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Last Updated on: 04/05/2024


Features of "IOB Startup Current Account Scheme"

Sr. No. Features Description



  • A private limited company (as defined in the Companies Act, 2013) or a partnership firm (registered under section 59 of the Partnership Act, 1932) or a limited liability partnership (under the Limited Liability Partnership Act, 2008) and One Person Companies (OPCs). The entity Should be less than 10 years from date of incorporation
  • Turnover of the entity for any of the financial years since incorporation/ registration has not exceeded one hundred crore rupees.
  • The entity should be working towards innovation, development or improvement of products or processes or services, or having a scalable business model with a high potential of employment generation or wealth creation


Requirement of valid Startup Certificate of Recognition issued by Ministry of Commerce and Industry, Government of India, (DPIIT)

  • DPIIT recognition is optional for opening of Startup Current Account.


Minimum Balance Requirement

  • After that, Quarterly Average Balance (QAB) requirement of Rs 1,00,000.


Non-Maintenance of minimum balance charges

Rs 500/-+ GST for Non-maintenance of Quarterly Average Balance (QAB) after 18 months from the date of account opening.


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. 30 lakh per month whichever is higher. Thereafter, Rs. 0.50 per Rs 1000/-+ GST Minimum Rs. 50/- + GST; Maximum Rs.10,000/- + GST
  • Waiver of Cash handling charges for first 30 days from the date of account opening.


Cash Withdrawal

  • Withdrawal allowed by cheque only.
  • No upper limit for cash withdrawal at home branch.
  • At Non-Home Branch, Free cash withdrawal upto 10 times of the previous month's average credit balance, Thereafter, Rs. 0.50 per Rs 1000/-+ GST Minimum Rs. 50/- + GST; Maximum Rs.10,000/- + GST
  • Third party cash payment at non-base branches is not allowed.


NEFT/ RTGS/IMPS transaction Charges

(Outward and Inward)


Cheque Leaves

  • 200 Free cheque leaves (Both Regular and personalised) per month. There after standard charges apply.
  • The concession of 200 cheque leaves free of cost, per month will be available only for first 18 months from the date of opening the account and there after availability of free cheque leaves will be subject to maintenance of minimum balance as per the scheme (QAB of Rs 1 lakh)
  • Waiver of PCB home delivery charges


DDR issuance charges

  • 50 DDs free per month for every

Rs. 1.00 lakh of average balance maintained in the previous month (subject to maximum of 1000 DDs)

  • above free limit, charges are Rs. 50/- per instrument.
  • Waiver of charges for first 30 days from the date account opening


Collection of outstation cheques

Waiver of Outstation cheque collection charges


Folio Charges

Ledger Folio charges is free


Closure of Accounts

  • Closure: Up to 14 days-No charges,
  • Closure: 15 days to 6 months-'500/-+ GST ,
  • Closure: 6 months to 12 months-'400/, + GST
  • Closure: Above 1 Year -No charges


Sweep/Flexi facility

  • Sweep/Flexi Deposit Facility is available on a case-to-case basis subject to approval from GM, Planning, Central Office.
  • The threshold limit in this account is Rs. 5,00,000/- which can be increased in multiples of Rs.1000/- at the choice of the customer.
  • First Sweep out for Rs. 50,000 will take place only when account balance reaches Rs. 5,50,000/- for 90 days by default and the minimum period of deposit is 7 days.
  • Sweep out amount of Rs. 50,000/- can be increased in multiples of Rs. 10,000/-
  • Sweep will take place on every Monday. In case of holiday, sweep will take place on the next working day.
  • Premature Penalty charges as per prevailing interest rate.


Internet & Mobile Banking Facility



SMS Alert



Statement of Account

Monthly Accounts statement through e-mail/e-statement free. First Physical statement is free.


Duplicate / Adhoc Statement Request

Rs 150/- per 40 entries, Through Internet Banking is Free


POS, Bharat QR Code & BHIM QR Code

either GPRS or Android POS (one machine) however, MDR and other charges shall be applicable subject to maintenance of minimum Average quarterly balance.

  • Bharat QR Code & BHIM QR Code -Free


Debit card

RUPAY SELECT debit Card is available under the scheme.  Approval from the company Board and mandate in favour of such person who will hold and do the transaction to be obtained by the Branches. Various transaction limit, personal accident insurance, airport lounge facility    shall be available to card holder as per the card network and as decided by the Bank


RUPAY SELECT debit Card transaction limit and facilities

Lounge access is subject to card network/and as decided by the Bank. As per the present scenario, NPCI for Rupay Select provides

  • Two free lounge 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
  • RuPay Card Holder/s of participating bank/s are eligible to avail of the airport lounge access program. 

Other facilities provided by the Bank in Rupay Select Debit Card  under this scheme are:

  • Nil Debit Card Issuance and AMC Charges
  • Unlimited ATM Access at own ATM and other Bank ATM 
  • ATM Cash Withdrawal Limit is Rs 50,000/-
  • ATM POS Limit is Rs.5,00,000/- per day
  • Ecom Limit is Rs 3,50,000/- per day


Waiver of Processing charges


Preferred FX conversion rates on a case-to-case basis subject to approval from GM, Treasury Department. Preferred pricing for LC/BG issuance on a case-to-case basis subject to approval from appropriate authority


Payment Gateway

  • IOB-Pay that allows merchants to accept payments from customers via smartphone, computer, or tablet. This includes payments from any type of merchant, even without a website.
  • IOB-Pay offers competitive transaction charges, easy tracking of payments, and reconciliation for merchants.


Demat Services

Demat account opening charges is free of cost


Credit Card

  • RUPAY PLATINUM/SELECT credit card to Proprietor/Partners/Directors.
  • Credit Cards can be issued as per the bureau score, income norms and other eligibility criteria


Stop Payment Instruction Charges



Standing instruction charges



Account service (at branches) charges such as Balance Enquiry, Certificate of Balance, Interest Certificate, TDS Certificate, Address Confirmation, Photograph Verification, Signature Attestation



ECS mandate charges



Corporate salary accounts to employees/Proprietor/Partners


(G-D-P) to all the employees/Proprietor/Partners

/Directors of the firm



MY ACCOUNT MY NAME facility in SB Salary accounts of the Employees.

For any further details please feel free to contact our nearest Branch, T&C apply.