Indian Overseas Bank Current Account

Indian Overseas Bank Current Account

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Indian Overseas Bank Current Account

A current account is a transactional bank account that is tailor-made for entrepreneurs, professionals, and firms to help them conduct a high number of regular monetary transactions. This type of account can be opened and operated by individuals, a collaboration of multiple individuals or under the name of a business. A current account has no interest rates levied on them due to the higher rate of transactions and the higher minimum account balance requirement. These accounts are designed to offer extensive transactional facilities for the ease of running a business. In this article, we take a look at the various types of Indian Overseas Bank Current Account and its details including its features.

Indian Overseas Bank

Indian Overseas Bank (IOB) was first started in 1937 in Chennai and expanded to other parts of India establishing itself as a significant public sector bank with about 1150 branches in Tamil Nadu alone. Including the branches in its home state, IOB has over 3400 branches all over the country along with eight subsidiaries and offices situated overseas as of October 2017. The bank has achieved a complete networking status and has an ISO certified in-house IT Department that has developed its software to provide online banking services for its customers. Indian Overseas Bank has branches in countries such as Colombo, Singapore, Seoul and Bangkok, and representative offices in Vietnam, Guangzhou, and Dubai. It is the banking system that put the country’s name on the map of the banking sector in the Far East, lending assistance and prestige to the numerous Indians abroad.

Types of Current Accounts

The following are the types of current account offered by Indian Overseas Bank:

  1. IOB-CD Classic
  2. IOB-CD Super
  3. IOB CD- Supreme

IOB-CD Classic Current Account

IOB-CD Classic Current Account is a special status account provided by Indian Overseas Bank for medium-sized companies and proprietary/ partnership firms, clubs, societies and so on. This account is specially designed for entrepreneurs, professionals, and firms and offers various concessions.

Eligibility

  1. Partnership Firms
  2. Proprietaries
  3. Hindu Undivided Families
  4. Limited Companies, Corporations, SME’s
  5. Trusts, Societies, Clubs, Associations
  6. Local Bodies, Government Departments subject to RBI directives.

Minimum Balance Requirement

An average quarterly balance of at least Rs. 1,00,000 must be maintained for this account.

Special Features and Discounts

  1. Internet Banking
  2. Mobile Banking
  3. Transfer of funds through NEFT are free.
  4. Personal Accident insurance cover of INR 1 Lakh is free of cost.
  5. Waiver of Demat account opening charges.
  6. Named printed chequebooks free of cost up to 100 leaves.
  7. Folio Charges at 50% concession.
  8. International Debit Card without charges to all employees and owners.
  9. Online Tax payment facility.
  10. Customized Multi-city cheques issued at MICR centers at 50% concession.
  11. The issue of Demand drafts at 50% concession.
  12. Outstation cheque collection charges at 25% concession.
  13. Transfer of funds through RTGS at 25% concession.
  14. Utility Bills payment facility.

IOB-CD Super

IOB-CD Super is a current account with a surplus of benefits. By maintaining an average minimum balance of INR 5 Lakhs over three months, account holders can access a variety of advantages and avail necessary concessions. The following are the details associated with an IOB-CD Super current account.

Eligibility

The following kinds of entities can start an start an account under this bank:

  1. Partnership Firms
  2. Proprietaries
  3. Hindu Undivided Families
  4. Limited Companies, Corporations, SME’s
  5. Trusts, Societies, Clubs, Associations
  6. Local Bodies, Government Departments subject to RBI directives.

Minimum Balance Requirement

The average daily balance to be maintained in this current account over a period of three months should not be less than INR 5 Lakh.

Special Features and Discounts

  1. Internet banking
  2. Mobile Banking
  3. Transfer of funds through NEFT are free. 
  4. Personal Accident insurance covers of INR 5 Lakhs are free of cost.
  5. Waiver of Demat account opening charges. 
  6. International Debit Card without charges to all employees and owners. 
  7. Online Tax payment
  8. Customized Multi-city cheques issued at MICR centres free.
  9. Name printed chequebooks free of cost.
  10. The issue of Demand drafts at 50% concession.
  11. Folio charges free.
  12. Outstation cheque collection charges at a 50% concession.
  13. Transfer of funds through RTGS at a 50% concession.
  14. Utility Bills payment facility. 

IOB CD- Supreme

Indian Overseas Bank has held its place in the banking industry by providing efficient consumer and commercial banking services over the decades. As a part of the bank’s prestigious Platinum Jubilee Year, IOB continues to provide efficient banking solutions with new special schemes such as the IOB CD-Supreme among others. This account is a current deposit account with a low minimum balance requirement and offers an array of benefits to the account holder. The following are the details pertaining to a Supreme current account.

Eligibility

The following categories of entities may start an account with this bank:

  1. Partnership Firms
  2. Proprietaries
  3. Trusts, Societies, Clubs, Associations

Minimum Balance Requirement

The minimum balance required in this specific current account is merely INR 7500.

Special Features and Discounts

  1. Internet Banking Facility
  2. Free cheque boom of 75 leaves
  3. Free International VISA Debit Card for employees/ owners.
  4. Account statement by email
  5. Transfer of funds through RTGS/ NEFT (75 percent concession on charges)
  6. Online Tax Payment/ Utility bill payment facility.
  7. Cash withdrawal up to INR 50,000 under CBS transactions from any branch.
  8. ASBA facility available
  9. Gold coin concession of INR 7.50 per gram on a purchase of minimum 76 grams of gold coin in a day
  10. POS-Rent Free POS for 75 days.

Application Procedure

Any individual can walk into the nearest Indian Overseas Bank branch and apply for any of these accounts with the assistance of banking experts.

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