Indian Overseas Bank (IOB) was one of the many banks that was established prior to the country’s independence. The goal of forming the bank was to create a specialisation in business related to foreign exchange in the banking industry on a global level. At present, the bank has a number of branches within the country and branches in 5 other Asian countries.
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.
Since its establishment, IOB has grown at an accelerated pace. It has expanded the scope of the products that it offers its customers. These products range from savings accounts to retail loans and insurance policies.
One of the many products that the bank offers its customers is the current account. A current account is a type of bank account that is most often used by individuals who run businesses. The account’s features provide account holders with high liquidity, which is a requirement for them to run their operations. IOB offers its customers 3 variants of the current account.
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:
- IOB-CD Classic
- IOB-CD Super
- 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
- Partnership Firms
- Proprietaries
- Hindu Undivided Families
- Limited Companies, Corporations, SME’s
- Trusts, Societies, Clubs, Associations
- 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
- Internet Banking
- Mobile Banking
- Transfer of funds through NEFT are free.
- Personal Accident insurance cover of INR 1 Lakh is free of cost.
- Waiver of Demat account opening charges.
- Named printed chequebooks free of cost up to 100 leaves.
- Folio Charges at 50% concession.
- International Debit Card without charges to all employees and owners.
- Online Tax payment facility.
- Customized Multi-city cheques issued at MICR centers at 50% concession.
- The issue of Demand drafts at 50% concession.
- Outstation cheque collection charges at 25% concession.
- Transfer of funds through RTGS at 25% concession.
- Utility Bills payment facility.
2. IOB-CD Super
FAQs
What is a Current Account in Indian Overseas Bank (IOB)?
Current Account is a type of deposit account offered by Indian Overseas Bank that allows for unlimited transactions, both deposits and withdrawals, and is primarily used for business or frequent transactional needs.
What are the benefits of holding a Current Account with IOB?
- No limit on the number of transactions.
- Access to internet and mobile banking.
- Overdraft facilities.
- Free or discounted cheque books.
- ATM/debit card services.