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Savings Bank Deposit Schemes U name it we have it Indian Overseas Bank provides various Savings Bank Deposit schemes

s meant for people belonging to all sections of the society. The Bank stays committed to society to inculcate savings habit among the people while allowing them to use their funds as per their convenience.

Our Savings Bank Deposit Schemes include:-

Regular Savings Bank Account

Savings Bank No Frills Account

IOB Savings Bank Gold I

IOB savings Bank Gold II

IOB Savings Bank Silver I

IOB Savings Bank Silver II IOB SB Student

Open a Savings Bank account with us and enjoy hassle free Banking. With our Core Banking solution, you have the flexibility to operate your account from any of the 2600+ Core Banking Branches all over India.

Regular Savings Bank

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Description Individuals, Joint accounts, Clubs, associations, trusts, Govt. Bodies, societies (including co-operatives), educational institutions, associations and other non-trading organizations. Minors who have completed ten years of age can apply in their names. You need to maintain a minimum balance of Rs. 100/- for non-cheque operated accounts and Rs. 500/- for cheque operated accounts in branches in rural and semi-urban areas. It is Rs.500 for non-cheque operated account and Rs.1000 for cheque operated account in other branches. For pension accounts the minimum balance is Rs. 5/- for noncheque operated accounts and Rs. 250/- for cheque operated accounts Duly Filled Application Form , Proof of identity, Address proof, Introduction, Passport size photograph. 4.00% p.a. Interest is paid on daily product basis. Not permitted



International VISA Debit Card Instant Credit of Outstation Cheque upto Rs.15,000/Internet banking facility. Multicity Cheque facility Nomination facility Standing Instruction Facility Speedy transfer of funds Anywhere Banking Insurance Products


Maintain an average quarterly balance of Rs.10,000 and above in the account and get the following facilities:-

Inland drafts / mail transfers not exceeding Rs.10,000/- per month, limited to 2 occasions in a month per depositor issued without any commission/exchange. Collection of inland outstation instruments such as cheques / drafts / dividend warrant etc not exceeding Rs.10,000/- per month irrespective of the number of instruments per depositor is done without collection charges.

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Reach us HomeAbout UsRelated LinksCareersReach UsInvestor CellAccessibility StatementSitemap Indian Overseas Bank - 2010 - 2013 Best viewed in IE 7.0 and above at 1024 x 768 resolution. Last Updated On 24 Jan 2013 BCSBIBank PoliciesRates at a GlanceRTI Act 2005Banking OmbudsmanService Charges Base RateContracts ConcludedBasel II DisclosureWhistle BlowerDNCRCitizen Charter Customer Service The minimum balance requirement and the charges presently levied by banks on S.B. accounts deter a sizeable section of population from opening /maintaining bank accounts. Our Bank has, therefore, launched a "No-frills" accounts with lower minimum balance in all our branches. Details ELIGIBILITY MINIMUM BALANCE WITHDRAWAL FROM ACCOUNT INTEREST PAYMENT AMOUNT OF TRANSACTIONS Description Individuals, including minors who have completed 10 years of age and pensioners. Joint accounts are permitted. Rs.5/Only by withdrawal slip. Cheque book will not be issued 4.00% p.a. The balance in the account should not exceed Rs.50,000 at any point of time and the total credit in the account should not


No penalty

No other value addition / concession allowed in the account. Collection of instruments and issue of DD/MT will attract normal charges. Debit Cards are not issued. All branches of the Bank

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IOB presents a unique high end SB product for professionals such as Doctors, Lawyers, CAs, Executives working in MNCs, software companies, High Networth individuals etc. We offer host of concessions under this product. All it requires is that you should maintain an average daily balance of not less than Rs.50000 over the last three months. Details ELIGIBILITY Description All individuals including professionals such as doctors, lawyers, C.A.s; Executives working in MNC, software companies, Public/private sector and business people, High Net Worth individuals, CEOs, IAS and IPS. The average daily balance over the last three months should not be less than Rs.50000.


ATM card on day one. International Debit Card without charges. Internet banking Personalized Multi city cheques issued at MICR centers free. Monthly account statements over E-mail. SMS alerts for daily transactions. Transfer of funds through RTGS without charges. Transfer of funds thro' NEFT without charges. Personalised cheque books with name printed free of cost. Personal Accident Insurance covers of Rs. Five lakhs free of cost. Anywhere Banking in CBS/TBA branches.

Preferential rate for gold coins ATM usage at any Bank free. Demat account opening charges free. Online Tax payment free of cost. Online bill payment facility. Facility for Family Health Insurance.

If the quarterly average balance is between Rs 50,000 and < Rs 100000, the balance exceeding Rs 65,000 will be swept out and kept in TD in units of Rs.2000/-. As and when the minimum balance goes down, the adequate units in TD will be closed and transferred to SB, on a last in first out basis For any further details please feel free to contact our nearest Branch Reach Us
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IOB - Savings Bank Silver I We offer this special product for individuals employed in reputed companies among Public/Private sector, Government, software companies etc. You get various concessions for an average daily balance of RS.5000 over the last three months. ELIGIBILITY MINIMUM BALANCE REQUIREMENT All individuals including those employed in reputed companies, among Software, Public /Private sector, Govt. While opening the account, the account can be opened with '0' balance. The account provides certain concessions and in order to be eligible for the concession, average daily balance in the account during the last three months should not be less than Rs.5, 000.


ATM cards on day one International Debit Card without charges. Internet banking (E see banking). Monthly account statements over E-mail.

SMS alerts for daily transactions. Online Tax payment facility. Transfer of funds through RTGS without charges. Transfer of funds thro' NEFT without charges. Personal Accident insurance covers of Rs. One lakh free of cost. Anywhere Banking in CBS/TBA branches. Utility Bill payment facility Rent/school fees/college fees/ donations/ IOB credit card bills/utility bills/ Telephone bills Overdraft facility up to one-month salary in case of salary earners. Facility for family Health Insurance IOB-healthcare Plus ATM usage at any Bank free PAN / TAN facilitation.

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CONSTITUTION: The Constitution of the Board of the Bank is governed by "The Nationalized Banks (Management and Miscellaneous Provisions) Scheme, 1970, formulated by the Central Government, after consultation with the Reserve Bank of India, in exercise of the powers conferred by section 9 of "The Banking Companies (Acquisition and Transfer of Undertakings) Ac, t 1970".

COMPOSITION: The Composition of the Board of Directors of a Bank is governed by "The Nationalised Banks (Management and Miscellaneous Provisions)Scheme 1970" read with "The Banking Companies (Acquisition and Transfer of Undertakings) and Financial Institutions Laws (Amendment) Act 2006" and amendment to thevide Extraordinary Gazette Notification dated 19.02.2007 of the Central Government.

CONTRIBUTION: In terms of The Banking Companies (Acquisition and Transfer of Undertakings Act 1970, the General Superintendence, Direction and Management of the affairs and business of the Bank vests in the Board of Directors which is entitled to exercise all such powers and do all such acts and things as the Bank is authorized to exercise and do.

STRENGTH OF THE BOARD: Presently, there are 10 Directors on the Board of the Bank. Brief Particulars of each of the directors are placed below:

Shri. M.Narendra Chairman and Managing Director

DOB : 12.07.1954 Educational Qualification : B.Com., LLB Shri M Narendra took charge as Chairman and Managing Director of Indian Overseas Bank on 1st November 2010.

Shri M Narendra joined Corporation Bank as an officer trainee in 1975 and was in the Bank till 5th November 2008. He was appointed by Government of India as Executive Director, Bank of India, on 6th November 2008 and held this position, till his present assignment at Indian Overseas Bank. Shri Narendra has traveled widely both within the country and outside. He has undergone various training programmes including workshops/seminars at BTC, IIM-Ahmedabad and Bangalore, NIBM and Australian Institute of Banking & Finance. Shri Narendra secured various Corporate Awards instituted by Corporation Bank such as Chairmans Club Membership recipient for 8 consecutive years from 1984-85 to 1990-91, SoGian Award and Regional Leadership Award.

Known for his conceptual clarity, communication skills and ability to build strong result oriented teams Shri Narendra has been one of the key members of the Teams to implement Organisational Transformation Projects in both Corporation Bank and Bank of India.

In his capacity as Executive Director of Bank of India, he was the nominee director on the Board of Indo Zambia Bank Limited, Lusaka, Zambia, a joint venture Commercial Bank between 3 Indian Public Sector Banks and Government of Zambia.

He was a member in the RBIs Technical Advisory Committee on Money, Foreign Exchange and Government Securities Markets during 2009-11.

Presently he is Chairman, ASSOCHAMs National Council for Banking & Finance Chairman, Finance Committee of Indian Banks Association (IBA) Chairman, IBAs Legal & Banking Operations Committee Chairman, IBA Standing Committee on Accounting Standards and Taxation Director on the Board of India International Bank (Malaysia) Berhad Director on the Board of Universal Sompo General Insurance Co. Ltd. Director on the Board of Madras School of Economics Honorary Fellowship of the Indian Institute of Banking & Finance Member of Governing Council of Indian Institute of Banking & Finance Member of Consultative Group of Leaders in National Institute of Bank Management (NIBM) to provide valuable insight for identifying Leadership Development needs at Senior and Top Management.

Some of the prominent awards won by him are : Best Banker Award by SME Chamber of India Outstanding Banking Leader of the Year Award, as a part of Responsible Business Awards 2012 from World Education Congress Best Indian Banker and Best Public Sector Banker Awards as part of The Sunday Standard FINWIZ 2012 Awards organized by The New Indian Express Group Visionary Award 2012 by Vision Foundation CEO with HR Orientation Award by IPE & HR Congress.


Shri A.K. Bansal Executive Director

DOB:22.05.1953 Qualifications: Post Graduate in Agriculture, CAIIB - Part I

Shri A.K. Bansal has taken charge as Executive Director of Indian Overseas Bank on 1st September 2010.

Born on 22nd May 1953, Shri A. K. Bansal is a Post Graduate in Agriculture from the renowned G B Pant Agriculture University, Pant Nagar, Nainital and recipient of ICAR Junior Research Scholarship. He joined Union Bank of India as Agricultural Field Officer at the age of 23 years in the year 1976. He was awarded Super Achiever and Star Performer status by the Bank in the year 1994 for his outstanding performance at the first Specialized SSI Branch of the bank at Ahmedabad.

Shri Bansal was also conferred with the Chairman Club Membership by the Chairman & Managing Director of the Bank as recognition of his outstanding performance in the very first year of implementation of the scheme.

While heading the largest branch of the bank i.e. Mumbai Samachar Marg Branch at Mumbai, considered to be a jewel in the crown amongst all the branches of the bank, he took the branch to new heights reaching a total business mix of Rs.15,000 crores within a period of 3 years an increase of 400% from the time of taking charge. He was also the driving force for setting up the Capital Market Cell at Mumbai and establishing the Bank's first museum at M S M branch in Mumbai.

On his promotion as General Manager on 1st January 2008, he was entrusted with one of the most challenging and coveted assignments of the Bank i.e. Field General Manager, North Zone, which not only had the unique distinction of total business of more than Rs. 50000 crores but also a vast network of 297 branches and 7 Regional Offices spread over 6 states including NCR Delhi wherein business of the Zone doubled in less than 2 years time.

With the bank's transformation to three tier structure Shri Bansal was posted as General Manager at Support Services Department, Central Office overseeing opening of new branches, maintenance division and handling the premises matters of the entire Bank.

Shri Bansal is a Committee Member in the Apex Advisory Committee Meeting of SIDBI Innovation and Incubation Centre (SIIC) in IIT Kanpur.

He is happily married with two sons who are settled in the USA.


Shri A.D.M.Chavali Executive Director

D.O.B 09.10.1954 Educational Qualification: M.Sc Mr. A.D.M.Chavali has assumed charge as Executive Director of Indian Overseas Bank on 28th December 2011. Prior to this assignment he was General Manager of Bank of Baroda.

He is a post graduate in pure mathematics. He started his career with Bank of Baroda in Chennai as a Direct Recruit Officer in the year 1977. From then on he has served the Bank in various capacities at branches including Industrial Finance Branch and Regional Offices,

located across Chennai, Mumbai,. Kolkatta, Andhra Pradesh and Gujarat. He was also the Chief Dealer in Fixed Income, Equity and Non-SLR Securities and has headed the Front Office, Treasury. He has also served as Managing Director of BOB Asset Management Co. He has headed the Corporate Financial Services branches at Ahmedabad and Mumbai.

Prior to joining Indian Overseas Bank, he as General Manager had headed the Treasury & Resource Management of Bank of Baroda. He has also served as Regional Head of Kolkata Metro Region.

He has served as Director on Boards of India, Central Depository Services Limited (CDSL), Clearing Corporation of India Ltd. (CCIL) and Central Insurance Repository Ltd. (CIRL) and as a Trustee Director of Baroda Pioneer Asset Management Company Ltd.

He was a member in RBI Committee for implementing Negotiated Dealings System and FIMMDA Valuation Committee. Also, he was a member of the Committee on Credit and Operational Risks Data Exchange (CORDEX) set up by IBA.

He has a rich experience in Corporate Finance Banking for over three decades particularly in the areas of Treasury operations, Risk Management, Asset Management, Investments and Industrial Finance.

Mr.Chavali is endowed with qualities of good leadership and bestowed with keen observation constantly looking for merit in all walks of life, be it official or personal. His hallmark is simplicity, calmness and unassuming nature.


Dr. Government DOB Qualifications Nominated by Nominee : Allahabad, and


Pande Director 22.10.1971 Bangalore orders


Ph. will

D(Finance)., continue until




Dr Alok Pande,is presently the Director, Department of Financial Services, Ministry of Finance, New Delhi. <><><><><><><><><>

RBI DOB Qualifications Nominated by GOI

Nominee : : on: B.Sc., 30.07.2010 and M.B.M., will continue

Shri.S.V.Raghavan Director 19.11.1953 M.A orders.

CAIIB, until


Shri.S.V.Raghavan joined RBI in 1982 and has worked in the Department of Banking Supervision, Department of Non-Banking Supervision, Banking Department and Issue Department at various Regional Offices of RBI and in the Department of Currency Management and Department of Banking Supervision at RBI's Central Office in Mumbai. Previously, he was chief General Manager in-Charge of Department of Government and Bank Accounts at RBI's Central Office in Mumbai. Currently, he is the Chief General Manager of Central Accounts Section (CAS), Reserve Bank of India, Nagpur.


Shri. Workmen DOB: Qualification: Appointed

Sridhar employee


Lakhotia Director 11.10.1953 Com. 09.08.2010

B by GOI on :

Term ends on : 08.08.2013 or until he ceases to be a workmenemployee of the Indian Overseas Bank or until further orders whichever is the earliest. Shri. Sridhar Lal Lakhotia, joined the Bank on 22.07.1975 and is having more than 35 years of banking experience in IOB. He is presently a Special Cadre Assistant attached to KolkataChowringhee


Shri Officer DOB: Qualification: Nominated

K. Employee


Kumar Director 30.08.1955 CAIIB :26.03.2010

B by

Com., GOI


Term ends on:25.03.2013 or until he ceases to be an officer of IOBor until further orders, whichever is earliest. Shri.K.Ananda Kumar joined the Bank on 14.12.1981 and is having 29 yearsof experience in Indian Overseas Bank.He is presently Senior Manager ofthe Bank.


Shri Part-Time Non-Official Director D.O.B : 22.10.1958 Qualifications : F.C. A. Nominated by GOI on : 01.11.2011




Term ends on: 31.10.2014 or until further orders, whichever is earlier

Shri.Niranjan Kumar Agarwal, FCA is a Practicing Chartered Accountant since 1983 having experience of more than 28 years. He is a Proprietor of M/s.Niranjan Kumar & Co., Chartered Accountants, Kolkata. He has experience in handling Audits of Large Corporates, Company Law Matters and Income Tax.

He is acting as Advisor to many Corporates on company law matters, financial restructuring, resource raising, corporate governance etc.

He is on Executive Board of Merchant Chambers of Commerce, Kolkata and Marwari Relief Society. He is also Member of Direct Tax Professional Association, VIP Chartered Accountants Association, Kolkata, Association of Corporate Advisor & Executives, Kolkata, All India Marwari Sammelan.


Shri.Ajit Vasant Sardesai Share holder Director

DOB : 04.09.1945 Qualification : M.Sc (Physics) Dip in IIT New Delhi Deemed to be elected as Shareholder Director other than GOI with effect from 08.12.2011 Term ends on: 07.12.2014

Shri Ajit Vasant Sardesai has worked in the Reserve Bank of India for over 3 decades. He was the Chief General Manager and later Executive Director in charge of Rural Credit and Planning Department, RBI. He has also served as RBI Nominee Director on the Boards of large Public Sector Banks.

He was also on the Governing Council of NIBM, Institute of Banking Personnel Selection, Institute for Development Research in Banking Technology and Bankers Training College and College of Agricultural Banking, a premier training college of RBI.

He retired from RBI in September 2005. After retirement, he continued to be associated with the Vaidyanathan Committee and was a member of the Advisory Committee on Frauds in Banks and Financial Sector constituted by the GOI/CVC.


Shri.S.Sadagopan Share holder Director

DOB : 02.04.1951 Qualification : B.E ( Mechanical), Ph.D in IT from Purdue University Deemed to be elected as Shareholder Director other than GOI with effect from 08.12.2011 Term ends on: 07.12.2014

Professor. S Sadagopan obtained his Ph.D in IT from Purdue University. He taught for more than 20 years at IIT Kanpur and IIM Bangalore. He is working as Founder Director since June 1999 in IIIT, Bangalore. Within five years, IIIT Bangalore was the first public-private partnership institute to get the deemed university status. It is one of the best academic campus in the county and was personally conceptualized by Dr. S Sadagopan.

Professor Sadagopan has played a leading role in major IT deployment in the country and this includes SAP implementation at ONGC, IOC, NTPC and BHEL, IT advisor to Syndicate Bank, Canara Bank and Indus Ind Bank. In addition to several private sector corporations, he was very much involved with the Core Banking Solution that was rolled out in Bank of India.