are issued to customers at a 50% discount.
• Account holders receive a 25% concession on outstation cheque collection fees.
• Customers have the benefit of making their tax payments and utility bill payments online.
• Account holders receive a complementary Personal Accident Insurance cover of Rs.1 lakh.

Eligibility Criteria

The following individuals are eligible to open a CD - Classic Account with IOB:

• Proprietary concerns
• Hindu Undivided Family (HUF)
• Societies
• Clubs
• Associations
• Government bodies
• Limited companies
• Partnership firms
• Corporations

IOB CD Super

Features and benefits

• The average daily balance to be maintained in the account is Rs.5 lakh for a period of 3 months.
• Account holders have the benefit of using the bank’s internet banking facilities free of cost.
• The bank waives the charges for opening a Demat account with the bank.
• IOB issues its IOB CD Super customers with customised multicity cheques free of charge at its MICR centres.
• Demand Drafts are issued to IOB CD Super account holders at a 50% concession.
• The bank waives the folio charges for IOB CD Super customers.
• Account holders can make payments for utility bills and tax payments online.
• Funds transferred through the bank’s RTGS services are provided at a 50% concession.
• The bank also provides a 50% concession on the collection charges for outstation cheques.

Eligibility Criteria

The following individuals are eligible to open a CD - Super Account with IOB:

• Proprietary concerns
• Corporations
• Hindu Undivided Family (HUF)
• Partnership firms
• Societies
• Limited companies
• Clubs
• Associations
• Government bodies

IOB CD Supreme

Features and benefits

• The minimum balance to be maintained in the CD Supreme account is Rs.7,500.
• Account holders receive 75 free cheque leaves on opening their account.
• Account holders and their employees receive a free Visa international debit card from IOB.
• The bank provides account holders with free account statements via email.
• Funds transferred using the bank’s internet banking facilities is provided at a 75% concession rate on service charges.
• Account holders have the benefit of using the bank’s internet banking facilities to make payments for their utility bills and tax payments.
• IOB CD Supreme customers can make a cash withdrawal up to Rs.50,000 using the bank’s Core Banking Services (CBS) from any IOB branches.
• The bank provides account holders with rent free POS for the first 75 days from opening their account.

Eligibility Criteria

The following individuals are eligible to open a CD - Supreme Account with IOB:

• Proprietary concerns
• Partnership firms
• Societies
• Clubs

IOB provides its current account holders with a host of benefits and privileges that aid in the successful functioning of their business practices.

GST of 18% is applicable on all banking products and services from July 1, 2017 onwards.