Presenting IOB Freedom Savings Account - A one-of-a-kind Subscription based Savings account. IOB Freedom Savings 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 Savings Account provides customers with unlimited access to any ATM across the country, flexibility to maintain any balance, sweep-in sweep-out facility (Flexi deposit) and 30+ more services. What's more? Just an annual fee and enjoy Pure Freedom from all domestic charges.
Conveniently open IOB Freedom Savings Account through Video KYC digitally or visit your nearest branch
| Sr. No. |
Details |
|
|
Features |
|
1
|
Eligibility
|
Opening in completely digital manner through Video KYC process
|
Indian Resident individual above 18 years of age, who are eligible to open savings bank accounts and wish to open an account verified with Aadhaar & PAN Card.
|
|
Opening by visiting branch (offline)
|
Accounts can be opened by all those who are eligible to open savings bank accounts, above 18 years of age,
|
|
2
|
Minimum Balance Maintenance Requirement
|
No Minimum Balance Maintenance Requirement
|
|
3
|
Type of Debit card
|
Free Rupay Platinum debit card
|
|
4
|
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 https://www.iob.in/RupayLounge.
- RuPay Card Holder/s of participating bank/s are eligible to avail of the airport lounge access program.
|
|
5
|
ATM Cash Withdrawal Limit
|
Rs 50,000/- per day
(Rupay Platinum debit card)
|
|
6
|
ATM POS Limit
|
Rs 1.25 Lac
(Rupay Platinum debit card)
|
|
7
|
Ecom Limit
|
Rs 1.25 Lac
(Rupay Platinum debit card)
|
|
8
|
Personal Accident Insurance
|
Personal Accident insurance covers of Rs. 10 Lakh free of cost for primary account holder.
|
|
9
|
Number of Cash Transactions
|
Unlimited number of Cash Deposit and Withdrawal at any branch. However, TDS rules related to cash withdrawals are defined by Section 194N of the Indian Income Tax Act to be complied.
|
|
10
|
Account service (at branches) charges such as Balance Enquiry, Certificate of Balance, Interest Certificate, TDS Certificate, Address Confirmation, Photograph Verification, Signature Attestation
|
Nil
|
|
11
|
Addition/deletion in joint accounts or change in operational instructions or authorised signatories
|
Nil
|
|
12
|
Sweep in sweep out facility
(flexi Facility From SB to FD account))
|
Available,
If the balance exceeding Rs 50,000 will swept out and kept in TD
|
|
13
|
Core Deposit /Threshold Deposit
|
Rs 50,000/-
|
|
14
|
Maximum Amount of Sweep
|
Rs.1.50 Cr
|
|
15
|
Frequency of sweep out
|
Weekly once
|
|
16
|
Sweep Out amount
|
Rs 5,000/-
|
|
17
|
Minimum tenor of deposit under auto sweep
(From SB to FD account)
|
7 days
|
|
18
|
Maximum tenor of deposit under auto sweep
(From SB to FD account)
|
179 days.
|
|
19
|
Premature Penalty
|
Yes. Prevailing interest rate
|
Joining and Renewal Fees:
The Annual upfront fees is INR 1600 (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 1600 (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 our nearest IOB Branch.
Check Out: IOB Freedom Current Account