Indian Overseas Bank Savings Interest Rates
Indian Overseas Bank Savings Bank Account (SB account) is intended for savings for future. The main objective of this type of account is to promote savings habit in any person. A savings account is one of the most basic bank accounts offered by banks. It lets you keep your money in a safe place, deposit and withdraw as and when you need it, without any risk.
In the short term, savings accounts can be a great way to save up money for an emergency. The balance outstanding in your savings account will earn interest as decided by the bank. It is ideal for all individuals, salaried people, pensioners and students.
Usually, there is no restriction on the number and amount of deposits that can be made in the savings account. The amount deposited in the savings account can be withdrawn, whenever it is needed.
Indian Overseas Bank Savings Interest Rates
|Bank Name||Interest Rates Saving Rate < 1 Lakh(p.a.)||Interest Rates Saving Rate > 1 Lakh(p.a.)||Calculate|
|Indian Overseas Bank||2.75%||2.75%|
Eligibility for Opening Indian Overseas Bank Savings Account
- Individual - Single Accounts
- Two or More Individuals - Joint Accounts
- Blind Persons
- Illiterate Persons
- Executors and Administrators
- Government bodies
- Semi-Government Departments
- Recognized PF Accounts
- Capital Gain Accounts
- Non-Corporate bodies
- Clubs, Societies & Associations
- Institutions/ Agencies specially permitted by the RBI
Documents Required to Open Indian Overseas Bank Savings Account
- Application in the bank's prescribed form
- Specimen Signature Card
- Copy of PAN Card / Form 60 or 61 (if customer does not have PAN Card)
- Photograph of depositor/s (2 copies)
- Proof of Identity & address as per KYC Norms
- Any other related documents applicable to Students, Minor, HUF, Trusts,Association etc.
- Proof of identity and address as per KYC Norms- Only the following documents will be acceptable (for individuals):
- Proof of Identity
- PAN Card
- Voter Identity Card issued by the Election Commission of India
- Driving licence
- Identity Card subject to the Bank's satisfaction
- Letter from a recognised public authority or public servant verifying the identity and residence of the customer to the satisfaction of the Bank
- Job card issued by NREGA duly signed by an officer of State Government
- Proof of Address
- Telephone bill
- Bank Account Statement
- Letter from any recognised public authority
- Electricity bill
- Ration Card
- Letter from the employer subject to satisfaction of the Bank
- Letter issued by the Unique Identification Authority of India (UIDAI) containing details of name, address and Aadhaar number
- If mailing address and permanent address are different, provide address proof documents for both
- Proof of Age, in case of minor and senior citizens
Benefits of Indian Overseas Bank Savings Account
A Savings Account is very beneficial with multiple advantages as detailed below:
(1) Earns Interest on your Savings
This is the first and foremost benefit of opening a savings account. It starts earning interest on your money as soon as it is deposited. The interest rate is decided solely by the bank and changes from time to time. Regular interest depends upon the balance of the savings account.
Interest rate in savings account ranges from 3.5% to 7%.
(2) Provides Security of Funds
There is no risk involved in your savings account. It is considered as one of the safest investment alternatives. It even offers you the opportunity to put your money into another investment whenever the time comes.
(3) No Lock-in Period
There is no lock-in period under savings account which means that you can withdraw your deposits anytime you need. There is no need to keep your money in this account for any specific period. You have full flexibility in withdrawal of amount from it.
(4) Offers Liquidity
You can withdraw the amount anytime 24X7 with the use of ATM card or debit card from your account during any emergency even when the bank is closed. In fact, being able to access your money when you need it, is one of the biggest benefit of having a savings account.
(5) Availability of Variety of Savings Account
Many banks offer comprehensive range of savings accounts from regular to premium suiting to your personal banking needs. There are different types of savings accounts offered by various banks that differ based on the interest rates and duration of time commitments. You can choose any of them which suits your financial objectives and requirements.
(6) Services of Customer Relation Manager
Now-a-days many of the banks engage a Customer Relation Manager (CRM) who will help not only solve your queries but also assist you in tax saving, investment, mutual fund schemes, insurance, bank procedures, etc. You need to just call your CRM and he/ she will assist you solve your problem.
(7) Online Banking Facilities
If you maintain a savings account, you can make many transactions online also such as payment of bills, fund transfers using RTGS/ NEFT or IMPS, etc. This will save your time and efforts.
(8) Provides ATM/ Debit Card
You will be offered a debit or ATM card with a nominal charge or without any charges, as offered by your bank. With the help of this card, you can withdraw the funds, make transactions in shops, make payments of bills, etc.
(9) Helps you Get Credit or Loan
The relation you maintain with the bank will help you in getting credits from the bank such as home loan, personal loan. You will also be in a position to negotiate with the banker on the interest rates.
(10) No Cap on Deposits
There is no limit on the amount deposited and number of times it is deposited.
(11) Facility to link Loan EMIs, Mutual Fund SIPs or RD deductions
You get a facility to link your monthly loan EMIs, Mutual Fund SIPs or RD deductions through the savings bank account.
(12) Free Mobile App
Most of the banks provide their mobile app for free. Through this app, you can get to know your account balance, check your statement, make transactions, easy transfer of money, etc.