Indian Overseas Bank

Indian Overseas Bank is a public sector bank that was founded in Madras on 10 February
in the year 1937. It is head-quartered in Chennai, Tamil Nadu, India.. It mainly offers
banking products and services as well as capital markets. This bank has an operating
strength of total 3700 domestic branches and about 3300 operating ATMs that is spread
all over India.

Credit Cards
There are two credit cards which are offered by the Indian Overseas Bank which are:

 IOB Gold- The chargeable interest on roll over credit in this card is fixed at 24%
p.a. In this card the card-holders can enjoy the facility of flexible payment and also
earn reward pints that are redeemable for travel and lifestyle shopping.
 IOB Classic- This card also has interest fixed on the roll-over credit at 24% p.a. It
also provides insurance cover in case of death, accidents, air crash and also
baggage insurance. Internet Banking facility and SMS alerts are provided by the
company.
The IOB credit cards also give various insurance facilities without any charge:

Insurance cover

Personal Accident (Death due to

aircrash) Classic card Gold card

Self 4 lakhs 10 lakhs

Spouse 2 lakhs 2 lakhs

Personal Accident (Road / Rail)

Self 2 lakhs 2 lakhs

Spouse 1 lakhs 1 lakhs

Baggage Insurance 0.25 lakhs 0.25 lakhs

Purchase Protection 0.25 lakhs 0.25 lakhs

Saving Accounts
The bank offers savings accounts and deposit accounts to customers which earn interest.
The type of Savings Accounts which the bank offers is:

 Regular Savings Bank Account

 Savings Bank No Frills Account
 IOB Savings Bank Gold I
 IOB Savings Bank Gold II
 IOB Savings Bank Silver I
 IOB Savings Bank Silver II
 IOB SB Student
Deposit Minimum Loan AgainstDocuments
Category Balance Interest Rate Deposit Required

Proof of Identity,
Address and Passport
Savings Account Rs 100 4.00 % p.a NA sized photographs

Fixed Deposit Interest Rates

The following varieties of fixed deposit accounts are offered by the Indian Overseas Bank
which earns a higher interest rate:

 Fixed Deposit
 Floating Rate Deposit
 Tax Saver Scheme
Deposit interest rates for amount up to Rs 1 crore:

Deposit Tenure Interest Rate

7 days to 60 days 4.00%

61 days to 90 days 4.50%

91 days to 179 days 5.00%

180 days to 269 days 5.75%

270 days to 1 year 6.25%

The interest rate for IOB tax saver deposit scheme is 7% p.a. The interest rate of returns
for senior citizen is higher by 0.50% than the regular fixed deposit rates.

Home Loans
If you are looking for finance to buy a new home, renovate your old home or buy a plot to
construct your old home, the Indian Overseas Bank is your answer. The bank offers home
loans to its customers for the above mentioned purposes. The following variants of a
home loan are offered:

 ShubhGruha Housing Loans

 Home Improvement Scheme
 Home Decor Mortgages
 Mortgages - Liquirent (loan against rent receivable)
 Mortgages - Easy Trade Finance
 NRI Home Loan
 Housing Loans – NRI - Home Loans for relatives of NRI

NRI Banking
Non-Resident Indians (NRIs) can also enjoy the facility of banking in India and the Indian
Overseas Bank also offers its services in the said department. The following types of
accounts are offered to NRIs:

 Foreign Currency Accounts- This account can be maintained in foreign

currency namely US Dollar, GBD, EUR, JPY, CAD, and AUD. The fund along with the
interest is fully repatriable.
 NRE Accounts- This account can be maintained as savings, current or term-
deposit account and are Indian Rupee denominated accounts. The account balance
is fully repatriable with free interest income from income tax.
 NRO Account- When a residing Indian becomes NRI, the Indian account held by
him becomes NRO Account and it is denominated in Indian Rupee. It can be in the
form of savings, current or term deposits.
 RFC Account- This account can be in the form of savings, or term-deposits and is
maintained in USD, EUR, CAD, GBP, JPY AUD. etc.

Internet Banking
The bank allows customers to bank online by providing them the facility of internet
banking. The following transactions are some of the many transactions which can be
accomplished online:

 Details of the balances in the account

 Statement of the account
 Stoppage of the payment of cheques
 Issue of cheques and drafts
 Opening of Deposit accounts
 Transfer of funds
 Payment of taxes
 Payment of various bills like telephone, mobile etc
 Information on various products and services
 Information on various forms of loan as well as deposit modelling

IOB SB Student
 Students above the age of 16 are eligible to hold this account
 Minimum account balance is Rs 500
 Maximum amount required is Rs 50,000
 Free cheque book facility
 Fund transfer/cheque facility for payment of fees
 Free standing instructions
 Personal accident cover of Rs 1 lakh for free
 SMS alerts on every transaction

Important Dos and Don’ts to keep in mind while using IOB Debit Card
 Tear and dispose the PIN mailer sent to you by the bank.
 Maintain a regular practice of changing your debit card PIN periodically.
 Ensure that no one is around you while making a transaction at the ATM.
 Do not allow anyone to look at your debit card PIN/OTP/Password while making
any transaction.
 To withdraw cash from ATM, enter amount in the multiples of 100.
 Collect your money immediately from the ATM machine, as the ATM machine
retracts the money after a fixed time.
 After using your card for making any purchase, do not forget to take your card and
the transaction slip.
 Do not forget to take your card after making any transaction at the ATM.
 Sign at the back of your debit card in the presence of an IOB bank personnel.
 In case of loss of your debit card, immediately inform the nearest IOB bank branch
about the loss. The bank will issue a new debit card and block the previous one.
 Maintain a habit of checking your account transactions through a mini statement.
 Discard your transaction slips by tearing or shredding them.
 Do not write your debit card PIN anywhere.
 Do not make invalid transactions by entering incorrect PIN; else your card will get
blocked.
 Do not allow anyone to use your debit card or know the ATM PIN/ Password of your
account.
 Protect the black colored magnetic strip present at the back of your debit card.
 Before using your debit card, ensure that your card has a CVV number. In case,
your debit card does not have any CVV number. Please return it to the bank.

Fixed Deposit
Indian Overseas Bank offers attractive and competitive rates of interest that ensure the
maximization of returns on the savings of the depositors that are held with the bank. As
the bank offers flexibility in payout options and tenures, the Fixed Deposit accounts
offered by them are very attractive for customers and allows for optimal trade-offs
between liquidity and returns.

IOB FD Rates 2017

Interest rate (in %)

Regular Citizens Senior Citizens

FD Tenure

7 days – 14 days 4.00 4.50

15 days – 29 days 4.00 4.50

30 days – 45 days 4.00 4.50

46 days – 60 days 4.00 4.50

61 days – 90 days 4.50 5.00

 91 days – 120 days 5.00 5.50

121 days – 179 days 5.00 5.50

180 days – 269 days 5.75 6.25

270 days -< 1 year 6.25 6.75

1 year only 6.75 7.25

>1 year – < 2 years 6.50 7.00

2 years to 3 years 6.25 6.75

> 3 years – < 5 years 6.00 6.50

5 years & above 6.00 6.50

Types of Indian Overseas Bank FD Accounts

1. IOB Regular Fixed Deposit
2. IOB Tax Saver Fixed Deposit Account
3. IOB Floating Rate Deposit

IOB Regular Fixed Deposit

In this standard Fixed Deposit account the customer submits a lump-sum amount with
IOB for a stipulated amount of time. This lump-sum amount garners interest in that
period. This deposit scheme may be held for a short or long timeframe as per the
customers’ choice. With this fixed deposit account, the customer gets the double benefit
of earnings as well as flexibility in handling the account.

IOB Tax Saver Fixed Deposit Account

This scheme is ideal for those customers who are looking to save on tax by investing in
funds in a fixed deposit. Tax exemption for these deposits is permitted as per the Income
Tax Act under Section 80C

IOB Floating Rate Deposit

This deposit account type is a variation on the regular fixed deposit type. In this the
interest rates that are offered are floating instead of fixed, the rates are reset every six
months in a year. The rates are reset on the 1st of March and the 1st of September of
every year, regardless of when the deposit was made by the customer.

Savings Account
A savings bank account is a type of demand deposit account, which is opened mainly for
the purpose of saving money and not for any commercial reason, unlike a current
account. Uncertainties and ambivalence are part of life and savings accounts are one of
the best ways to meet them. So, if you do not have savings accounts with any of the
banks then you should open a savings account without any further delay. Savings with
IOB is always preferred as it provides the best services to its customers.

Indian Overseas Bank is a banking, insurance and industry pioneer that focuses on
foreign exchange businesses and trade finance. IOB was the first bank to foray into the
consumer credit space and started providing personal loans well before it was
nationalised.

Indian Overseas Bank has multiple types of savings accounts aimed at suiting the
requirements of different individuals, institutions, organisations, etc. Interested
customers can choose anything from a basic savings account to a premium savings
account in addition to a joint savings account. The number of permitted withdrawals from
an IOB Savings account is fifty every 6 months in a financial year. For a savings account
with IOB which is opened in the middle of the year, the approved withdrawals will be
calculated on a pro rata basis. A service charge at rates as advised from time to time will
be levied if the number of withdrawal exceeds the permitted limit.

There are different types of IOB savings accounts that can cater to various needs and
requirements.



Type of Savings Account

1. Regular Savings Account – These are simple savings accounts to meet the
daily banking needs of an individual. The following are the features that are a
part of these accounts:
 Affordable and convenient savings accounts in which the minimum balance in
rural and semi-urban areas for a non-cheque operated account is Rs. 100, while it is
Rs. 500 for cheque-operated accounts. In urban areas, the minimum balance for a
non-cheque operated account is Rs. 500; while it is Rs. 1,000 for a cheque-operated
account.
 Pension accounts have a minimum balance of Rs. 5 for non-cheque operated
accounts, while the balance is Rs. 250 for cheque-operated accounts.
 Account holders are given an international Visa Debit Card that may be used at
any Visa ATM globally or for shopping, etc.
 Indian Overseas Bank has a vast network of branches and ATMs for daily banking
needs.
 IOB offers customer the convenience of banking with NetBanking, and Anywhere
Banking services.
 IOB offers customer with an instant credit of Outstation Cheque up to an amount
of Rs. 15,000.
 Customers also receive multicity cheque facility.
 Nomination facility is available with this account.
 Customers find that there is a speedy transfer of funds between own accounts
and between third party accounts in different banks.
  IOB offers account holders a number of insurance products via the bank.
Eligibility: Following are the eligibility criteria of an IOB saving account:
 All resident individuals either solely or jointly can open this account.
 A Hindu Undivided Family can also open this account
 Govt. bodies
 Societies (including co-operatives)
 Educational institutions
 Clubs
 Associations and non-trading organisations
 Children who have completed ten years of age can hold an account in their own
name
1. Savings Bank Gold I Account – This is a premium savings accounts aimed
at professionals such as lawyers, doctors, CAs, executives working with MNCs,
high net worth individuals, etc. This account has a host of concessions and
features to satisfy everyone’s needs. The features of the account are as follows:
 Customers are given an ATM Card on the very first day itself.
 Account holders receive SMS alerts on every transaction.
 Account holders are given an international Visa Debit Card that may be used at
any Visa ATM globally or for shopping, etc.
 Account holders may withdraw cash from an IOB/non-IOB ATM at no extra charge.
 Account holders get free personalised multicity cheques issued at MICR centres.
 Receipt of free personalised chequebooks with the account holder’s name.
 Account holders can transfer funds through NEFT and RTGS without any charges.
 Provision of a monthly account statement that is sent via email to account
holders.
 Account holders get internet banking facility.
 Account holders can make use of the Anywhere Banking facility in CBS/TBA
branches.
 Demat accounts may be opened at no charge.
 This account offers online bill payment and online tax payment facilities that are
free of cost.
 Account holders receive a Personal Accident Insurance cover of Rs. 5 lakh free of
cost.
 There is a facility of Family Health Insurance with this account.
 Quarterly average balance that has to be maintained is at least Rs. 50,000.
Eligibility
 Any resident individuals including professionals such as lawyers, doctors, C.A.s,
Executives working with MNCs, software companies, public/ private sectors.
 Business people
 CEOs
 IAS and IPS
 High Net Worth individuals
1. Savings Bank Gold II Account – This is Indian Overseas Bank’s most
premium savings account aimed at professionals such as C.A.s, lawyers, doctors,
executives working with MNCs, high net worth individuals, etc. This account has
a host of concessions and features that are as follows:
 SMS alerts are sent to account holders on any transaction.
 Customers are given an ATM Card on the very first day itself.
 Account holders are given an international Visa Debit Card that may be used at
any Visa ATM globally or for shopping, etc.
 Account holders may withdraw cash from an IOB/non-IOB ATM at no extra charge.
 Facility of online equity trading is provided.
 Account holders receive an Overseas Travel Card free of any charge.
 Account holders get free personalised multicity cheques issued at MICR centres.
 Receipt of free personalised chequebooks with the account holder’s name.
 Account holders can transfer funds through NEFT and RTGS without any charges.
 Provision of a monthly account statement that is sent via email to account
holders.
 Provision of internet banking facility.
 Account holders can make use of the Anywhere Banking facility in CBS/TBA
branches.
 Account holders may open Demat accounts at no charge.
 This account offers online bill payment and online tax payment facilities that are
free of cost.
 Account holders receive a Personal Accident Insurance cover of Rs. 5 lakh free of
cost.
 There is a facility of Family Health Insurance with this account.
 Quarterly average balance that has to be maintained is at least Rs. 1,00,000.
Eligibility
 Any resident individuals including professionals such as lawyers, doctors, C.A.s,
Executives working with MNCs, software companies, public/ private sectors.
 High Net Worth individuals
 CEOs
 Business people
 IAS and IPS
1. Savings Bank Silver I Account – These special IOB savings accounts are
aimed at individuals who are working with reputed companies in the
Public/Private sector, Government, software companies, etc. The features of this
account are as follows:
 Account holders are given an international Visa Debit Card that may be used at
any Visa ATM globally or for shopping, etc.
 SMS alerts are sent to account holders on any transaction.
 Customers are given an ATM Card on the very first day itself.
 Account holders may withdraw cash from an IOB/non-IOB ATM at no extra charge.
 Account holders can transfer funds thru NEFT and RTGS without any charges.
 Provision of a monthly account statement that is sent via email to account
holders.
 Provision of internet banking facility.
 Account holders can make use of the Anywhere Banking facility in CBS/TBA
branches.
 This account offers utility bill payment facility for rent/school and college fees/IOB
credit card bills/donations/telephone bills/utility bills.
 Online tax payment facilities are free of cost.
 Account holders receive a Personal Accident Insurance cover of rupees one lakh
free of cost.
 There is a facility of Family Health Insurance with this account – IOB Healthcare
Plus.
 There is PAN/TAN facilitation.
 In case of salaried individuals, the account offers overdraft facility of up to one
month’s salary.
 Quarterly average balance that has to be maintained with this account is at least
Rs. 5,000.
Eligibility
 Any resident individuals including those working software companies, public/
private sectors, Govt.
1. Savings Bank Silver II Account – These special savings accounts are aimed
at individuals who are working with reputed companies in the Public/Private
sector, Government, software companies, etc. The features of this account are
as follows:
 Account holders are given an international Visa Debit Card that may be used at
any Visa ATM globally or for shopping, etc.
 Account holders receive free personalised multicity cheques issued at MICR
centres.
 Free personalised chequebooks are provided that bear the name of the account
holder.
 Account holders may open a Demat account free of charge.
 SMS alerts are sent to account holders on any transaction.
 Customers are given an ATM Card on the very first day itself.
 Account holders may withdraw cash from an IOB/non-IOB ATM at no extra charge.
 Account holders can transfer funds thru NEFT and RTGS without any charges.
 Provision of a monthly account statement that is sent via email to account
holders.
 Provision of internet banking facility.
 Account holders can make use of the Anywhere Banking facility in CBS/TBA
branches.
 This account offers online bill payment.
 Online tax payment facilities are free of cost.
 Account holders receive a Personal Accident Insurance cover of rupees one lakh
free of cost.
 There is a facility of Family Health Insurance with this account – IOB Healthcare
Plus.
 The quarterly average balance that has to be maintained with this account is at
least Rs. 5,000.
 Those account holders who maintain an average quarterly balance of Rs. 25,000
and above may choose to transfer this balance automatically in the Savings Account
to a Term Deposit.
Eligibility
 Any resident individual including those working software companies, public/
private sectors, Govt.
1. IOB Students Savings Account – These are a type of savings accounts
designed to inculcate the value of saving in students. The bank wishes to
provide financial awareness along with teaching them the prudence in savings.
The detailed features of the Account are as follows:
 In keeping with the times, Indian Overseas Bank allows that this account may be
opened online by registering on its website.
 SMS alerts are sent to account holders on every transaction.
 The account holder receives a free multipurpose card that can be used at ATMS,
POS and ECOM.
 The account holders receive a Personal Accident Insurance cover of Rs. One lakh
free of charge.
 On opening the account, the account holder receives a free chequebook.
 The account provides a facility for payment of fees in that there is a fund transfer
facility/bankers cheque or Demand Draft that is restricted to the payment of tuition
fees/hostel fees to a specified school or college account.
Eligibility
 Students from the age of 16 years and above can utilise this account.
1. Corporate Salary Account – These savings accounts are for companies that
wish to maintain salary accounts of their employees. Here are the features of the
account:
 On opening the account, the account holder receives an Indian Overseas Bank
International Visa Debit card, free of cost, which can be used at any ATM, POS or
ECOM.
 This account provides a free mobile banking facility.
 Account holders may avail of internet banking facilities at no extra charge.
 Account holders can transfer funds thru NEFT and RTGS without any charges.
 Account holders receive a Personal Accident Insurance cover of rupees one lakh,
free of cost.
 The account holder receives 60 cheque leaves per annum free of cost.
 The account offers overdraft facility of up to one month’s salary.
 Account holders may withdraw up to a maximum of Rs. 50,000 per day through
ATMs.
 Free cash withdrawals at other ATMs.
Eligibility
 The account can be opened for any employee/salaried individual by the company,
in which the salary of the account holder will be credited every month.
1. IOB SB Platinum Special account – In 2011, Indian Overseas Bank marked
its platinum jubilee year. The bank launched a special savings bank account
scheme called the IOB SB Platinum Special account to mark this momentous
occasion. The features of this account are as follows:
 The minimum balance to be maintained in these IOB Savings accounts is very
nominal at Rs. 750.
 On opening an account under this scheme, the account holder receives a free
chequebook with 75 leaves.
 Account holders are also provided with a free IOB International Visa Debit Card,
which can be used at any Visa-enabled ATM, or at POS or ECom.
 Provision of free mobile banking facility.
 Account holders have free net banking facility.
 Account holders can transfer funds through RTGS or NEFT free of cost.
 The account provides anywhere banking facility.
 Account holders receive a free personal Accident Insurance cover of Rs. 75,000 at
no extra charge.
 Account holders may withdraw up to a maximum of Rs. 15,000 in any ATM.
 The account provides free online tax payment facility.
 Facility of utility bill payment is also provided.
 Account holders receive SMS alerts on any transaction that takes place with their
accounts.
 Account holders can access retail products offered by Indian Overseas Bank, such
as a housing loan, vehicle loan, Gold Loan and health insurance at competitive rates.
 The account provides ASBA facility.
Eligibility
 This account is available to all resident individuals including those working in
reputed companies among the software, public/private sector, government, etc.
1. IOB Little Star Account – A unique savings account for kids to teach them
the value of money and simple banking processes. Here are the features of the
account:
 This savings account can be opened by parents for their minor kids.
 An IOB minimum balance requirement for non-chequebook account holders is Rs.
100.
 The maximum balance amount allowed in these IOB Savings accounts is Rs.
50,000. This limit is removed once the child attains 18 years of age.
 The account provides free collection of cheques/drafts that have been gifted to
the child up to a limit of Rs. 25,000 per annum, in either Indian or foreign currency.
 The account provides liquid deposit facility or Sweep-in, Sweep-out facility in
which the balance on exceeding Rs. 10,000 will be swept out and kept in Term
Deposits in units of Rs. 2,000. When the minimum balance goes down, the adequate
units in the Term Deposits will be closed and transferred back to the Savings Bank
account on Last in – First out basis.
 Parents of the child have the option of investing in the following schemes on
behalf of their child – RD/RDP, MIS/MDA/Easy Deposits, Para Banking (Insurance,
Mutual Fund-SIPs).
Eligibility
 A savings account with IOB can be opened for a child who is a minor by a parent
or a guardian, provided the child is between the ages of 1 day to 18 years.
1. Basic Savings Bank Deposit Account – This is a zero balance savings
account. Features and benefits are as follows:
 The account holder can make any number of deposits in a month.
 Account holders can make a maximum of four withdrawals in a month, which
includes ATM withdrawals.
 Account holders receive ATM cum Debit card facilities.
 The convenience of banking with NetBanking services.
Eligibility: Eligibility requirements of IOB for savings account are listed below:
 Any resident individual solely or jointly or a Hindu Undivided Family can open an
account.
1. IOB Small Account – A savings account for your banking needs. The features
and benefits are as follows:
 The introduction has to be done through a current savings account with IOB
holder who has been subject to full KYC procedures.
 ATM Debit Card facility is available.
 Savings account with IOB holders may also opt to receive SMS alerts of any
transaction taking place in that account.
 The balance in the IOB Small Account should not exceed Rs. 50,000 at any point
in time.
 The aggregate of all the withdrawals and transfers in a single month should not
exceed Rs. 10,000.
 The aggregate of all the credits in a single financial year should not exceed Rs. 1
lakh.
Eligibility: IOB savings account eligibility criteria are provided in detail below:
 A resident individual with not complete KYC documents, i.e. one who does not
have a Photo ID Proof or an Address Proof like Aadhar Card or Voter ID Card as per
the bank’s acceptable list of documents.
 Savings Account Interest Rate
IOB savings accounts interest rates are calculated @ 4% p.a. on the daily end of day
balance. IOB savings account charges are also minimal as compared to other banks.
Documentation
Documentation for IOB savings account is a simple process. The following documents are
required to be submitted. The documents should be accompanied by the original
documents for verification:
 Latest Passport photos
 Identity Proof – self-attested copy and original for verification
 Address proof – self-attested copy and original for verification.
Opening of accounts: An IOB savings account may be opened in the name of
individuals, singly or jointly. Women can also opt to open an IOB women’s savings bank
account. Minors can open an account themselves, though they should be accompanied
by their guardians. Following are the entities eligible for savings with IOB:
 Primary co-operative credit society which is financed by the bank.
 Village and Khadi Industrial Board
 Marketing committee of agricultural products
 Societies which are registered under Society Registration Act, 1860 or any other
corresponding law which is in force in the state or territory
 Companies which are administered by Companies Act, 1956 and those that have
been licensed by the Central Government under the section 25 of the said act. The
companies which are licensed under the corresponding provisions of Indian
Companies Act, 1913 are also permitted but are restricted to add the words
“Limited” or “Private Limited” in their name.
 Registered or unregistered self-help groups which are committed to promote
savings habits among individuals.
 Organisations involved in the development of women and children in rural areas.
 Farmers’ associations.
Savings account from IOB will not be opened in the name of following:
 Any trading, commercial or business concern, whether such an organisation is a
partnership, proprietorship, company or association.
 Government bodies and department which depend on budget allocations to do
their job
 Municipal Committees and Corporations
  Panchayat Samities
 State Housing Boards
 Industrial Development Authority
 State Electricity Boards
 Water / Sewage / Drainage Boards
 State Text Book Publishing Corporations or Societies
 Metropolitan Development Authorities
 State or district level housing co-operatives societies
 Other banks including regional rural banks, land development banks and co-
operatives bank
 Political parties
IOB branches are permitted to open savings bank account for the following special
categories of depositors, provided they meet the necessary guidelines laid down by the
bank:
 Minor represented by guardians
 Minor above the age of ten years
 Blind persons
 Illiterates
 Trusts
 Ladies whose face are covered

Applying Online
You can easily apply online for an IOB savings account by logging into Paisabazaar.com.
You just need to choose the one which suits your needs and then fill up the necessary
details and click ‘apply’. Any customer who is interested can also visit the nearby IOB
branch and fill up an application form.

1. IOB – Student Savings Account

o
o
o
o
o
o Internet banking registration done free of charge.
o Receive SMS alerts for all account transactions.
o Account holder will be given a multi-purpose card to facilitate
ATM cash withdrawals and to make payments at point of sale terminals
and e-commerce websites.
o Account holder will be entitled to complimentary Personal
Accident Insurance cover worth Rs 1 lakh.
o Cheque book will be provided, free of charge, for payment of fees.
o Account holder can avail the facility of making fund transfers,
bankers cheque / Demand Draft for payment of tuition fees to the account
of a particular college or school.
2. Following are some charges associated with Savings Accounts offered by Indian Overseas
Bank.

Particular Charge

ATM usage Free – 3 transactions for 6 metros & 5 free transactions for
(other bank other centers; Thereafter, Rs 20 will be chargeable per
ATMs) transaction + service tax.

Cheque Book
Request (via Rs 55 per request.
ATM)

Account Closure No charge – if closed after one year; SB with Cheque book –
Charges Rs 71; SB without cheque book – Rs 54

IOB Rupay Classic Card

IOB RUPAY CARD-CLASSIC – Features

Eligibility All SB accounts, CD/CC accounts in the

name of individuals or Proprietary
concerns.

Daily Cash withdrawal limit Rs.20,000

Daily limit for usage in Merchant Rs.50,000

Establishments (PoS)

Daily limit for usage in Internet (E-com) Rs.50,000

Charges for issuance of Card No charges

Annual Maintenance fee Rs.100/- plus service tax from the 2nd
year onwards at the beginning of the
year.
Replacement/Re-issue of Lost/Damaged Rs.100/-

Re-issue of PIN Rs.20/-

Transactions at IOB ATMs

Financial and Non-Financial Transactions No charges

Transactions at Other Bank ATMs

First 5 transactions (3 transactions only No charges

allowed in 6 metro cities) including Non-
Financial in a calendar month for SB account
holders

After 5 transactions(from 4th transaction Rs.20/-

onwards in 6 metro cities) for each Transaction

For CD/CC accounts(from first transaction Rs.20/-

onwards)

PoS/Ecom Transactions No charges

Secured Online Transactions through RuPay Paysecure

Additional Benefit for PoS/Ecom transactions IOB Rewardz points

 The above charges are subject to periodical review and change.

 Service Tax at the applicable rate will be charged extra.

 An additional benefit for RuPay card holders is that all Rupay card holders are eligible for
personal accident (death only) Insurance cover of Rs. 1 lakh.
 Rupay cardholders will be eligible for the compensation on only 1 eligible Rupay card per
cardholder or per customer even if multiple cards of different are meeting the eligibility
criteria. The choice of the card for the claim would rest with the customer