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FAQs-on-Casa-Products

Last Updated on: 27/03/2024

FAQs-on-Casa-Products

Home >> Frequently Asked Questions (FAQ) >> FAQs on Banks Savings Account Products >> FAQs on Casa Products

❱ 1. What is a Savings Account ? - (Click here)

A savings account is a type of deposit account provided by banks/ financial institutions. It allows people to transact and store their money securely while earning interest on the deposited amount.

Indian Overseas Bank offers various savings bank deposit schemes with a variety of features to cater to the diverse needs of the people.

For Further details: - (Click here)


❱ 2. Why do you Need a Savings Account ? - (Click here)

A Savings Account is a virtual place to keep your money securely with ease of access on demand and earn certain interest on the amount that maintained in the savings account.

Savings Bank Account is required to make various utility bill payments, investments, and remittances.


❱ 3. Who can Open a Savings Account ?  - (Click here)

Any Indian either individually or jointly with another Indian, HUF (Hindu Undivided Family), Foreign nationals who stay in the country for a long term, due to business or other work are eligible to open a Savings Account by submitting the requisite KYC documents along with the application form at any of our Indian Overseas Bank Branches. Alternatively, an individual can also open savings bank account online with just a few clicks.

For Further details: - (Click here)


❱ 4. What are the Variants of Savings Bank Account Available in Indian Overseas Bank ?  - (Click here)

• IOB Salary Accounts with three variants Gold, Diamond & Platinum

• SB HNI Account

• SB MAX Account

• SB Superstar Account

• IOB Freedom Savings Account

• IOB Sixty Plus Scheme

• IOB Pensioner Scheme

• BSBDA Account

• SB Small Account

• Government and Institutional Savings Account

• IOB MACT SB

• IOB SB DEFCOM

• SB DBT

- -

❱ 5. Why Indian Overseas Bank (IOB) is the Best Bank for Opening a Savings Bank Account ?  - (Click here)

Indian Overseas Bank (IOB) is considered a good choice for opening a savings account for several reasons:

  • Variety of Savings Accounts: IOB offers a wide range of savings accounts to cater to different customer needs, including regular accounts, salary accounts, accounts for high net-worth individuals, and many more.
  • Core Banking Solution: With IOB's core banking solution, customers can operate their accounts from any of the bank's 3200+ branches across India, providing convenience and flexibility.
  • Competitive Interest Rates: IOB provides competitive interest rates on savings accounts, which can be an attractive feature for customers looking to earn on their deposits.
  • Minimal Charges: The bank offers facilities like internet banking and mobile banking at no extra charge and provides a certain number of free cheque leaves per year.
  • Ease of Account Opening: IOB has streamlined the process of opening a savings account, which can be initiated online, making it convenient for new customers.

❱ 6. Who Can Open a Savings Account Online ?  - (Click here)

Any Indian Resident Citizen of 18 years or more can open account online.


❱ 7. How to Open a Saving Account in Indian Overseas Bank (IOB) ?  - (Click here)

Saving account can be opened by visiting nearest branch with valid KYC document. You can also open an account online through bank website. Please click here to open account through online


❱ 8. What is the Key Requirement for Opening a Savings Bank Account ?  - (Click here)

Official valid KYC documents is the key requirements for opening a saving account.


❱ 9. What is the Minimum Balance in Indian Overseas Bank (IOB) Saving Account ?  - (Click here)

The Minimum balance for Indian Overseas Bank (IOB) saving account depends upon the scheme selected for opening the account.


❱ 10. How is Interest Calculated on a Savings Account ?  - (Click here)

Savings bank account interest is calculated daily closing balance in the account at the rates as per the savings interest, and the interest amount will be rounded to the nearest rupee.

Every quarter, in the months of February, May, August, and November of each year, interest will be credited to the account.


❱ 11. What Type of Saving Account I Open ?  - (Click here)

Indian Overseas Bank (IOB) is providing all type of saving account which cater all types of customer like salaried class, business people, self-employed, professional, housewives , minors etc.


❱ 12. How Much Money Can be Deposited in a Saving Account ?  - (Click here)

There is no upper limit for depositing money in a saving account.


❱ 13. What is a Salary Account ?  - (Click here)

A salary account is a type of savings bank account in which an employee receives their salary from the employer every month.


❱ 14. Who Can Open a Salary Account ?  - (Click here)

Any Regular Employee of Central Government, State Government, PSU, Government-Semi Government Corporation, MNCs, Reputed Institutions, Reputed Corporate, Reputed Educational Institutions etc. who is drawing a minimum gross salary of Rs.10,000/- and above is eligible to open a salary account with Indian Overseas Bank by submitting the requisite KYC documents along with the application form.

For Further details: - (Click here)


❱ 15. Why Indian Overseas Bank Salary Account is Considered as the Best ?  - (Click here)

The Salary account opened at Indian Overseas Bank offers numerous benefits and features including zero minimum balance, Free personalized cheque book, passbook, e-statements, Debit Cards, PAI, My Account MY Name, Internet Banking, Mobile Banking, online fund transfer, Credit Card, Concession in locker rent, Concession in processing charges & ROI on various loan schemes etc.For Further details: - (Click here)


❱ 16. What Type of Salary Saving Account Should I Open ?  - (Click here)

There are three types of salary saving account offered by IOB as per the gross monthly salary by the employee.

IOB SALARY GOLD ACCOUNT:

  • Suitable for entry level employees, this account offers multiple facilities with ease.
  • Gross Monthly Salary of Rs. 10,000/- to less than Rs. 50,000/-
  • MY Account My Name Facility
  • PAI coverage of Rs. 20 lakhs & Free Rupay Platinum/ VISA Platinum Debit Card
  • Concessions in Processing charges & interest rates on various retail loans.

IOB SALARY DIAMOND ACCOUNT:

  • Suitable for middle management, this account offers a wide range of benefits.
  • Gross Monthly Salary of Rs. 50,000/- to less than Rs. 1,00,000/-
  • MY Account My Name Facility
  • PAI coverage of Rs.30 lakhs & Free Rupay Select/ VISA Signature Debit Card
  • Concessions in Processing charges & interest rates on various retail loans.

IOB SALARY PLATINUM ACCOUNT:

  • Suitable for senior & top management, this account offers a wide range of benefits.
  • Gross Monthly Salary of Rs. 1,00,000/- and above
  • MY Account My Name Facility
  • PAI coverage of Rs. 40 lakhs & Free Rupay Select/ VISA Signature Debit Card
  • Free unlimited transactions at any Bank ATM across the country
  • Concessions in Processing charges & interest rates on various retail loans.

❱ 17. What is My Account My Name Facility Provided in IOB ?  - (Click here)

This is a unique feature and first of its kind in the banking industry, where an account holder can access/use his account for remittances and branch banking using Alias name (My Account My Name) instead of 15-digit account number. A savings bank account holder can avail this facility by visiting the following link: My Account My Name


❱ 18. What is the Minimum Age to Open a Salary Account in IOB ?  - (Click here)

Any employee of minimum 18 years of age and upto 65 years can open their salary account with Indian Overseas Bank.

For Further details: - (Click here)


❱ 19. Whether Salary Account Holders Can Open Zero Balance Accounts for their Family Members in IOB ?  - (Click here)

Yes. Salary account holders of Indian Overseas Bank can open up to 3 zero balance accounts for their family members in their name.


❱ 20. Whether Salary Account Holders Can Get Free PAI with their Salary Accounts in IOB ?  - (Click here)

Yes. Salary account holders will get free PAI (Personal Accident Insurance) of up to Rs.40 lakhs with their accounts on complying the stipulated scheme norms.


❱ 21. What Are the Charges that Are Applicable on the Debit Card Issued to Salary Accounts in IOB ?  - (Click here)

There are No issuance as well as AMC (Annual Maintenance Charges) on the eligible debit cards issued to the Salary account holders of Indian Overseas Bank.


❱ 22. Can We Open a Joint Account with Spouse for the Salary Account ?  - (Click here)

Yes. An eligible employee can open their salary account jointly with their spouse.


❱ 23. What is a Minor Savings Account ?  - (Click here)

It is a savings bank account specifically designed for children under 18 years of age to instill savings culture and money management among them. It's a great way to start financial planning for a child's future.


❱ 24. Is There Any Specific Savings Bank Account Scheme for Minors in IOB ?  - (Click here)

Yes. Indian Overseas Bank has introduced a special savings bank account scheme for minors named "SB Super Star".

For Further details: - (Click here)


❱ 25. What is the Minimum Age to Open IOB Super Star Account ?  - (Click here)

There is no such minimum age. A savings bank account can be opened even in the name of a child who is just one day old.

For Further details: - (Click here)


❱ 26. Can We Get a Debit Card for the Minor Account Opened under IOB Super Star Scheme ?  - (Click here)

Yes. A VISA Classic/ Rupay Classic debit card will be issued to the parent/ guardian of a minor under 10 years and to minors over 10 years with parent/ guardian consent.


❱ 27. What is a Student Bank Account ?  - (Click here)

A student savings account is specifically designed to meet the financial needs of students, enabling them to manage their finances responsibly.

Indian Overseas Bank offers "SB Super Star", a savings account for students under 25 years, featuring low minimum balance, Free SMS alerts, Internet Banking and Mobile banking facility for over 18 years and many more.

For Further details: - (Click here)


❱ 28. Who are Eligible to Open SB HNI Account in IOB ?  - (Click here)

All those who are eligible to open a savings bank account can open "SB HNI" savings account, which requires a minimum quarterly average balance of Rs.50,000/-.


❱ 29. What are the Features of IOB HNI Account ?  - (Click here)

Free Personalized cheque book upto 100 leaves a year, e-statements, Debit Card, PAI cover, My Account MY Name, Internet Banking, Mobile Banking, online fund transfer, Credit Card, Concession in locker rent, Concession in processing charges & interest rate on various loan schemes etc.

For Further details: - (Click here)


❱ 30. Who are Eligible to Open IOB SB MAX Account ?  - (Click here)

All those who are eligible to open a savings bank account can open "SB MAX" savings account, which requires a minimum quarterly average balance of Rs.5,000/-.


❱ 31. What are the Features of SB MAX Account in IOB ?  - (Click here)

Free Personalized cheque book upto 75 leaves a year, e-statements, Debit Card, PAI cover, Internet Banking, Mobile Banking, online fund transfer, Credit Card, Concession in locker rent, Concession in processing charges & interest rate on various loan schemes etc.For Further details: - (Click here)


❱ 32. What is Subscription-based Savings Account in IOB ?  - (Click here)

This savings account type requires a specified fee, exempts customers from maintaining a minimum balance and waives various service charges.


❱ 33. What is IOB Freedom Savings Account ?  - (Click here)

This is a subscription-based savings account, requires an annual fee of Rs.1600/- for multiple benefits, with no minimum balance requirement.


❱ 34. Who is Eligible to Open IOB Freedom Savings Account ?  - (Click here)

Any Resident Indian above 18 years of age is eligible to open an IOB Freedom savings account, either individually or jointly with another individual.


❱ 35. What are the Features of IOB Freedom Savings Account ?  - (Click here)

Rupay Platinum Debit Card without any issuance charges and AMC, unlimited access across any ATM in India, Free NEFT, RTGS, IMPS, DD issuance charges upto Rs.1.00 Lac per day, Personalized cheque book, Locker Operations,  Demat account opening, PAI coverage of Rs.10.00 Lakhs , FFD facility on balance exceeding Rs. 50,000/- in the account, etc.

For Further details: - (Click here)


❱ 36. What is Capital Gains Account Scheme (CGAS) ?  - (Click here)

a. The Capital Gains Account Scheme (CGAS) was introduced in 1988 by the Government of India. It allows taxpayers to deposit capital gains from the sale of assets into specific accounts to defer or save on capital gains tax. This is particularly useful when the gains cannot be immediately reinvested in eligible assets as specified under sections 54 to 54GB of the Income Tax Act, 1961(43 of 1961).

b. The scheme offers two types of accounts: Type A (savings account) and Type B (term deposit), each with different withdrawal rules. To claim the tax exemption, the unutilized capital gains must be deposited into these accounts before the due date for filing income tax returns.


❱ 37. Who are Eligible to Open Capital Gains Account ? - (Click here)

a. Any person / firm / association of persons / company / HUF etc. intending to avail of the benefits under Section 54 to 54GB of the Income Tax Act, 1961 (43 of 1961) are eligible to open under capital gains account.


❱ 38. Can an Eligible Assessee open a Capital Gains Account with Indian Overseas Bank ?  - (Click here)

a. Yes. All the eligible assessee can open accounts under Capital Gains Accounts Scheme with any of our Branches situated in non-rural areas.

b. What are the features of the Savings Bank account under Capital Gains Accounts Scheme, 1988?

c. All those eligible assessee can open Savings Bank account under Capital Gains Accounts Scheme by Submitting Form - A

d. Cheque Book facility is not available with this account.

e. Withdrawals are only through withdrawal from along with application in Form - C for initial withdrawal and Form - D for subsequent withdrawals.

f. Withdrawals exceeding Rs.25,000/- shall be paid by way of crossed DD.

g. Interest shall be paid at the rates as applicable to regular savings bank account.

h. Unutilized amount of the withdrawals can be deposited back into the account after the expiry of 60 days from the date of withdrawal.

i. A maximum of 3 nominations can be permitted under the scheme.

j. Application in Form - G with letter from assessing officer of the Income tax office is required for closure of the account.

In today's dynamic world, where time is of the essence, so everybody wants convenience in every aspect of life including banking. To meet all the banking needs at the comfort of home this Online Savings account is Digital savings account which can be opened at the comfort of home without visiting a bank branch and customer also can access this account and other benefits through mobile banking, internet banking. Click here for opening account online


❱ 39. What are the Benefits of Online Account Opening ?  - (Click here)

In today's fast paced world, digital advancements have transformed every aspect of our lives including banking, the rise of online banking has opened up a world of possibilities, making it easier than ever to handle your money efficiently and securely at the comfort of your home. Here we explain the benefits one will harvest by opening a savings account online

  • Paperless account opening through video KYC
  • No Bank Visits
  • 24*7 Access to funds
  • Opening account in your preferred branch
  • Personalized debit card and cheque book at your doorstep
  • Instant Mobile Banking and Internet Banking
  • Realtime Transaction updates
  • Encryption and authentication

❱ 40. I am a Senior Citizen Whether I Can Open a Savings Account Online ?  - (Click here)

Yes, a senior citizen can open a savings account online with zero balance.


❱ 41. How to open a Savings Bank Account Online in Indian Overseas Bank ?  - (Click here)

5 Easy Steps to create a Savings Account Online in Indian Overseas Bank

Step 1: Get Online- Visit the banks website through your mobile phone or laptop and you can initiate the process through the online portal with just your mobile number, documents and by filling out a form.

For Opening Accounts Online& - (Click here)

Step-2: Keep the documents required for opening savings account handy- The following documents you should keep handy for opening account online

  • Original Aadhar Card you do not need any other identity or address proof if you have Aadhar Card
  • Original PAN Card or Form 16 which is a certificate issued by the applicant's employer, asserting that TDS has been deducted from your salary. This is required if applicant does not have a PAN Card
  • White paper with black/blue pen for capturing signature during video KYC

Step-3: Experience better banking with video KYC

After completing the form fill up in online portal you can do the video call instantly or you can schedule the video call at your convenient time and you can submit your KYC documents and verify yourself online, it can all be done on a video call with bank official, just provide access to your location, camera and a microphone on your smart phone or laptop and you should have ample and clear background.

Step -4: To access banking services almost instantly

After completion of Video KYC formalities, you will receive Account Number details in your registered mobile number and email ID and personalized debit card and cheque book will be delivered at your doorstep within 15-20 working days.

Step-5: Login Via Net Banking or Mobile Banking to start transacting

After getting the account number and customer ID you can activate internet banking and mobile banking and you can start transacting by logging into internet banking or mobile banking.


❱ 42. How Long Does it Take to Open Bbank Account Online ?  - (Click here)

Processing your application and issuing your account number could take a day or two.


❱ 43. Whether I Can Open a Savings Account Online with Zero Balance ?  - (Click here)

Yes, you can open a savings account with zero balance if it is a salary account, if it is a regular savings account you need to ensure that first transfer in their digital savings account is being done from their fully KYC compliant account and not from a third-party bank account.


❱ 44. Whether I Can Open a Savings Account under Salary Scheme in Online ?  - (Click here)

Yes, you can open a salary savings account with Indian Overseas Bank under Salary Gold, Diamond or Platinum scheme based on your salary with zero balance account and with attractive features.


❱ 45. What is Senior Citizen Savings Account ?  - (Click here)

It is a savings bank account for all resident individuals in the age group of 60 and above where customer can enjoy special banking privileges in their golden years.


❱ 46. I am Senior Citizen I Want to Open a Savings Account in Indian Overseas Bank, I Have to Open in Regular Savings Scheme, Or Any Specific Scheme is There for Senior Citizens?

You can open account in IOB Sixty Plus scheme which is perfectly suited for senior citizens other than pensioners.

39. What are the benefits of IOB Sixty Plus scheme?

  • Zero Balance account with no minimum balance charges
  • Auto Sweep Facility
  • Doorstep Banking Facility
  • Free ATM/Debit Card with 50% concession in AMC
  • Free 25 Personalized cheque leaves per year
  • Free Medical Checkup Facility during health camp organized by our tie up insurance companies
  • Concession in Processing Charges in retail loans

For More Details - (Click here)


❱ 47. Where Can I open a senior Citizen Savings Account ?  - (Click here)

You can open account by visiting any Indian Overseas Bank branch or through online by visiting website of Indian Overseas Bank?


❱ 48. What Documents Required for Opening a Savings Account for Senior Citizens ?  - (Click here)

1- Identity Proof- Voter Id, Aadhar, Driving License, Passport etc.

2- Address Proof- Voter ID, Aadhar, Passport, Driving License, Utility Bill (Not more than 2 months old), lease agreement etc.

3- Latest passport size photographs

4- PAN Card/Form 60


❱ 49. Whether Savings Account for Senior Citizens Can be Opened with Zero Balance in IOB Sixty Plus Scheme ?  - (Click here)

Yes, any senior citizen can open account with zero balance with no minimum balance charges in this scheme.


❱ 50. Whether I Can Open a Joint Account in IOB Sixty Plus Scheme ?  - (Click here)

Yes, you can open a joint account with spouse only.


❱ 51. I am a Pensioner Whether I Can Open Account under IOB Sixty Plus Scheme ?  - (Click here)

For pensioners IOB is having separate scheme IOB Pensioner with attractive features. So, you have to open under IOB Pensioner scheme.


❱ 52. What is the Interest Rate in IOB Sixty Plus Scheme ?  - (Click here)

The interest rate is same as that for regular savings accounts. But you can opt for Flexi Fixed Deposit facility to get more interest.


❱ 53. What is Flexi Fixed Deposit (FFD) Facility in IOB Sixty Plus Scheme ?  - (Click here)

If your balance in the account is above Rs. 50000/- auto sweep will happen in multiples of Rs. 5000/- for up to 179 days. It means you will get higher interest in the savings account itself so no need to open fixed deposit separately.


❱ 54. Whether I Can Withdraw Amount Any Time if I Opt for FFD Facility ?  - (Click here)

Yes, you can withdraw any time with no difficulties.


❱ 55. What is Pensioners Savings Account ?  - (Click here)

It's a savings account with zero balance specifically designed for the credit of pension amount after retirement from the service.


❱ 56. Who are Eligible to Open Pension Savings Account in Indian Overseas Bank ?  - (Click here)

All individuals who have retired on Superannuation/ retired due to VRS from any Central Govt Department/ State Government Department/ Local Bodies/ PSU and eligible for pension including all the employees retired from our bank, Defence Services Personnel are eligible irrespective of their age.


❱ 57. What are the Age Criteria for Opening Savings Account for Pensioners in Indian Overseas Bank ?  - (Click here)

55 Years and above except defence services personnel. For defence personnel there is no age criteria.


❱ 58. Is There Any Specific Savings Account Scheme in Indian Overseas Bank ?  - (Click here)

Yes, Indian Overseas Bank is having specific schemes with attractive features i.e. IOB Pensioner I and IOB Pensioner II.


❱ 59. What is the Difference Between IOB Pensioner-I and IOB Pensioner-II Scheme ?  - (Click here)

Pensioners getting pension amount up to Rs.50000/- per month are eligible to open under IOB pensioner I scheme and Rs.50000/- and above per month are eligible to open under IOB Pensioner II scheme. Pensioner II scheme has more benefits than Pensioner I scheme.


❱ 60. What are the Benefits in IOB Pensioner I Scheme ?  - (Click here)

  • Zero Balance Account- Nil Minimum Balance Maintenance Charges
  • Free Accidental Insurance of Rs. 5 Lakhs
  • Free ATM/Debit Card
  • Free Personalized Cheque Books - 40 leaves free per year
  • Temporary Overdraft Facility up to Rs. 50000/-
  • Auto Sweep facility
  • Doorstep Banking Facility/ Online Life Certificate/Jeevan Praman
  • Free Medical check-up facility during health camp organized by our tie up insurance companies.

For More Details - (Click here)


❱ 61. What are the Benefits in IOB Pensioner-II scheme ?  - (Click here)

  • Zero Balance Account- Nil Minimum Balance Maintenance Charges
  • Free Accidental Insurance of Rs. 10 Lakhs
  • Free ATM/Debit Card
  • Free Personalized Cheque Books - 100 leaves free per year
  • Temporary Overdraft Facility up to Rs. 100000/-
  • Auto Sweep facility
  • Doorstep Banking Facility/ Online Life Certificate/Jeevan Praman
  • Free Medical Check up facility during health camp organized by our tie up insurance companies

For More Details - (Click here)


❱ 62. What is the Difference between Pension Account and Normal Savings Account ?  - (Click here)

Pension account can be opened by pensioners only for pension credit purpose, but normal savings account can be opened by any individual, pension account is having more benefits than normal savings account.


❱ 63. Can Joint Pension Account be Opened ?  - (Click here)

Yes, Pension account can be jointly opened with spouse only.


❱ 64. What is the Interest Rate in IOB Pensioner Scheme ?  - (Click here)

The interest rate is same as that for regular savings accounts. But you can opt for Flexi Fixed Deposit facility to get more interest.


❱ 65. Whether Savings Account for Pensioners Can be Opened with Zero Balance in IOB Pensioner Scheme ? - (Click here)

Yes, you can open account with zero balance without any minimum balance maintenance charges.


❱ 66. What are the Documents Needed for Oopening a Savings Account in IOB Pensioner Scheme ? - (Click here)

  • Identity Proof- Voter Id, Aadhar, Driving License, Passport etc.
  • Address Proof- Voter ID, Aadhar, Passport, Driving License, Utility Bill (Not more than 2 months old), lease agreement etc.
  • Latest passport size photographs
  • Copy of Pension Payment Order
  • PAN Card/Form 60

❱ 67. What is Institutional Bank Account ? - (Click here)

It is a comprehensive savings account scheme specifically designed to offer a seamless banking experience to institutions.


❱ 68. Is There Any Specific Scheme in Indian Overseas Bank for Opening Account of Institutions ?  - (Click here)

Yes, our bank is having specific scheme i.e. Govt & Institutional Savings Account Scheme with so many attractive features.


❱ 69. Who are Eligible for Opening Account in Govt. & Institutional Savings Account Scheme ?  - (Click here)

It is perfectly suited for Government Departments/bodies/agencies in respect grants or subsidies released for implementation of various programs sponsored by Central/State Government, Companies set up u/s 25 of companies act, KVIC/KVIB, APMCs, primary cooperative credit society which is financed by bank, Trust, Society, NGOs, Club, Associations, Housing Society, Educational institutions etc.


❱ 70. What are the Benefits of Govt. & Institutional Savings Account Scheme ?  - (Click here)

  • Zero Balance account- no need to maintain minimum balance
  • Nil NEFT/RTGS/IMPS/SMS Alert Charges
  • Free Account Statements
  • Free Personalized cheque books and Demand Drafts
  • Dedicated Resource Manager at Each Regional Office of the Bank

For More details - (Click here)


❱ 71. Can Institutional Account be Opened with Zero Balance ?  - (Click here)

Yes, Institutional account can be opened with zero balance with nil minimum balance maintenance charges?


❱ 72. Can a Private Institution Who is Eligible for Savings Account Can Open in this Scheme ?  - (Click here)

Yes, any institution who is eligible for opening savings account whether private or Govt can open account in Govt & Institutional Savings Account Scheme?


❱ 73. As per RBI Guidelines which Entities/Institutions are not Eligible to Open Savings Account ?  - (Click here)

The following entities and institutions are not eligible for opening savings account.

  • Any political party or trading/ business or professional concern (proprietorship, partnership, company or association).
  • Govt. depts./ bodies depending upon budgetary allocations for performance of their functions.
  • Municipal Corporations/ Committees & Panchayat Samitis. State Housing Boards & Industrial Development Authorities. State Electricity/ Water & Sewerage/ Drainage Boards. State Textbook publishing corporations/ societies.
  • Metropolitan Development Authority.
  • State/ District level Housing Co-operative Societies.
  • Other banks including RRBs, Co-op. Banks & LDB.

❱ 74. What are the Documents Required for Opening Account in Govt. & Institutional Savings Account Scheme ?  - (Click here)

  • Document showing name of the person authorized to act on behalf of the Govt or its departments, Trust, Societies, Clubs/Associations, Educational Institutions etc
  • Any one of the OVDs and PAN/Form 60 of the person holding an attorney to transact on its behalf
  • Any document to establish the legal existence of such an entity/judicial person like Trust deed and bye law in case of trust, society registration certificate and bye law in case of Society/Club/Association etc.

❱ 75. What is a Basic Savings Bank Deposit Account ?  - (Click here)

For many people, a Savings Account is out of their limits, primarily because it requires a certain minimum balance to be met. For the economically weaker sections, consistently meeting this requirement is a problem. To alleviate this problem, the Reserve Bank of India has come out with a Basic Savings Bank Deposit Account scheme or BSBDA.


❱ 76. What are eligible for opening Basic Savings Bank Deposit Account ?  - (Click here)

Account can be opened by individuals who can open regular savings accounts.


❱ 77. What are the Benefits of IOB Basic Savings Bank Deposit Accounts ?  - (Click here)

  • Zero Balance Account- No need to maintain minimum balance
  • Rupay Classic Debit card without issuance and AMC Charges
  • Free Accidental Insurance Coverage of 2 lakhs through Rupay Debit Card
  • No Account closure charges
  • No charges for inoperative BSBDA account

For Further details - (Click here)


❱ 78. I am Having a Regular Savings Account in SB Public Scheme in Indian Overseas Bank Whether I Can Open a BSBDA Account?  - (Click here)

Yes, you can open a BSBDA account in Indian Overseas Bank, but the existing regular savings account has to be closed within 30 days from the date of opening of BSBDA account.


❱ 79. I am Already Having a BSBDA Account in Other Bank Whether Can I Open a BSBDA Account in Indian Overseas Bank?  - (Click here)

As per RBI guidelines a customer can open one BSBDA account in one bank, So you can open a BSBDA account in IOB even if you are having a BSBDA account in other bank.


❱ 80. Whether in BSBDA Account I Can Avail Cheque Book Facility ?  - (Click here)

No, you can not avail cheque book facility in this scheme.


❱ 81. Is There Any Restriction for Withdrawal and Deposit in This Account ?  - (Click here)

No there is no restriction in deposit or withdrawals but up to 4 withdrawals per month is allowed free of cost.


❱ 82. What are the Documents Required for Opening Account under BSBDA Scheme ?  - (Click here)

  • Identity Proof- Voter Id, Aadhar, Driving License, Passport etc.
  • Address Proof- Voter ID, Aadhar, Passport, Driving License, Utility Bill (Not more than 2 months old), lease agreement etc.
  • Latest passport size photographs
  • PAN Card/Form 60.