Indian Overseas Bank Current Account

A current account is a versatile banking option tailored for entrepreneurs, professionals, and businesses that require frequent monetary transactions. These accounts can be established and managed by individuals, groups of individuals, or under a business name. Generally, current accounts do not offer interest due to their high transaction volume and the need to maintain a higher minimum balance. They are designed to provide extensive transactional facilities that simplify business operations. This article delves into the various types of Indian Overseas Bank (IOB) Current Accounts and their features.

About Indian Overseas Bank

Founded in 1937 in Chennai, Indian Overseas Bank (IOB) has developed a significant presence with over 3400 branches across India and international operations in Colombo, Singapore, Seoul, Bangkok, Vietnam, Guangzhou, and Dubai. Equipped with an ISO-certified in-house IT Department, IOB ensures efficient online banking services. As a major player in the public sector banking, IOB is recognized for offering comprehensive banking solutions, earning a prestigious reputation among the Indian Diaspora.

Types of Current Accounts

IOB offers a variety of current accounts suited for different needs. The main types of current accounts offered by Indian Overseas Bank include:

IOB-CD Classic
IOB-CD Super
IOB CD- Supreme

IOB-CD Classic Current Account

The IOB-CD Classic Current Account caters to medium-sized businesses, proprietary partnership firms, clubs, societies, and more. It's ideal for entrepreneurs and professionals and offers numerous benefits.

Eligibility

Partnership Firms
Proprietaries
Hindu Undivided Families
Limited Companies, Corporations, SMEs
Trusts, Societies, Clubs, Associations
Local Bodies, Government Departments (subject to RBI directives)

Minimum Balance Requirement

The account demands an average quarterly balance of at least INR 1,00,000.

Special Features and Discounts

Internet Banking
Mobile Banking
Free NEFT fund transfers
Personal Accident insurance cover of INR 1 Lakh, free of cost
Waiver of Demat account opening charges
100 free printed chequebooks
50% concession on folio charges
Free International Debit Card for all employees and owners
Online Tax payment facility
50% concession on multi-city cheques at MICR centers
50% concession on demand drafts
25% concession on outstation cheque collection charges
25% concession on RTGS fund transfers
Utility bill payment facility

IOB-CD Super

The IOB-CD Super current account is loaded with numerous advantages. Maintaining a minimum balance of INR 5 Lakhs over three months unlocks various concessions.

Eligibility

Entities eligible to open this account include:

Partnership Firms
Proprietaries
Hindu Undivided Families
Limited Companies, Corporations, SMEs
Trusts, Societies, Clubs, Associations
Local Bodies, Government Departments (subject to RBI directives)

Minimum Balance Requirement

An average daily balance of at least INR 5 Lakh over three months is required.

Special Features and Discounts

Internet banking
Mobile Banking
Free NEFT fund transfers
Free Personal Accident insurance of INR 5 Lakhs
Waiver of Demat account opening charges
Free International Debit Card for all employees and owners
Online Tax payment
Free customized multi-city cheques issued at MICR centers
Free name printed chequebooks
50% concession on demand drafts
Free folio charges
50% concession on outstation cheque collection charges
50% concession on RTGS fund transfers
Utility bill payment facility

IOB CD- Supreme

During its Platinum Jubilee celebrations, IOB introduced the IOB CD-Supreme account, which offers robust banking features with a lower balance requirement and extensive benefits.

Eligibility

The following entities can set up this account:

Partnership Firms
Proprietaries
Trusts, Societies, Clubs, Associations

Minimum Balance Requirement

The account mandates a minimum balance of INR 7,500.

Special Features and Discounts

Internet Banking Facility
75 free cheque leaves
Free International VISA Debit Card for employees/owners
Account statements via email
75% concession on RTGS/NEFT charges
Online Tax Payment/Utility bill payment facility
Cash withdrawal up to INR 50,000 at branches
ASBA facility availability
Gold coin concession of INR 7.50 per gram on purchases over 76 grams
Rent-free POS for 75 days

How to Apply

To open any of these current accounts, visit your nearest Indian Overseas Bank branch. For further assistance, you can also explore options for opening a Private Limited Company bank account or understand the requirements for a board resolution when opening a bank account.

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Frequently Asked Questions

Common questions about IOB Current Account.

An Indian Overseas Bank Current Account is a transactional bank account designed for businesses, entrepreneurs, and professionals to conduct a high volume of regular monetary transactions. It offers extensive features and concessions to facilitate ease of business operations.

Partnership firms, proprietorships, Hindu Undivided Families, limited companies, corporations, SMEs, trusts, societies, clubs, associations, and local bodies or government departments (subject to RBI directives) are eligible to open an Indian Overseas Bank Current Account.

Indian Overseas Bank offers three types of Current Accounts: IOB-CD Classic, IOB-CD Super, and IOB CD-Supreme, each with varying minimum balance requirements and benefits.

To maintain an IOB-CD Classic Current Account, an average quarterly balance of at least Rs. 1,00,000 must be maintained.

Some benefits of an IOB-CD Super Current Account include free personal accident insurance cover of INR 5 Lakhs, waiver of Demat account opening charges, free international debit cards for employees and owners, and concessions on demand drafts, outstation cheque collection, and RTGS/NEFT transfers.

The minimum balance required to maintain an IOB CD-Supreme Current Account is INR 7,500, which is relatively low compared to other account types.

Some special features of an IOB CD-Supreme Current Account include a free cheque book of 75 leaves, free international VISA debit card for employees/owners, concessions on RTGS/NEFT transfers, online tax payment facility, and cash withdrawal up to INR 50,000 from any branch under CBS transactions.

To apply for an Indian Overseas Bank Current Account, an individual can visit the nearest Indian Overseas Bank branch and apply for the desired account type with the assistance of the bank's experts.

Yes, Indian Overseas Bank provides internet and mobile banking facilities for all its Current Account types, enabling customers to manage their accounts conveniently.

Indian Overseas Bank offers concessions on services like NEFT transfers (free for some accounts), demand drafts (up to 50% discount), outstation cheque collection (up to 50% discount), RTGS transfers (up to 75% discount), and Demat account opening charges (waived for some accounts).