Open Savings Account in Indian Overseas Bank : IOB(Indian Overseas Bank) is one of the well known banks in India. If you do have an account in Indian Overseas Bank and you are planning to open a new savings account in Indian Overseas Bank, you are are the right place as we will guide you through the complete procedure. In order to proceed, you must be aware about the formalities, eligibility and steps to open a savings account in Indian Overseas Bank. If you know about all these steps, opening a savings bank account in IOB will definitely be a piece of cake for you. Don’t forget to read our article on the procedure to link aadhaar card with Indian Overseas Bank Account.

Contents

• How to Open a Savings Bank Account in Indian Overseas Bank ?

How to Open a Savings Bank Account in Indian Overseas Bank ?

Regular Savings Bank Account Features and Benefits: It comes with an interest rate of 4% yearly and is payable on daily product basis. Regular Savings Bank Account does not allow a loan against deposit. Currently, this zero balance savings account is fetching an interest rate of 6.0% to 7.00% (for balance Rs.1 lakh to Rs.10 Crore) You can make hassle-free online bill payments and also generate.

There are things you must know before knowing the complete procedure for opening Indian Overseas Bank Savings Account. Let us first know about the the Eligibility to Open Savings Account in IOB.

Eligibility to Open a Savings Account in Indian Overseas Bank

Before visiting any IOB Branch to open Indian Overseas Bank Savings Account, you must check whether you are eligible for the same or not. Here are the eligibility for opening Indian Overseas Bank Savings Account :

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1) Applicant must be a Citizen of India.

2) Applicant must be more than 18 years of age (Except for Minor Account).

3) Applicant must possess the KYC Documents required to open Savings Account in Indian Overseas Bank. These documents are Address Proof, Identity Proof, PAN Card or Form 60/61.

4) In most cases, the applicant would need a Guarantor who has a Bank Account with IOB.

5) Applicant will need to deposit minimum balance amount needed for the Savings Account(In some types accounts, like Jan Dhan Account this amount is not required).

At any point of time you can also prefer transferring Indian Overseas Bank Account or you can change Indian Overseas Bank Account Address. If you have not been using your Account from long time, it might be dormant and you can easily reactivate Indian Overseas Bank Dormant Account.

Steps to Open a Savings Account in Indian Overseas Bank

Once you know you are eligible to open a Indian Overseas Bank Savings Account, you must follow the below mentioned steps to open a Savings Account in IOB.

1)Gathering the Documents : Your first step should be gathering all the KYC documents required for opening a Bank Account in Indian Overseas Bank. So, do keep Proof of Address, Proof of Identity, PAN Card and at least 2 passport size photographs with you. You may also be asked to show the originals of the same.

2)Filling up Account Opening Form : Once you have all the documents you can visit any IOB Branch, collect the Indian Overseas Bank Savings Account Opening Form and fill it up completely. If you have any issues while filling up the form, you can take help of fellow people in the Bank or IOB Officials.

3)Visit the IOB Account Opening Branch : After you have filled up the Indian Overseas Bank Account Opening Form, do visit the Indian Overseas Bank Branch where you want to open your Savings Account. Do carry your filled up form and the documents mentioned above.

4)Verify your Form & Documents : Meet the Accounts Executive and ask him to verify your documents and form for opening a new Savings Account with Indian Overseas Bank. Upon verification and successful validation of your documents and form, you can go to the next step.

5)Deposit theMinimum Deposit Amount : After verification, move to the cash deposit counter and deposit the minimum deposit amount for your new bank account. In order to do so, please take a Cash Deposit Voucher/Slip and write ‘New Account’ in place where you need to write your Name and fill up the minimum deposit amount in Numbers and Words. Please confirm the Amount from the Cashier or Accounts Executive and deposit the form and cash voucher.

6)Collect Indian Overseas Bank Passbook and ATM/Debit Card : Once you have deposited the minimum deposit amount for your new savings account, you will be handed over your ATM Cum Debit Card and other Bank Documents. If you do not get the documents instantly, you may get them in 1-2 working days. If you need a custom Debit Card with your Full Name on it, you need to apply for it separately.

Note : If you have also applied for other facilities like Cheque Book and/or Net Banking, within few days you will get them at your address registered with Indian Overseas Bank. If you wish to change Mobile Number in Indian Overseas Bank, you can do it anytime.

Best Practices after getting a Savings Bank Account in Indian Overseas Bank

Once you have a Savings Bank Account with Indian Overseas Bank, you must keep a few things in mind :

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1) Its always good to memorize your Bank Details including your PINs and Passwords so that you don’t always have to rely on the physical documents every time you need that information.

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2) To be on a safer side, note down your Account Number, ATM Card no., PIN etc at a location which is secure enough.

3) Always keep Indian Overseas Bank Customer Care Number stored in your mobile phone’s contact list.

4) Don’t hesitate to contact IOB customer care if you have lost your Indian Overseas Bank ATM card or in case of any other mishap related to your Account. If by any chance your account information or a cheque of your Account has fallen into wrong hands, you must immediately make a call to Indian Overseas Bank Customer Care or visit your IOB Home Branch in order to block a particular service or your Savings Account to prevent any kind of unauthorized use.

Things to Know before you Open a Savings Account in Indian Overseas Bank

Before you plan to open a Savings Account with IOB, you must know a few important things. There are a few queries which you must clarify by visiting any Indian Overseas Bank Branch or Calling Customer Care Number :

• Is there a Minimum Average Balance per month for maintaining this type of Savings Account in Indian Overseas Bank ? If yes, what is it? What types of fees do I have to pay if I go below that limit?
• What is the rate of interest which I will be getting on my Indian Overseas Bank Savings Account? How often is this interest generated ?
• Do I have any limit to the number of transactions every month ?
• Where can I withdraw cash using my ATM/Passbook/Cheques without paying any extra fees ? What is the extra amount charged for using other than Indian Overseas Bank ATM ?

Customer Care Numbers of Indian Overseas Bank

If you are looking for any kind of help from Indian Overseas Bank Customer Care, feel free to reach them on the Toll Free Number mentioned below.

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Toll Free Number : 1800 425 4445