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Last Updated on: 08/07/2024



Presenting IOB Freedom Current Account - A one-of-a-kind Subscription based Current Account. IOB Freedom Current Account is Specifically Designed for Customers Seeking a Worry-free Banking Experience by Eliminating Domestic Services Charges Ensuring Transparent Banking at Its Finest with Add-on Feature of Personal Accident Insurance Coverage.

IOB Freedom Current Account Provides Customers with Unlimited Access to Any ATM across the country, flexibility to maintain any Balance, No Folio Charges and 30+ More Services. What's More? Just an Annual Fee and Enjoy Pure Freedom from All Domestic Charges.


Sr. No. Details Features



Opening in Completely Digital Manner through Video KYC Process

Opening by Visiting Branch (Offline)

Resident Individual/Proprietary concern

(Above 18 Years of Age who are Eligible to Open Current Accounts, Wish to Open an Account Verified with Aadhaar & PAN Card.)

Resident Individual/Proprietary Concern (Above 18 Years of Age), Partnership Firm, HUF, / Limited Liability Partnerships, Private Limited Companies, Co-operative Societies/Subsidiaries and Associations/Trusts/SMEs/Local Bodies/Clubs, Religious Organizations/Educational Institutes/Government Bodies, Public Sector Undertakings, Domestic Banks/Regional Rural Banks/Domestic Co-operative Banks, Foreign Institutional Investors/Foreign Companies, Foreign Banks, Insurance Companies/Mutual Funds, Share and Stock Brokers, Non-Government Organizations (NGOs/Charitable Trusts). Subject to RBI Directives.


Minimum Balance Maintenance Requirement

No Minimum BalanceMaintenance Requirement


Type of Debit Card

Free Rupay Platinum Debit Card

(Only for the Resident Individual/Proprietary Concern)


Lounge Access:

Domestic/International Airport

Lounge Access is Subject to Card Network. As per the Present Scenario, NPCI for Rupay Platinum Provides

  • Two Free Lunge Access per Card Holder per Calendar Quarter will be Permitted Subject to Maximum of 8 (Eight) Airport Lounge Access per Year. Unutilized Access will Lapse at the End of Quarter and Cannot be Carried to Next Quarter
  • The Program is Applicable at Select Airport Lounges Across India Listed in
  • RuPay Card Holders of Participating Banks Are Eligible to Avail of the Airport Lounge Access Program


Debit Card

Annual Maintenance Charge


(Rupay Platinum Debit Card)


ATM Access at own ATM

Unlimited Free

(Rupay Platinum Debit Card)


ATM Access at other Bank ATM

Unlimited Free

(Rupay Platinum Debit Card)


ATM Cash Withdrawal Limit

Rs. 50,000/- per Day

(Rupay Platinum Debit Card)



Rs. 1.25 Lac

(Rupay Platinum Debit Card)


Ecom Limit

Rs. 1.25 Lac

(Rupay Platinum Debit Card)


Monthly Cash Deposit Limit-both Home and Non-Home Branch

Free Cash Deposit upto 10 Times of the Previous Month's Average Credit Balance, or Rs. 10 Lakh per Month Whichever is Higher, Thereafter, Rs. 0.50 per 1000/- +GST Minimum Rs. 50/- +GST; Maximum Rs. 10,000/- +GST.


Monthly Cash Withdrawal Limit at Home Branch

No Ceiling and Free Cash Withdrawal

However, TDS Rules Related to Cash Withdrawals are Defined by Section 194N of the Indian Income Tax Act to be Complied.


Monthly Cash Withdrawal Limit at Non-Home Branches

No Ceiling and Free cash Withdrawal by Self/Proprietor/Partners/ and Authorized Person to Operate the Accounts in Case of Company. However, TDS Rules Related to Cash Withdrawals are Defined by Section 194N of the Indian Income Tax Act to be Complied.


Personal Accident Insurance Coverage

Personal Accident Insurance Covers of Rs. 10 Lakh Free of Cost for Self/Proprietor Only


Monthly Statement of Account (Original/First)



Account Closure Charges



Account Service (At Branches) Charges Such as Balance Enquiry, Certificate of Balance, Interest Certificate, TDS Certificate, Address Confirmation, Photograph Verification, Signature Attestation



Addition/Deletion in Joint Accounts or Change in Operational Instructions or Authorised Signatories


Joining and Renewal Fees:

The Annual Upfront Fees is INR 3000 (Inclusive of GST)

All the Scheme Features and Facilities will be Activated from the 2nd Day (T+1) of Upfront Fees Received by the Bank.

The Annual Renewal Fee is INR 3000 (Inclusive of GST)

The Need Based Review of the Scheme will be Done Periodically and the Bank Reserves the Right to Revise the Fees Based on the Review. Any Revision in Annual Fees During the Review will be Applicable for New Customers as Well as for Existing Customers at the Time of Renewal.

The Bank Reserves the Right to Modify the Features and Facilities that are Offered under this Scheme, as Deemed Appropriate.

For More Details Please Visit Your Nearest IOB Branch

Check out: IOB Freedom Savings Account.