How Do I Open An Indian Overseas Bank Savings Account Online

IOB offers some of the most competitive interest rates on their Savings Accounts to help you maximize your capital. Currently, the bank offers an interest rate of 4% on their Regular Savings Bank Account. This interest will be paid on a daily product basis.

Types of Savings Accounts Offered by Indian Overseas Bank

Regular Savings Bank Account
- Account holders are entitled to an International VISA Debit Card for making easy ATM cash withdrawals and also for making cashless purchases.
- Enjoy the facility of instant credit of outstation cheque up to the value of Rs.15,000.
- Make transacting easier with internet banking facility that is available with this account.
- This account features multi-city cheque facility.
- This account also provides holders with Nomination facility and standing instruction facility.
- Transfer funds in no time with the fund transfer services available as an IOB customer.
- Choose from a range of insurance products offered by Indian Overseas Bank.
- Upon maintaining an average quarterly balance of Rs 10,000, you can be eligible for facilities like inland drafts/mail transfers of amounts not more than 10,000 per month, twice a month and collection of inland outstation instruments like cheques/ drafts/dividend warrant etc. of amounts not more than Rs.10,000 per month. (Subject to conditions).
IOB – Savings Bank Gold I
- Account holders are entitled to an International Debit Card, free of charge, for ease of cashless purchases and online payments.
- Avail the facility of internet banking for convenient anytime banking.
- With this account, you get personalized multi-city cheques which are issued at MICR centers, free of charge.
- Keep track of your account activity with monthly account statements which will be sent to your registered email id and also SMS alerts which will be sent to your registered mobile number for every transaction.
- Transfer funds easily and securely to any bank account in the NEFT network via RTGS and NEFT, free of charge.
- Account holders will be provided with personalized chequebooks, free of charge, with the account holder’s name printed.
- With this account, you get complimentary Personal Accident Insurance cover of Rs. 5,00,000.
- Enjoy the convenience of anywhere banking at any CBS/TBA branch.
- As Savings Bank Gold account holder, enjoy the exclusive privilege of ATM usage at any bank’s ATM, free of charge.
- You may avail the facility of opening a Demat account with the bank, free of charge.
- Pay not only your bills but also to make tax payments, free of charge.
- Take care of your loved ones as this account also grants you the facility of availing a Family Health Insurance policy.
IOB – Savings Bank Gold II
- Account holders are entitled to an International Debit Card, free of charge, for ease of cashless purchases and online payments.
- Avail the facility of internet banking for convenient anytime banking.
- With this account, you get personalized multi-city cheques which are issued at MICR centers, free of charge.
- Keep track of your account activity with monthly account statements which will be sent to your registered email id and also SMS alerts which will be sent to your registered mobile number for every transaction.
- Transfer funds easily and securely to any bank account in the NEFT network via RTGS and NEFT, free of charge.
- Account holders will be provided with personalized checkbooks, free of charge, with the account holder’s name printed.
- With this account, you get complimentary Personal Accident Insurance cover of Rs. 5,00,000.
- Enjoy the convenience of anywhere banking at any CBS/TBA branch.
- As Savings Bank Gold account holder, enjoy the exclusive privilege of ATM usage at any bank’s ATM, free of charge.
- You may avail the facility of opening a Demat account with the bank, free of charge.
- Pay not only your bills but also to make tax payments, free of charge.
- Take care of your loved ones as this account also grants you the facility of availing a Family Health Insurance policy.
- Maximize your investments with the online equity trading facility, also a part of features offered with this account.
- Travelling overseas? Don’t worry, IOB provides you with an Overseas Travelcard, completely free of charge.
IOB – Savings Bank Silver I
- For ease of online payments, purchases and cashless transactions, account holders are entitled to an International Debit Card, free of charge.
- Keep track of your account activity with monthly account statements which will be sent to your registered email id and also SMS alerts which will be sent to your registered mobile number for every transaction.
- Avail the facility of internet banking for convenient anytime banking.
- Transfer funds easily and securely to any bank account in the NEFT network via RTGS and NEFT, free of charge.
- Pay not only your bills but also to make tax payments, free of charge.
- With this account, you get complimentary Personal Accident Insurance cover of Rs. 1,00,000.
- Enjoy the convenience of anywhere banking at any CBS/TBA branch.
- Make hassle-free payment of utility bills like rent, school or college fees, donations, IOB credit card bills, utility bills, telephone bills, etc.
- Overdraft facility up to one-month salary in case of salary earners.
- Take care of your loved ones as this account provides you the facility of availing an IOB Family Health Care Plus policy.
- As Savings Bank Silver account holder, enjoy the exclusive privilege of ATM usage at any bank’s ATM , free of charge.
IOB – Savings Bank Silver II
- For ease of online payments, purchases and cashless transactions, account holders are entitled to an International Debit Card, free of charge.
- Avail the facility of internet banking for convenient anytime banking.
- Transfer funds easily and securely to any bank account in the NEFT network via RTGS and NEFT, free of charge.
- With this account, you get personalized multi-city cheques which are issued at MICR centers, free of charge.
- Account holders will be provided with personalized chequebooks, free of charge, with the account holder’s name printed.
- Keep track of your account activity with monthly account statements which will be sent to your registered email id and also SMS alerts which will be sent to your registered mobile number for every transaction.
- With this account, you get complimentary Personal Accident Insurance cover of Rs. 1,00,000.
- As a Savings Bank Silver account holder, enjoy the exclusive privilege of ATM usage at any bank’s ATM , free of charge.
- You may avail the facility of opening a Demat account with the bank, free of charge.
- Enjoy the convenience of anywhere banking at any CBS/TBA branch.
- Pay not only your bills but also make tax payments, free of charge.
- Take care of your loved ones as this account also grants you the facility of availing a Family Health Insurance policy.
IOB – Student Savings Account
- Internet banking registration is done free of charge.
- Receive SMS alerts for all account transactions.
- Account holder will be given a multi-purpose card to facilitate ATM cash withdrawals and to make payments at the point of sale terminals and e-commerce websites.
- Account holder will be entitled to complimentary Personal Accident Insurance cover worth Rs 1 lakh.
- Cheque book will be provided, free of charge, for payment of fees.
- 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.
IOB Corporate Salary Account
- Make quick and secure fund transfers using NEFT or RTGS facility, free of charge.
- Enjoy cashless transactions and anytime access to cash with the IOB International Visa Debit card.
- Enjoy banking anytime and anywhere you need with the internet banking and mobile banking facility.
- Enjoy complimentary Personal Accident Insurance cover worth Rs 1 lakh.
- Overdraft facility available with this account.
- You are also entitled to 60 cheque leaves for transaction purposes, per year.
Savings Bank Platinum Special
- Enjoy cashless transactions and anytime access to cash with the IOB International Visa Debit card.
- Enjoy banking anytime and anywhere you need with the internet banking and mobile banking facility.
- Transfer funds securely and in no time with electronic payment mediums like NEFT and RTGS facilities with a 75% n the charges.
- Account holders can also avail retail products like housing loans, Pushpaka vehicle loan, gold coin, Health Care Plus Insurance, etc. at competitive rates.
- Complimentary Personal Accident Insurance worth Rs 75,000 provided for Platinum account holders.
- Keep track of your account activity with timely SMS alerts sent to your registered mobile number.
- Account holders are entitled to 75 cheque leaves for transaction purposes, free of charge.
- Account holders can avail the ASBA facility.
IOB SB Small Account
- Facility to avail an ATM Debit card.
- Keep track of your account activity with timely SMS alerts which will be sent to your registered mobile number.
Basic Savings Bank Deposit Account
- This is a zero minimum balance account which means that you needn’t maintain a minimum balance in your account to keep it active and operational.
- Enjoy access to cash anytime and anywhere you may need as this account features ATM withdrawal facility and cash deposit facility at branches.
- Customers can also make transfer funds via electronic payment channels or by means of deposit/collection of cheques drawn by Central/State Government agencies and departments.
- Account holders will be provided with an ATM card or an ATM-cum-debit card.
Savings Bank – Little Star
- This account allows for the free collection of cheques/drafts.
- Parents have the option of investing in schemes like RD/RDP, MIS/MDA/Easy Deposits or Para Banking (Insurance, mutual fund-SIPs)

Indian Overseas Bank Minimum Balance Requirements

Indian Overseas Bank offers multiple types of Savings Bank accounts for their customers. Each account features differing requirements for minimum balance which must be maintained for account operation.

Account	Minimum Balance Requirement
Regular Savings Bank	For rural and semi-urban branches, a minimum balance of Rs 100 must be maintained for non-cheque operated accounts; Rs 500 for cheque operated accounts. For all other branches, minimum balance of Rs.500 for must be maintained for a non-cheque operating account and Rs.1000 for cheque operated account. For pension accounts, a minimum balance of Rs. 5/- must be maintained for non-cheque operating accounts and Rs. 250/- for cheque operated accounts.
IOB – Savings Bank Gold I	Quarterly Average Balance of a minimum Rs 50,000 or more.
IOB – Savings Bank Gold II	Quarterly Average Minimum Balance of a minimum Rs 1,00,000 or more.
IOB – Savings Bank Silver I	Account can be opened with zero balance. However, in order to be eligible for certain concessions provided with this account, account holders must maintain a Quarterly Average Balance of not less than Rs 5,000.
IOB – Savings Bank Silver II	Account can be opened with zero balance. However, in order to be eligible for certain concessions provided with this account, account holders must maintain a Quarterly Average Balance of not less than Rs 5,000.
IOB SB – Student	Rs 500
IOB SB – Platinum Special	Rs 750
Corporate Salary Account	No minimum balance requirement.
Basic SB Deposit Account	No minimum balance requirement.
IOB – Little Star	Rs 100 (for non-cheque book holders)

How Do I Open An Indian Overseas Bank Savings Account Online

Opening a Savings Account with Indian Overseas Bank has never been easier. Now, customers need not wait in queues for their turn to physically meet with a bank representative to open a Savings Account. The same can now be done online in significantly lesser time and with the hassle. Individual or Single Accounts can be opened via online application with a minimum amount of Rs 10,000. Here are the steps which you need to follow in order to successfully open a Savings Account with IOB.

Open the IOB website and click on the link labeled ‘Register for Account Opening.’
After clicking on the link, you will be re-directed another page where you are required to input information pertaining to your income, personal details, etc. Please fill in the information correctly after referring to your documents.
All columns marked with an asterisk (*) must be filled compulsorily.
Once you have input the required information, make sure you verify the same from your own documents. After due verification, click on the “Click to Register for Account Opening” tab to proceed.
Following the above step, your screen shall display a ‘Registration Successful’ message on the screen, notifying you that you have successfully registered for a Savings account. Along with this message, there will be a Registration number displayed on the screen. Make sure you note that down for future reference.
Following the above, you are now ready to print your Application Form.

If you are unable to print your Application Form immediately, you may do so later by clicking on the Reprint Application form’ tab.

Indian Overseas Bank Savings Account Charges

Following are some charges associated with Savings Accounts offered by Indian Overseas Bank.

Particular	Charge
ATM usage (other bank ATMs)	Free – 3 transactions for 6 metros & 5 free transactions for other centers; Thereafter, Rs 20 will be chargeable per transaction + service tax.
Cheque Book Request (via ATM)	Rs 55 per request.
Account Closure Charges	No charge – if closed after one year; SB with Cheque book – Rs 71; SB without cheque book – Rs 54

Eligibility for Indian Overseas Bank Savings Accounts

1. Regular Savings Bank Account

Any individuals, Clubs, Associations, Trusts, Joint accounts, Educational Institutions, Non-trading organizations, Government Bodies, Societies (including co-operative societies) are eligible to apply for this account.

Any minors above the age of 10 years are also eligible to hold a Regular Savings Bank Account in his/her own name.

1. IOB – Savings Bank Gold I

This account can be opened by individuals who are professionals like lawyers, chartered accountants, doctors; by executives employed with software firms, MNCs; by individuals employed with a private or public sector firm; by High Net Worth individuals (HNIs), CEOs and those employed as IAS and IPS officers.

1. IOB – Savings Bank Gold II

1. IOB – Savings Bank Silver I

This account may be opened by individuals who are working with reputed and known software organizations/firms, with a Private or Public Sector company or a Government run organization.

1. IOB – Savings Bank Silver II

This account may be opened by individuals who are working with reputed and known software organizations/firms, with Private or Public Sector companies or a Government run organization.

1. IOB – Student

This account may be opened by all individuals/students who are 16 years or above in age.

1. Savings Bank Platinum Special

This account may be opened by individuals who are working with reputed and known software organizations/firms, public or private sector companies or a Government run organization.

1. Savings Bank Small Account

Any individual is eligible to open a SB Small Account. Joint accounts can be opened under the operation of the ‘either or survivor’ clause. In this case, the number of Account holders will be restricted to 2 only.

1. Basic Savings Bank Deposit Account

Any individual can open a Basic Savings Bank Deposit Account. However, holders of the Basic SB Deposit Account will not be allowed to open any their SB deposit account with IOB.