Savings Bank Account Savings Bank Accounts are meant to promote the habit of saving among the citizens

while allowing them to use their funds when required. In other words Savings Bank account is a form of demand deposit account, opened mainly for the purpose of saving and not for any business purpose, subject to restrictions on the number of withdrawals during any specified period. Number of withdrawals in a savings bank account permitted is fifty per half year in a financial year. For accounts opened in the middle of the half year permissible withdrawals will be calculated prorata. If the numbers of withdrawals exceed the permitted limit, a service charge as advised from time to time will be levied. The main advantage of Savings Bank Account is its high liquidity and safety. On top of that Savings Bank Account earns moderate interest too. The rate of interest is decided and periodically reviewed by the Government of India. Presently, the rate of interest is 3.5% compounded half yearly . Purpose These accounts are opened for personal saving purpose. In this account the interest is provided 2 times in a year once in an end of February and secondly in the end of August. OPENING OF ACCOUNTS SAVINGS BANK ACCOUNTS MAY BE OPENED IN THE NAMES OF • an individual • on behalf of the minors by their guardians • Savings Bank Accounts can also be opened and operated by the minors provided they have completed ten years of age. • it can also be opened by e or s it means in this the account is being opened by two names . In this case either of the person can come and

withdraw the money by its individual signature it is not compulsory to have both the signature. • in joint names of the depositors. In this the account is opened by two names and the amt can only be withdrawn with the signature of both the persons. The amount cannot be withdrawn with single signature both the signature are required.

Accounts by Hindu Undivided Families (HUF) not engaged in any trading or business activity can be opened in the name of the Karta of the HUF.

Branches shall not open Savings Bank account in the name of the following: • Any trading or business concern, whether such concern is proprietorship, • Partnership, company or association. • Government departments/bodies depending upon budgetary allocations for • Performance of their functions. • Municipal Corporations/Committees • Panchayat Samities • State Text Book publishing corporations / societies • Metropolitan Development Authorities • State / District level housing Co-operative Societies. • Other banks including Regional Rural Banks, Co-operative Banks and land • Development Banks. Introduction of Accounts Bank provides us an opening application form which includes KYC (know your customer) and specimen form, where the applicant for a SB Account submits sufficient proof of identity and address as prescribed in KYC-AML Policy of our bank and the branch is with the bonafides of the applicant and as a respectable person, with such proof of identity and address, branch may open the account without insisting on an introduction by an existing account holder. However a Letter of Thanks to the depositor should be sent as

envisaged in the master circular on “General Instructions on Deposit Constituents’ Accounts”. Branch should be in a position to classify such account holders under “Low risk-RIP I under KYC Norms / AML Standards.” With the exception of the above, and “No frills Accounts” all other Accounts should be introduced as guided in the master circular on “General Instructions on Deposit Constituents’ Accounts”. Things to Consider While Opening a Savings Account

It is advisable to seek the following information from bank before opening the account:
• •

Minimum balance requirements. Penal provisions in case the balance falls below the minimum

stipulated amount

Penalty in case of return of cheques issued or instruments sent on

collection.

Collection facilities etc. offered and charges applicable. • Details of charges, if any for issue of cheque books and limits fixed on number of withdrawals, cash drawings, etc.

The minimum amount for opening a saving account is Rs 1000/-.

Document Required For Opening a Savings Account

Two passport size photographs (if more than one person is opening

account then each person will have to give two passport size photographs).

Proof of residence i.e. Passport/driving license/Gas / Telephone /

Electricity Bill/ Ration card/voters identity card

Withdrawal slips have been printed with the following clause “pass book must accompany this order form”. The concerned member of staff (passing supervising staff) will be personally liable for any loss that may be incurred on account of their negligence in not insisting upon the pass book. (Introducer is a person who is already having an account in that particular branch or in any other branch of the same bank for the last 6 months or 1 year. PAYMENT OF WITHDRAWAL FORMS Withdrawals are permitted either by cheques issued to the customers or by withdrawal forms provided by the bank. Withdrawal slips. should not be paid unless accompanied by passbook. as a general rule. Where withdrawal slips are presented without production of the pass book.60 or 61 as per the Income Tax Act 1961. Insistence of pass book while withdrawal slips are presented over the counter for payment will serve as a definite check against funds being withdrawn by unauthorized persons.• Name proof – for students or minor (school or college i-card ) At least 2 proofs are required for both address and name • An introduction of the person from an existing account holder.) • PAN number / Declaration in form no. the Manager/Senior Manager/Deputy Manager or the supervising official in charge of the department may authorize the payment provided they are thoroughly satisfied that such withdrawal . If the withdrawal is been done through withdrawal slip pass book must accompany that order.

the same will be transferred to the unclaimed balances account UNDESIRABLE ACCOUNTS In case where operations in the SB or current deposit is not conducted satisfactorily. incidental charges will be levied as per rules in force. If this limit is exceeded. If the account remains inoperative totally for a period of 5 years. Number of withdrawals permitted is 50 per half year. Applicable service charges will be charged to the account.slips are presented by the account holder himself or some one whose identity is well known to them. Payment out of Savings Bank account to third parties through withdrawal slips may be allowed up to a maximum amount of Rupees One thousand only per instrument. will be sent to the depositor before transfer to the inoperative account. bank may decide to close the account and pay the balance after giving due notice Advantages & Disadvantages of a Savings Account You may have been tucking money into a savings account at your local bank or credit union for your entire life without stopping to think about the advantages or disadvantages of such an account. LOSS OF CHEQUE LEAF / BOOK: Loss of cheque leaf or cheque book should be informed to the branch immediately giving the full particulars of cheques(s) issued. All these rules and regulations are subject to revision as per the guidelines issued by Reserve Bank of India. Government of India and Indian Bank’s Association from time to time. When it comes to money. INOPERATIVE ACCOUNT Savings and Current account in which there has been no operation for the past 2 years or more will be transferred to inoperative account. A notice. it . however.

for non-cheque operated accounts and Rs. societies (including cooperatives).for non-cheque operated accounts and Rs. It is Rs. Clubs. For pension accounts the minimum balance is Rs. Bodies.is vital to be aware of your choices and to understand any type of account you use. . Govt. Joint accounts. 5/. The Bank stays committed to society to inculcate savings habit among the people while allowing them to use their funds as per their convenience. trusts. associations and other non-trading organizations. associations. 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 Regular Savings Bank ELIGIBILITY Individuals. 100/. Minors who have completed ten years of age can apply in their names. Indian Overseas Bank provides various Savings Bank Deposit schemes meant for people belonging to all sections of the society.500 for noncheque operated account and Rs.1000 for cheque operated account in other branches.for cheque operated accounts in branches in rural and semi-urban areas. MINIMUM BALANCE You need to maintain a minimum balance of Rs. educational institutions. 500/.

10.000 and above in the account and get the following facilities:• Inland drafts / mail transfers not exceeding Rs. Multicity Cheque facility Nomination facility Standing Instruction Facility Speedy transfer of funds Anywhere Banking Insurance Products • • • • • • • VALUE ADDITIONS Maintain an average quarterly balance of Rs.250/. limited to 2 occasions in a month per depositor issued .50% p. Address proof.15. 3. Passport size photograph. Proof of identity. between the 10th and last day of the month Not permitted • • International VISA Debit Card Instant Credit of Outstation Cheque upto Rs.for cheque operated accounts REQUIREMENTS FOR OPENING ACCOUNT INTEREST RATE INTEREST PAYMENT LOAN AGAINST DEPOSIT BENEFITS Application.a.000/.10.per month. every January and July on the minimum balance in the account. Introduction. Interest is payable half-yearly.000/Internet banking facility.

Cheque book will not be issued 3. Rs.B. • Collection of inland outstation instruments such as cheques / drafts / dividend warrant etc not exceeding Rs. including minors who have completed 10 years of age and pensioners. The balance in the account should not exceed Rs.00. Joint accounts are permitted. launched a "No-frills" accounts with lower minimum balance in all our branches ELIGIBILITY Individuals.50% p. NO FRILLS SAVINGS BANK ACCOUNT The minimum balance requirement and the charges presently levied by banks on S.10. Our Bank has.000 at any point of time and the total credit in the account should not exceed Rs. therefore. OF TRANSACTIONS PENALTY FOR .50. 25 transactions per half-year No penalty MINIMUM BALANCE WITHDRAWAL FROM ACCOUNT INTEREST PAYMENT AMOUNT OF TRANSACTIONS NO.000/.without any commission/exchange.1.in a year.000/.per month irrespective of the number of instruments per depositor is done without collection charges.5/Only by withdrawal slip. accounts deter a sizeable section of population from opening /maintaining bank accounts.a.

software companies. IOB .EXCEEDING THE NUMBER OF TRANSACTION VALUE ADDITIONS / CONCESSIONS No other value addition / concession allowed in the account.s. High Net Worth individuals. MINIMUM BALANCE REQUIREMENT .50000 over the last three months. BRANCHES WHERE ACCOUNT CAN BE All branches of the Bank OPENED • Rural savers can be exclusively targeted – small farmers.A. High Networth individuals etc. Collection of instruments and issue of DD/MT will attract normal charges.50000. We offer host of concessions under this product. artisans etc • School children at rural / semi urban schools can be targeted – this can be projected as an effortby the bank to inculcate the habit of saving among children! The branch manager can talk to school authorities and arrange for giving a presentation on why th habit of saving/thrift has to be inculcated at a very young age. Public/private sector and business people. Executives working in MNC. CAs. Debit Cards are not issued. CEOs. ELIGIBILITY All individuals including professionals such as doctors. All it requires is that you should maintain an average daily balance of not less than Rs. software companies. The average daily balance over the last three months should not be less than Rs. lawyers. C. Executives working in MNCs. IAS and IPS. Lawyers.Savings Bank Gold I IOB presents a unique high end SB product for professionals such as Doctors.

Apart from other value additions mentioned above. five lakhs free of cost. As and when the minimum balance goes down. Personalized Multi city cheques issued at MICR centers free. on a last in –first out basis . the adequate units in TD will be closed and transferred to SB. Facility for Family Health Insurance.SPECIAL FEATURES / CONCESSIONS • • • • • • • • • • • • • • • • • • ATM cards on day one. Transfer of funds thro' NEFT without charges. liquideposit facility offers customers a unique benefit! If the quarterly average balance is between Rs 50. SMS alerts for daily transactions. Personal Accident insurance covers of Rs. Anywhere Banking in CBS/TBA branches. PAN/TAN facilitation. International Debit Card without charges.000 and < Rs 100000. Online bill payment facility. Online Tax payment free of cost. Internet banking (E see banking). Transfer of funds through RTGS without charges.000 will be swept out and kept in TD in units of Rs. the balance exceeding Rs 65.2000/-. Demat account opening charges free. Monthly account statements over E-mail. Preferential rate for gold coins ATM usage at any Bank free. Personalised cheque books with name printed free of cost.

International Debit Card without charges. Transfer of funds thro' NEFT without charges. lawyers. five lakhs free of cost. .IOB . software companies. All it requires is that you should maintain an average daily balance of not less than Rs. High Net Worth individuals. Personalized Multi city cheques issued at MICR centers free. Personal Accident insurance covers of Rs. Executives working in MNC. Executives working in MNCs. • • • • • • • • • • MINIMUM BALANCE REQUIREMENT SPECIAL FEATURES / CONCESSIONS ATM cards on day one. Transfer of funds through RTGS without charges. High Networth individuals etc.50000 over the last three months. Monthly account statements over E-mail.s. Lawyers. Public/private sector and business people. The average daily balance over the last three months should not be less than Rs. software companies.Savings Bank Gold II IOB presents a unique high end SB product for professionals such as Doctors. CEOs. Personalised cheque books with name printed free of cost.50000.A. SMS alerts for daily transactions. Internet banking (E see banking). IAS and IPS. C. ELIGIBILITY All individuals including professionals such as doctors. We offer host of concessions under this product. CAs.

000.5. Govt. Public /Private sector. the account can be opened with '0' balance. the balance exceeding Rs1. PAN/TAN facilitation. MINIMUM BALANCE REQUIREMENT .25. the adequate units in TD will be closed and transferred to SB. You get various concessions for an average daily balance of RS.• • • • • • • • • • Anywhere Banking in CBS/TBA branches. Facility for Family Health Insurance. average daily balance in the account during the last three months should not be less than Rs. among Software. Online equity trading facility. The account provides certain concessions and in order to be eligible for the concession. As and when the minimum balance goes down.000 will be swept out and kept in TD in units of Rs. Online bill payment facility. Preferential rate for gold coins ATM usage at any Bank free.Savings Bank Silver I We offer this special product for individuals employed in reputed companies among Public/Private sector.000 and above. Government. While opening the account.00. Demat account opening charges free. Overseas Travel card free of charge If the quarterly average balance is between Rs 1. ELIGIBILITY All individuals including those employed in reputed companies. software companies etc.5000 over the last three months. on a last in –first out basis IOB . Online Tax payment free of cost.2000/-.

software companies etc. You get various concessions for an average daily balance of RS. Internet banking (E see banking). • • • • • • • • IOB . Online Tax payment facility.Savings Bank Silver II We offer this special product for individuals employed in reputed companies among Public/Private sector.5000 over the last three months. SMS alerts for daily transactions. Transfer of funds thro' NEFT without charges. Monthly account statements over E-mail. One lakh free of cost. Anywhere Banking in CBS/TBA branches.SPECIAL FEATURES / CONCESSIONS • • • • • • • ATM cards on day one International Debit Card without charges. . Facility for family Health Insurance – IOBhealthcare Plus ATM usage at any Bank free PAN / TAN facilitation. 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. Personal Accident insurance covers of Rs. Transfer of funds through RTGS without charges. Government.

One lakh free of cost. 000.5. SMS alerts for daily transactions. Internet banking (E see banking). Public /Private sector. Facility for family Health Insurance – IOB- • • • • • • . Personal Accident insurance covers of Rs. 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. average daily balance in the account during the last three months should not be less than Rs. Govt. among Software. Anywhere Banking in CBS/TBA branches. • • • • • • • MINIMUM BALANCE REQUIREMENT SPECIAL FEATURES / CONCESSIONS ATM cards on day one International Debit Card without charges.ELIGIBILITY All individuals including those employed in reputed companies. the account can be opened with '0' balance. While opening the account. Online Tax payment facility. Transfer of funds through RTGS without charges. Transfer of funds thro' NEFT without charges. Monthly account statements over E-mail. The account provides certain concessions and in order to be eligible for the concession.

adequate number of units will be closed and transferred to SB on a last in – first out basis. In a Current Account. firms. It enables account holders to make or receive an unlimited number of payments as frequently as they . Current Accounts are cheque operated accounts meant neither for the purpose of earning interest nor for the purpose of savings but only for convenience of business hence they are non-interest bearing accounts. When the balance goes down below the minimum requirement. Current Account Current Account is primarily meant for businessmen.will be swept out in units of Rs. A current account is a financial account with a bank or a financial institution. Current Account is one of the most basic and flexible deposit options for all the business needs. public enterprises etc. companies. no limits are fixed by banks on the number of transactions permitted in the Account. that have numerous daily banking transactions and who need banking facility more frequently. as long as he has funds to his credit.healthcare Plus • ATM usage at any Bank free Facility for automatic transfer of balance in SB to Term Deposit – If the quarterly average balance is Rs.25000/. He can also withdraw any amount as many times as he wants. Unlike savings bank account.35000/. a customer can deposit any amount of money any number of times. where in the balance exceeding Rs.2000/-and kept in TD.. this facility is offered.and above. Generally. a higher minimum balance as compared to Savings Account is required to be maintained in Current account.

banks usually levy certain service charges for operating a Current account. current accounts are considered as an essential tool for businessmen. For business accounts. As per RBI directive banks are not allowed to pay any interest on the balances maintained in Current accounts. Unlimited depositing and withdrawing facility Nomination facility is available under this current account. Most of the procedures are same as opening a saving account. constitution together with a list of current office bearers to be submitted. Thus. Opening current account for a society. Advantages: • • • • • Overdraft facility is available Speedy fund transactions can be done by this account. Copy of the Memorandum of Association and Article of Association duly certified to be submitted for opening a current account for company or a firm. The applicant has to visit the bank himself for opening a new account. well known to the bank should introduce the applicant at the time of opening the account. However. Because of the large number of transactions in the account and volatile nature of balances maintained. How to open? Current Account can be opened in the name of an individual or in joint names of the depositors by filling up the appropriate forms. Current Account can be opened by: . in case of death of the account holder his legal heirs are paid interest at the rates applicable to Savings bank deposit from the date of death till the date of settlement.wish. copy of the Business Registration to be submitted by the account holder. An existing account holder or a respectable citizen. Third party cheque will be collected by the depositor if they are endorsed.

Current accounts provide the facility to make direct payments for bills. societies. Documents Required for Opening a Current Account Different set of documents are required as per bank's norms if the account is opened by partnership firms. The party that has to withdraw the payment can do so by informing the account holder. Partnership concerns. Passport/driving license/Gas / Telephone / Electricity Bill/ Ration card/voters identity card • An introduction of the person from an existing account holder. Trusts. HUFs / specified associates. There are two ways in which a current account holder can do this: Standing Order: If one instructs the bank in which s/he holds a current account to make a monthly payment of a fixed amount to a particular person. private and public limited companies. trusts etc.60 or 61 as per the Income Tax Act 1961 • How Current Accounts Work Employers often transfer wages directly into the current account. it is known as a direct debit. it is known as a standing order. Sole proprietorship concerns.e. Hindu Undivided Family (HUF). Limited Companies. • PAN number / Declaration in form no. and semi Govt. Following documents are required in case of individuals Two passport size photographs • Proof of residence i. Account holders can also change the amount by intimating the financial institution or bank. Others . Societies. Two or more individuals in their joint names.• • • • • • • • • An individual who has attained majority. Clubs.Govt. Direct Debit: When customers instruct their banks to pay an amount (that is not fixed) to a particular person. bodies. . local authorities etc. rent and mortgage. Executors and Administrators.

companies. Online management of money. Societies. Current Deposit Schemes Current Deposit Schemes are cheques operated accounts primarily meant for businessmen. clubs. Checkbook facility for non-cash payments. we offer the following Current account schemes:Regular Current Account IOB CD – Classic We offer IOB-CD Classic a special status account for medium sized companies and proprietary /partnership firms. Trusts. public enterprises etc. Limited companies. societies etc. that have numerous daily banking transactions. In Indian Overseas Bank. Management of usual payments like wages and expenses. Departments subject to RBI directives The average daily balance in the current account during last three months should not be less than Rs. You avail the features specially designed for you and enjoy the various concessions loaded in the product. No need to carry cash in bulk.Benefits of Current Account Holding a current account has the following advantages: • • • • • • • • • • Interest earnings on balance. clubs. Govt. corporations. Association. ELIGIBILITY Proprietary concern. Electronic payment.1 lac. No need to exchange money while one is abroad. Local Bodies. HUF. firms. Faster and trouble-free access to cash. MINIMUM BALANCE REQUIREMENT . Partnership firm. Provision of statement under money management facility. SMEs. Overdraft facility.

• • • • • • • • • • • • IOB-CD Super. Personal Accident insurance covers of Rs.00 lakh over the last 3 months and avail the concessions. Anywhere Banking in CBS branches. Utility Bills payment facility. Issue of Demand drafts @ 50% concession. Partnership firm. Named printed cheque books free of cost upto 100 leaves. PAN and TAN facilitation facility. HUF. Transfer of funds thro' NEFT free. Transfer of funds thro' RTGS @ 25% concession. Customised Multi city cheques issued at MICR centres at 50% concession. Folio Charges @ 50% concession. Really super. Waiver of Dmat account opening charges. Outstation cheque collection charges @ 25% concession. One Lakh free of cost. International Debit Card without charges to all employees and owners. You maintain an average daily balance of Rs.SPECIAL FEATURES / CONCESSIONS • • • • Internet banking (E see banking). Online Tax payment facility.5. ELIGIBILITY Proprietary concern. Online equity trading facility. . a current account just loaded with lot of benefits.

Anywhere Banking in CBS branches. Utility Bills payment facility. Customised Multi city cheques issued at MICR centres free. clubs. Name printed cheque books free of cost. Online equity trading facility. Waiver of Dmat account opening charges. Association. Folio charges free. Outstation cheque collection charges @ 50% concession. Trusts. • • • • Internet banking (E see banking). Online Tax payment facility. Societies.Limited companies. SMEs. Local Bodies. Issue of Demand drafts @ 50% concession. Departments subject to RBI directives MINIMUM BALANCE REQUIREMENT SPECIAL FEATURES / CONCESSIONS The average daily balance in the account over the last three months should not be less than Rs. Five lakhs free of cost.5 lac. Transfer of funds thro' NEFT free. International Debit Card without charges to all employees and owners.. Personal Accident insurance covers of Rs. Govt. Transfer of funds thro' RTGS @ 50% concession. corporations. • • • • • • • • • • • .

Branches may open A/c s of minors for a period over 10 years.• PAN and TAN facilitation facility. Term Deposit Money deposited for specific periods come under the category of Term Deposits/time deposits. Special Fixed Deposit(quarterly). Further. Cash certificates). if they are convinced that it is necessary to do so for the protection of minor’s interest. Term deposits can be made for periods ranging from 7 days to one hundred and twenty months. In case of deposits in the name of minors the deposits can be more than 120 months provided the bank is convinced that it is necessary to do so for the protection of minor’s interest. Earn and Save for You (EASY) Deposit scheme) . Where a certain agreed sum of money is deposited every Month for an agreed number of months and the entire money so deposited matures on an agreed future date (Recurring Deposits. TYPES OF TERM DEPOSITS Presently following types of deposits are available with the bank Where a fixed sum of money is deposited in one lumpsum for an agreed period to mature on a fixed future date. deposits placed under court order may be accepted for the period fixed by the court even beyond 120 months. Fixed Deposit. Special Fixed deposit (monthly). The Depositor invests the money with the bank for a specific period to mature on a specific future date as required by the depositor. Deposit from 6 months and over are classified under FD and the rest are classified under short term deposit The stipulation that term deposit can be accepted for a maximum period of 120 months does not apply to minors deposits..(Short Deposit. In such a case.Reinvestment Deposit Plan. Permanent Income Plan/ Cumulative Benefit Deposit Scheme. branches should ensure that the minor does not attain majority before the due date of the deposit. Wedding Deposits. Education Deposit.

Partnership firms and Limited Companies j. Local Bodies and statutory authorities. educational institution and other such bodies h. Central/State Government Departments/ Corporations/ Organisations. The “former” only during his life time and after him. a club. a natural guardian on behalf of a minor d. society. When the following declaration as appearing in the application form is signed only it would be feasible to allow premature closure or to grant an advance to the survivor(s). a person in name of any minor of whom he/she is the guardian appointed by a competent court f. Trustees/Executors/Administrators/Courts i. Members of Staff /Ex-staff of Indian Overseas Bank Nominations: Branches should ensure that nomination is obtained for all deposit a/cs at the time of opening of a/cs SIGNIFICANCE OF VARIOUS MANDATES IN INDIVIDUAL ACCOUNTS The Either or Survivor. either or any one or more of them or to the survivor(s) c.ELIGIBILITY Term deposit accounts can be opened by. a minor aged ten years or above in his/her single name to be operated upon by himself/herself g. survivor(s) (in the case of “former or survivor” instructions) or Either any one of us or survivor(s) of us (in the case of E or S or Survivor instructions) or All deposits jointly when they are alive or survivor(s) (in the case of instructions to pay the balance to “both or survivor (S)/all or survivor) in its sole discretion and subject to such terms and conditions as it may stipulate grant loan/advance/credit facility against the security of the deposit or make premature payment of the proceeds to the applicant “ Any variation . a natural guardian in the joint names of himself/herself and the minor. Quasi Government Bodies etc. both or all of them or to the survivor(S) ii. a.. “ The bank may on receipt of a written application form All the depositors jointly (in the case of instructions to pay the balance “jointly”). a person in his/her own name b. Proprietary concerns. two or more persons in their joint names payable to: i. association. Any one or Survivor mandate will take effect only on the due date when the deposit becomes payable. payable to either or survivor e. k.

if the minor attains majority on or before the due date of the deposit. Any permanent member of our bank’s staff. New accounts not having an account already with the bank should be properly introduced to the satisfaction of the bank. bank may not insist on introduction. Where the account is opened by the guardian on behalf of the minor the deposit is payable to the natural guardian on the due date. no advance will be allowed against the security the deposit. Ascertain from the bank as to who can be a guardian and to open the account accordingly and to know further details for premature closure. irrespective of whether guardianship certificate is obtained or not. TO OPEN AN ACCOUNT . When accounts are opened in the sole name of the minors aged 10 years and above. However when a guardian has been appointed by a court. ACCOUNTS OF MINORS A minor is a person below the age of 18 years. the amount will be payable only to the erstwhile minor and not to the guardian. the minor attains majority at the age of 21 years. when a reference to the existing account is given in the account opening form. Such persons should call on the bank to know more details and for the precautions to be taken by them for operations. taking a loan against such deposit and repayment of such deposits. In the case of accounts opened by a natural guardian in the joint names of himself and the minor with “E or S” mandate the amount will be payable to the erstwhile minor or the natural guardian on the due date. Introduction to open an account may be typically from any one of the following An existing account holder who has been maintaining a satisfactorily conducted account for a period of at least six months A respectable member of the public with acceptable bonafides and well known to the bank. However. INTRODUCTION In case of an existing account holder of a Savings/Current/Term deposit account of the bank. Another bank Bank will open the account after verifying with the introducer.or revocation of the mandate must be made only under the joint signatures of all the depositors ACCOUNTS OF ILLITERATES OR BLIND PERSONS Accounts may be opened for blind persons or for illiterate persons using thumb impression. no premature payment of the deposit will be allowed.

The requirement of photographs is waived in case of Banks. The nomination can be changed any time by submitting the prescribed form to the bank. A true copy of the certificate of incorporation b. LIMITED COMPANIES a. every party to the account is required to give two copies of latest passport size photographs and the specimen signature clearly mentioning the authority. A copy of the Memorandum and Articles of Association made up to date. If partners have not written down a partnership deed they can open an account with the bank furnishing a declaration to that effect to the bank. . Ten Thousand only. For customers who do not have already a relationship with our bank. Along with the applications. for record. The application form should be duly filled in and signed as per the requirements mentioned therein. PARTNERSHIP ACCOUNT A copy of the partnership deed attested by all the partners. All the Partners / Directors/ Trustees must sign the application form and the specimen signature sheet. All letters to the bank must be signed strictly in accordance with such specimen and as per authority furnished to the bank. Nomination in two or more names/proportionate nomination is not allowed.Persons desiring to open a Term deposit Account must attend the Bank. only in case of new customers to the bank every party to the account is required to furnish a CROP(Customer's Record of Profile) form duly filled in and signed to comply with Know Your Customers’ norms as prescribed by RBI. This form would be updated every year by the customer. A true copy of the Certificate of commencement of business c. HINDU UNDIVIDED FAMILIES (HUF) A letter in bank’s standard format signed by the Karta and all the major Coparceners of the HUF. Bank will normally accept the following documents for identification and Address proof. Accounts opened by Individuals and Proprietary firms with the Bank would carry a nomination and the depositor(s)shall at the time of opening the account nominate an individual (not being a minor) of his/her/their choice and submit the application along with the nomination form annexed to the account opening form) duly filled in and signed. Local Bodies and Government Departments and Term Deposits for an amount up to and inclusive of Rs. The signature(s) must be legible and well formed. they will be furnished with a copy of these rules and a form of an application to open an account.

b & c should be attested by a Director or Secretary of the company. Certified true copy of Certificate of Registration or incorporation in the case of registered bodies (originals will be verified and returned) iii. accept. The resolution should clearly state the name of the bank. . Regulations. Bye-laws (as the case may be) ii. a specimen copy of the resolution is available in the bank’s account opening form. powers to draw. if available. endorse etc. iv. TRUST Certified copy of the trust deed Where a trust is a charitable trust. Original should also be submitted for perusal and return) LIQUIDATORS A Liquidator should produce documents to evidence his appointment as Liquidator so as to ensure that he has the powers to carry on the business in the course of Liquidation. ASSOCIATIONS. certified copy of the resolution and in the compulsory winding up the Court Order should be produced. (a. EDUCATIONAL INSTITUTIONS i. at which it was passed) authorizing opening of an account with the Bank and giving the list of office bearers authorised to operate the account in accordance with the rules and bye-laws of the body. A certified true copy of the Resolution (certified by the Chairman of the meeting of the Governing Board or Managing committee or like body. A copy of the balance sheet in the case of a co-operative society. A copy of the Board Resolution passed at a meeting of the Board of Directors (not by circulation)duly certified by the Secretary of the Company for opening the account and conduct of operations thereon. List of present trustees with bio data of each trustee CLUBS. SOCIETIES(INCLUDING CO-OPERATIVES). a certified copy of the certificate from the charity commissioner Where there is no trust deed. In the case of voluntary winding up. persons authorized to open and operate the account and carry on such other transactions as dealing with securities.. Certified true copy of the Rules. a certified copy of the order from a competent court Certified copy of the resolution regarding opening and conduct of the account.d.

amount payable on maturity. if any. the amount deposited. GOVERNMENT/SEMI. he/she will affix two signatures in the deposit receipt. Instructions to pay the amount of the deposit to a third party or another bank must be conveyed by a separate letter by the depositor(s) along with the discharged deposit receipt/passbook. “A or S” will be marked in the deposit receipt. as the Bank will not be held responsible for any loss for incorrect payment attributable to the neglect of this rule. notification/order authorising the concerned official to open and operate bank account. framed by the Department/Local body regarding the powers of such executive officers in the matter of opening and operating such accounts. A certified copy of the rules and regulations. the period of deposit. The depositor shall immediately inform the branch in case of loss of deposit receipt. On a deposit receipt being received by the depositor. Where only one officer is available in a branch. the Co-operatives to open account with a bank other than a co-operative bank need permission from the Registrar of Co-operative societies. ISSUE OF DEPOSIT RECEIPTS / PASSBOOKS Deposit receipts will be issued only on the Bank’s specially engraved forms under the signatures of two authorized officials of the bank. .GOVERNMENT DEPARTMENTS A copy of the letter of authority by the Head of the Department permitting the Executive/official of the institution/department to open an account A copy of the Govt. An endorsement transferring the amount to another party is not admissible. Any change in the constitution.the bank will issue passbooks which should be got updated with the bank after every remittance/withdrawal.v. In some states. In the case of Recurring deposits/Wedding Deposits/Education deposits/Permanent income Plan/Cumulative Benefit Deposit scheme/Multiple Deposit account/Multiple Investment scheme. Depositor/s shall keep their deposit receipts in place of safety. The fact of having registered a nomination will also be entered in the deposit receipt. The deposit receipt will show Depositor(s)name(s) and address. deposit account number and the interest rate. the entries should be carefully examined and any error or omission should be immediately brought to the notice of the Bank. due date . A plain discharge must therefore be given by the depositor(s) at the time of renewal/closure/borrowing against the same. Terms of payment such as “E or S”. In such cases a copy of such permission is to be furnished.The deposit receipt/the passbook is not transferable.

atleast one of the original depositors should continue in the account) d. Depositors can apply for a duplicate deposit receipt in writing in case the original is lost or stolen and when the deposit account is not under lien to the bank and the receipt is not held with the bank as security for any purpose or held in safe custody. addition is permitted at the written request of the sole depositor b. Any one or Survivor). The interest so payable would be on the maturity value in the case of Reinvestment Deposit Plan and . interest at the originally contracted rate shall be paid only for the intervening holiday/non-business working day irrespective of whether the depositor seeks repayment on the succeeding working day or later on. If in the name of a single depositor .. The Bank reserves at all times its right to rectify or correct the entries wrongly made or found to be fictitious without being supported by tangible evidence. (In b & c noted above. Service charge as decided by the bank from time to time will be levied for issuing a duplicate deposit receipt ADDITION/DELETION OF NAMES IN TERM DEPOSITS Addition/Deletion in the deposit accounts of individuals is permitted as follows: a. addition/deletion in the deposit account would be permitted at the written request of all the depositors. No entries shall be made in the deposit receipt by the Depositor or any third person. No addition or deletion of name(s)is permitted in the case of accounts in the names of minors. c.address etc. If the request for addition/deletion of a name is received from the survivor(s). the legal heirs of the deceased depositor(s) and the survivor(s) should give the consent letter.after the demise of one or more of the joint depositors. If the deposit is already in the joint names of two or more persons (including E or S . DEPOSITS MATURING ON A HOLIDAY If the date of maturity falls on a holiday or non-business working day. f. of the depositor shall be immediately intimated to the Bank along with relevant documents and the deposit receipt may be submitted for noting the change/s. the duration of the deposit or amount of deposit should not undergo any change. In the case of a “Former or Survivor” account no deletion of the “Former” is permitted e. An indemnity should be signed with appropriate stamp duty in the format available with the bank.

Following two options are available to the depositors. which is a statutory requirement. Option I : The amount of tax to be deducted can be debited to the running(savings bank/current) account of the depositor. which can be exercised by giving suitable letter to the bank. For calculating the cut-off point of Rupees Ten thousand. Bank will issue a certificate for tax deducted in Form 16 A to the depositors. In the case of Joint account deposits the limit of Rupees Ten thousand only would be considered in the hands of first holder only and deducted accordingly. TAX DEDUCTION AT SOURCE (TDS) ON THE INTEREST As per section 194. In respect of Reinvestment of Deposits (RDP. Depositors may be guided by Income tax announcements /information furnished in the notice board of the bank on the rates and the ceiling and a separate notice would not be sent to individual depositors. As per this provision the maturity value in respect of Reinvestment deposit will undergo modification.Recurring Deposit accounts and on the original principal amount in the case of other term deposits. if the option is of getting maturity value already quoted in the deposit receipt.A of the Income tax act 1961. . Cash Certificates. However delay in exercising the option or submitting a letter will not bar the bank from Tax deduction. This rule applies to domestic as well as Non-Resident deposits. Option II: If the depositor is not selecting Option I bank has to effect tax deduction from the accrued interest credit to Reinvestment deposit account for the financial year which will alter the maturity value already shown in the deposit receipt. Multiple Deposit account. bank would also take into account the interest accrued during the accounting year in respect of the particular depositor. In the case of Minor accounts the interest would be clubbed with interest on deposits of Parents/Guardian. income tax would be deducted at source from the interest on time deposits (deposits excluding Recurring deposits) with banks at prescribed rates if the amount of interest credited or paid during a Financial year exceed Rupees Ten thousand only branch wise. No deduction of TDS will be made in case of declaration under section 197 A of the Income tax act. Multiple investment scheme) tax shall be deducted at source on the interest at the end of the accounting year or at the time of credit to the account of the payee or at the time of payment whichever is earlier.

Any other institution or Association or body of class of institutions.he should write the instruction on the back side (deposit receipt) to close his A/c and sign it. Whenever the depositor produces a valid certificate issued by the income tax officer authorising the bank not to deduct tax If a person not being a company or firm furnishes a declaration in duplicate in Form 15G/15 H to the effect that tax on his estimated total income of the (previous) year is NIL. any financial corporation established by or under a central/state provincial act c. Cumulative Benefit Deposit Scheme the instalment for any calendar month must be paid by the depositor on or before the last working day of that month. Permanent income plan. If any monthly/quarterly/half-yearly/yearly interest on such deposit has been paid. PREMATURE CLOSURE OF DEPOSITS Payment of the deposits before due date is permitted entirely at the discretion of the bank at the written request of the depositors. in case of joint accounts (including “E or S “ . PAYMENT OF MONTHLY INSTALMENTS In the case of Recurring deposits. EXEMPTIONS Interest paid or credited to the following is not subject to tax deduction: a. Education deposit. Life insurance Corporation of India d. 16. penalty would be levied on the instalments in arrears. or associations or bodies. notify in this behalf in official Gazette. any banking company to which banking regulation act 1949 applies or a cooperative society engaged in carrying on the business of banking ( including cooperative land mortgage bank) b. Unit Trust of India e. will be recovered from the depositor from the amount payable to him at the time of closure before maturity. PREMATURE WITHDRAWAL OF MINORS’ DEPOSIT . which the Central Government may for reasons to be recorded in writing. Any company or a Co-operative society carrying on the business of insurance f. If the A/c is in the name of single individual .both the person should sign the instructions written on the back side (of the deposit receipt) to close the A/c. if any. “ A or S” ) by all depositors. If the account is joint . Wedding deposits. the excess interest paid. failing which.

Depositor(s) can also advise the branch at the time of opening the deposit itself for automatic renewal of the deposits on maturity for identical period with interest rates prevailing on the date of maturity. after fulfilling all the legal formalities connected with the settlement of claim.In the case of Minor’s deposit. Otherwise the renewals can be made only at the deposit-issuing branch. seeking instructions for renewal/payment of the deposit. In such cases. depositor(s) can present the deposit receipts to the bank on maturity date or later to get the renewals noted in the deposit receipt. the depositors in writing may apply to close the existing deposit before maturity and open fresh deposits so as to avail of the benefit of higher rate of interest. Depositor cannot claim any other communication in respect of due date as a matter of right. However the bank will endeavor to send a maturity notice shortly before the maturity date of the deposit. PREMATURE WITHDRAWAL OF DECEASED DEPOSITOR’S DEPOSIT If the legal heir(s)/representative(s) or nominees of the deceased depositor so desire(s) they may be permitted to withdraw the deposit before maturity. Subject to certain terms they will carry out the renewals. RENEWAL BEFORE MATURITY Whenever there is an upward revision of interest rates on deposits. will be referred by branches to Regional office for approval. in case where the minor would be attaining majority before the due date of the deposit. RENEWAL OF TERM DEPOSITS Due dates of the deposit is given in deposit receipt/passbook for the guidance of the depositor. In such a case. The renewal of a deposit before the date of its maturity shall not be regarded as involving premature payment of the deposit. premature withdrawal may be permitted provided the natural guardian gives a written declaration to the effect that the funds are urgently required to be utilized for the benefit of minor. provided the deposit is renewed for a period longer than the remaining period of the original contract. interest shall be payable at the rate applicable to the period for which the deposit actually remained with the Bank as prevailing on the date of opening of the account minus 1% penalty. When requested in writing by the depositor(s)as per the mandate given to the bank the renewals will be carried out. The renewal requests can be made at any Core Banking branches. if the deposit had been issued by a Core Banking branch. Interest for the period from the . However applications for premature withdrawals by the natural guardian.

except in case of renewal. Income-tax department. If they so desire depositors may also request for rollover of the loan account as well as the deposit account. If a deposit is not claimed within five years from the due date. or the margin requirements. the account will be treated as inoperative and subsequently will be transferred to unclaimed balances account. Payment of the deposit to the depositors will be made only after lifting of such lien. Deposit accounts may also be extended as collateral to advances availed by the depositors or any other third party with the bank. Government investigating agencies. State/Central Government Departments. Before effecting such payment bank will . The maturity proceeds after adjustment of the loan account on the due date will be credited to depositor’s account only. which is proposed to be renewed. Competent Court and any other competent the same shall be registered by the deposit maintaining branch and depositor will be informed of the lien. When the depositor requests for renewing only a portion of an overdue deposit. Enforcement Directorate. the bank shall allow interest for the overdue period only on the portion of the overdue deposit. the assignment will be noted by the Bank. NOTICE OF LIEN AND ASSIGNMENT When a notice of lien is received from bank’s branches. ADVANCES AGAINST DEPOSITS Depositors may avail loans/cash credit accounts/ advances against deposits from the branch where the deposit account has been opened. then it is called as overdue deposit. interest rates and formalities to be complied with. The rate of interst chargeable on the advances against the banks term deposits is at 2%over the rate of interst payable on the deposits. The Notice of assignment should be clear as to the intention of the depositor to assign “debt due by the bank” to a specified third party.date of deposit till the date of such renewal shall be payable at the rate applicable to that period as prevailing on the date of deposit without deduction of 1% penalty OVERDUE DEPOSITS If a deposit is not paid or renewed on the due date. No interest is usually allowed on deposit after due date. depositors may ascertain with the bank. Bank may grant advances upto 85% of the deposit amount to the various type of depositors and to others against the security of bank’s deposit. Depositors can make a valid assignment of debt to a third person and sufficient proof is afforded to the bank.

deduct any debt due to it by the depositor and/or any overdue amount in an account. In case depositors approach any bank other than the deposit issuing branch for encashment of the deposit the same would be done by collection process only with applicable service charges. interest shall be paid at savings deposit rate (operative on the date of maturity) from the date of maturity till date of payment . When the deposit proceeds are paid on maturity date or prematurely to another collecting bank. the claim on the deposit shall be admitted in favour of legal heirs in accordance with statutory provisions. From the date of maturity to date of payment. the interest shall be paid at the contracted rate till the date of maturity. DECEASED DEPOSITORS’ ACCOUNTS Where the deposit carries a nomination. which is available with the bank. branches of the bank would effect payment of proceeds only by Drafts or Bankers cheques or by credit to the depositor’s account if the proceeds of the deposit payable is Rupees Twenty thousand or more or when the aggregate amount of deposits held by the depositor in the branch is Rupees Twenty thousand or more. However in the case of death of depositor after the date of maturity of deposit. which has been guaranteed by the depositor at the time of receipt of notice of assignment. whenever payment of term deposits is made to the term depositors. When there is no nomination. it would be treated as a collection item and service charges as applicable would be charged. Depositor may seek payment of the proceeds of a deposit in cash if the aggregate amount of the deposit together with interest is less than Rupees Twenty thousand only subject to submission of a declaration format of. interest shall be paid at the appropriate rate for the period for which the deposit has remained with the bank. Interest on deceased depositors’ term deposits shall be paid at the contracted rate on maturity of the deposit if paid on the date of maturity. simple interest shall be paid at the applicable rate operative on the date of maturity. In the event of payment of deposit being claimed before maturity date. In the event of death of depositor before the date of maturity of the deposit and the amount of deposit is claimed after the date of maturity. for the period for which the deposit remained with the bank beyond the date of maturity. PAYMENT OF DEPOSITS As per section 269-T of Income tax act. the claim shall be settled in favour of the nominee as per Nomination Rules in force. without charging the penalty for premature closure.

. Bank shall not divulge any information relating to the affairs of its constituents except in circumstances in which it is in accordance with the Law or Practice and Usage customary among banks. An indemnity should be signed with appropriate stamp duty in the format available with the bank. This amount will be payable to the customer after the maturity with the interest. Renewals any amount. SECRECY OF THE CUSTOMER ACCOUNTS The bank keeps details of the customers’ accounts and transactions confidential. marriage Mode of deposit: Min Rs. Special fixed deposit quarterly (SFDQ) This is a special fixed deposit in which interest is paid on quarterly basis Special fixed deposit monthly (SFDM) This is a special fixed deposit in which interst is paid on monthly basis Reinvestment Deposit This deposit is that which is made for 6 months or more than 6 months where the customer has to deposit a fixed amount in the beginning of the term. In this deposit the customer need to deposit a fixed amount at the beginning of the term. Objective: Reinvest interest earned on deposit End use : Meet future expenditure like children’s Education. The customer can also get the amount pre maturely but he will get the amount with the interest only for that particular perid. 1000. initial deposits in multiples of 100. SDR (Short Deposit receipt) This is a deposit which is made for the period less than 6 months.ISSUE OF DUPLICATE DEPOSIT RECEIPTS Depositors can apply for a duplicate deposit receipt in writing in case the original is lost or stolen and when the deposit account is not under lien to the bank and the receipt is not held with the bank as security for any purpose or held in safe custody.

children's education. Can one apply for a Reinvestment Deposit Plan? If you would like to retain your deposits and accumulate it with interest. you can apply for a Reinvestment Deposit Plan. In case if there is not enough amount in the saving A/c to be deposited in the recurring deposit. Premature closure possible. marriage etc. It should be divisible by 10s. You could use these deposits to meet any expenditure in the future. Recurring Deposit Recurring Deposit is a deposit in which a fixed amount is deposited on monthly basis only. interest applicable according to the deposit period run). The customer can also give ‘standing instructions’ to the bank which states that the bank can withdraw the fixed amount from the savings A/c & deposit it into recurring deposit..e.Deposits accepted for 6 months to 10 years Interest compounded quarterly and paid at maturity. a penalty will be charged at the time of maturity. (i. In this case the customer need not to come every month to deposit the money. . You can avail loans of upto 85% on the principal and also on the interest accrued. If a month or two is left without depositing in the recurring deposit & the customer wants to deposit the money collectively till the current month he can do such but the penalty will still be charged at the time of maturity. You can close your deposit prematurely without any difficulty. Features The interest on your deposit also earns interest.. Target all segments: suffices various needs Can be projected as a pension plan as well since depositor will get regular amount similar to monthly pension What is a Reinvestment Deposit Plan? A Reinvestment Deposit Plan basically allows you to reinvest the interest earned on your deposit.

housewife. End. Mode of Deposit: Min Rs. Features: Interest at rate applicable for FD. housewife. student or rural saver. Mode of Deposit: Min Rs. Eligibility Salaried individual.use: Obtain a higher sunm of money at a future date to meet financial obligations. Objective: Invest fixed deposit amount of money for a fixed period at a higher rate of nterest End Use: Retention of savings for a future use. small trader.If the customer wishes to close the recurring deposit before maturity. period run will determine the rate of interest. he can do this but he will get the amount plus the interest only for the period that the amount was with the bank If a person has maintained an RD but after some interval of time. Objective: Invest small amounts of money regularly. he is unable to deposit the money. small trader. 1000. thereby earning you a higher rate of interest in return. ranging from 6 months to 120 months. 50 pm. Meant for salaried individual. in multiples of 5. quarterly compounding of interest Loans can be availed upto 90% of (principal + interest) Deposit period ranging from 6 months to 120 months Premature closure possible. he can get loan against the amount that is already in his deposit. student or a rural saver Customers having a limited or stipulated income and require a large amount of money but can only save small amounts every month Fixed Deposit A fixed deposit account allows you to deposit your money for a set period of time. Interest payable once in 6 months . Fixed deposits also give you a higher rate of interest than a savings bank account. in multiples of 100 Features: Variable deposit periods.

100 before the last day of month.Use: Small Savings result in a significant long term investment.Gold coins worth the maturity amount adjusting for the cost of gold coins. Ideal for corporate to invest surplus funds. balance if any. Period of deposit -Deposits are accepted for a minimum period of 12 months and maximum of 24 months Maturity payment: . Ideal for conservative people who have sufficient insurance cover and are risk averse.Loans can be availed upto 90% of principal Option to withdraw money at any time without difficulty Premature closure permitted. interest applicable according to the deposit period run. that keeps appreciating in value! Mode of deposit: Min Rs. . gold coin will be given only if maturity value is >/ = price of 2 gm. will be paid to the depositor. What are the benefits of a Fixed Deposit? The option to withdraw the deposit at any time before maturity without any difficulty You can avail loans upto 85% of the principal Variable deposit periods ranging from 6 months to 120 months You get interest once in 6 months Gold Recurring Deposit Eligibility All individuals either singly or jointly. Who can apply for a fixed deposit account? Individuals and organizations with the intention of retaining their savings for a fixed period for some future use. - If payment is discontinued. 250. monthly in multiples of Rs. provided deposit deposit is kept till the maturity date. Of gold coin. Objective: Coupling the benefits of savings and investment. 50 or Rs. End.

The gold coin comes with IOB logo and certificate from IOB.Deposit of Senior Citizens Special Deposit scheme for senior citizens.. 25 per gram on the gold price prevailing as on the date of maturity Education Deposit Objective: invest small amount of money regularly. interest shall be paid the actual number of days on the basis of 365 days in a year. Min period 15 days. Senior Citizens are given additional interest over and above the card rates. and in tamper proof packaging.If the maturity amount is less than the price of 2 gm. . interest on monthly basis shall be effected and the monthly interest . Mode of deposit: 63 months to 84 months Vardhan Scheme .The price of gold coin will be the price prevailing as on the date of maturity of RD. At the option of the depositor. 6 months and Max. 999. 120 months. Max. Rs. rural saver.Concession of Rs. professional and self employed. Switzerland. Target Customers: Salaried individual.Any individuals above 60 years of age Mode of deposit: Min Rs. On deposits payable in less than three months or where the terminal quarter is incomplete. small trader. Concession:. 120 months.9 purity. .Assayed/ Certified by PAMP. for RD min. 5000. 1 lakh . Rs.Free personal accident cover up to Rs. . End use: otain a large sum of money at a future date for higher education of children. Coin gold coin will not be given the and the maturity proceeds will be paid to the customers. 100 pm for RD. Depositors may ascertain details on Vardhan Scheme and for the additional interest rates. .The gold coin is of 24 carat.

payable shall be less than calculated at simple rates which is so on account of directive from RBI that interest shall be paid only on a quarterly basis and any monthly payment would be only on a discounted value. of rs. Features: . In case of deposits above Rs. . . additional interest payable to senior citizens is not payable in case of prematureclosure. Interest can be credited to accounts maintained with the bank or any other bank through Electronic Clearing or otherwise as per depositor’s instructions with applicable service charges. Free International Debit cards .Premature closure permitted. .Free collection of outstation instruments for a max. the periodic interest would be credited to the loan / cash credit account only and not to the accounts of depositors. joint A/c permitted.All types of term deposits including RD can be opened. Deposits accepted for a maximum period of five years. Additional interest is protected in the case of premature closure only if the deposit is not more than Rupees Five lakhs. .No additional interest payable for NRI deposits.75 % pa for deposits up to Rupees fifteen lacs in the same branch or at different branches. card rate is payable.Additional interest of .regular rules apply. During the pendency of an advance against the deposit. For deposits above 25 lacs. Minimum deposit amount is Rupees Five thousand .75% above card rate for aggregate deposits upto 25 lacs in the same branch or different branches. 10000 per month or 2 instruments per month Deposit scheme for Senior Citizens. Depositor is eligible for additional interest of 0. 5 lacs.

What is the period of deposit: The minimum period is 15 days and a maximum of 120 months. LIC policy where age is admitted. Whether joint accounts are permitted: Yes. Pension Payment Order.75% over the card rate is payable for aggregate deposits up to Rs. 2.and for RD it is Rs. What are the other benefits provided to the senior citizen . the additional interest payable to deposits of senior citizens is not payable if the deposit is over Rs. The senior citizen has to give declaration to this effect. Therefore. If the deposit is over Rs. In the case of premature closure.Who is a senior citizen: Any individual who has completed 60 years of age is treated as Senior Citizen for the purpose of opening account under Vardhan scheme. Joint accounts of more than one senior citizen and joint accounts of senior citizen with a person below 60 years of age is also permitted. However in the latter case the senior citizen should be the first named depositor. For RD it is 6 months minimum and a maximum of 120 months.25 lakh only the card rate is payable. the additional interest allowed for senior citizens is not to be extended for non-resident deposits. At the time of renewal of a Vardhan deposit branches need not insist on producing the documents in proof of age again.25 lakh in the same branch and or different branches.100 per month. School leaving certificate. What are the rules relating to premature closure and loan against the deposit: The rules are the same as applicable to other term deposits. Voters identity card 4. 3.5 lakh. What are the type of deposits that can be opened: All types of term deposits including Recurring Deposit can be accepted. What is the interest payable on the deposit: Additional interest of 0. How to verify the age: Age can be verified by calling for any one of the following document. What is the minimum deposit amount: The minimum deposit amount is Rs. 1. Whether the additional interest is payable on NRI deposits: It is clarified that the additional interest is intended for resident senior citizens only.5000/.

per month.10.1 lac and in multiples of Rs. Trusts. a natural / legal guardian on behalf of a minor. What is the period for which the deposits are accepted: Deposits are accepted for period of 3 years and up to a maximum of 10 years. Hindu Undivided Families. subject to a maximum of two instruments per month in the name of senior citizen. companies. firms are eligible to participate in the scheme.10000/. actual postage will be recovered. the rate for a particular .COLLECTION OF OUTSTATION INSTRUMENTS: Collection of outstation instruments upto Rs.thereafter. can be made without collection charges. What is the interest rate payable on the deposits: The deposit received under Floating Rate Dposit Scheme will carry interest rate as follows: 5 year G Sec rate (daily average for the last 6 months) for deposits with maturity period of 3 years to 5 years and 10 years G Sec rate (daily average for the last 6 months) for deposits with maturity period of over 5 years to 10 years. Floating Rate Deposit Who are all eligible to place deposits under the scheme: Any individual either singly or jointly with others. 2.FREE International debit cards: The senior citizen is offered free International debit cards by branches. However. Is there any restriction on minimum deposit amount accepted: The minimum deposit amount accepted under the scheme is Rs.The following value additions are allowed in the Vardhan scheme. 1.000/. As the scheme envisages floating rate of interest. There is no upper ceiling for the amount of deposit.

Fixed Deposit (after foreclosure) can be converted to floating rate deposit What is the periodicity of payment of interest: The interest on the deposit is payable quarterly on the 1st working day of January.10 years G sec rate (daily average for the last 6 months) for deposits with maturity period of 5 to 10 years. 6. The Floating rate fixed as on 1st September 2009 is: Period of deposit For 3 years to 5 years Floating Rate of interest % p. . Other features : . April.48 Over 5 years to 10 years 6. multiples of 10000 thereafter Periodicity of interest: Quarterly Interest Rate: Reset on 1st March and 1st Sep every year .The deposit will not be closed prematurely if it has not completed 3 years. Can the deposit be closed before its maturity date: Yes.Loan can be taken up to 90% of deposit amount .5 year G Sec rate (daily average for the last 6 months) for deposits with maturity period of 3 years to 5 years .Foreclosure permitted (1% charge on premature closure) . June and September.a. The deposit can be closed before the maturity date provided the deposit has completed 3 years from the date of deposit and a notice for premature closure is given at least 10 days in advance.deposit keeps changing and it is reset once in six months as on 1st March and 1st September every year irrespective of the date of deposit. singly or jointly Period of deposit: 3 to 10 years Amount: Minimum 1 lakh.76 Eligiblity: Any individual.

100000 minimum Rs. Section 80C of Income Tax Act 1961 was amended to include deposits placed with a scheduled bank to qualify for deduction under 80C. Period: 5 years to 10 years. . Tax Saver Scheme Target: Self employed / salaried individuals Amount: Maximum of Rs. The Floating Rate Deposit can not be converted to Fixed Interest Rate deposit. Whether all the branches of the bank accept this deposit: The deposit scheme is now available only at Totally Automated Branches of the bank. The interest rate on the prematurely closed Fixed interest rate deposit will be payable at the appropriate rate for the period the deposit has remained with the bank without deducting any foreclosure charges.1. 10000. Can the existing Fixed interest rate deposit be converted to a Floating rate deposit: Yes. Can a loan be taken on the security of the deposit: Loan up to 90% of the amount of deposit can be obtained. In terms of the amendment a deposit scheme has been introduced with certain value added features for the benefit of customers.00% over the Floating rate for self and 3% over the floating rate for third parties. The interest on loan will also be reset corresponding with the interest reset on the deposit. The amount of investment up to Rs. The fore closure charge will be deducted from the applicable interest payable on the deposit as reset on every 1st of March and September. constituents are requested to contact the branches for latest details Tax Saver Scheme In the Finance Act 2006.00%.000 under the notified deposit scheme will be eligible for deduction under Section 80 C of Income Tax Act for individuals / Hindu Undivided Families.00. While all efforts have been made to update the information.What is the interest payable on premature closure: On premature closure there will be a foreclosure charge of 1. The interest payable on the loan will be 2. The existing fixed interest rate deposit can be converted to floating rate deposit by closing the deposit prematurely and opening a floating rate deposit.

Mode of deposit: RDP.75% over above the above rates.yearly or quarterly or monthly.000. Tax liability on interest on the deposit: Interest on the term deposit is liable to tax.00. How much deposit can be accepted: A maximum of Rs. . SFD. No premature closure No loans against deposits Target all IT payers by getting in touch with charted accountant who have banking relation with us. the tax benefit can be claimed by the first named depositor. 1. The Karta of a Hindu Undivided Family (HUF) can open in his capacity as Karta. Period for which deposit can be accepted: The deposit is accepted for any period from 5 years to 10 years.50 % Sr. shall be deducted at source.000 is accepted under the scheme from one individual / under one deposit account in year (Year means one year from 1st April to 31st March). Premature closure is not permitted till the deposit completes 5 years from date of deposit. The deposit can be in the single name of the depositor or in joint names of two adults or jointly in the name of an adult with a minor (only two joint account holders are permitted) payable to either or survivor. Who can deposit: The deposit scheme is open to individuals.10. Loan cannot be granted against the deposit Repayment: Deposit is repayable on or after maturity date in the normal course. Rate of Interest: 7. The minimum amount that can be accepted is Rs. Citizen: 0. 1 lac. Tax benefit: The single depositor or the first holder of joint deposit can claim exemption from Income tax under section 80C with a maximum of Rs. interest can be payable half. In the case of deposits in the joint names. Types of deposit that can be accepted: The deposit can be accepted in the form of reinvestment deposit (RDP) or Fixed Deposit or Special Fixed Deposit (SFD) and interest can be payable half-yearly or quarterly or monthly. FD.

Premature closure is not permitted till the deposit completes 5 years from date of deposit. Branches. Rate of Interest: Special rate of interest is offered for the deposits Special rate for deposits of Rs. The claim from nominee will be settled as per the current guidelines in force for settlement of claim on death of depositors.000 to Rs. Nomination: Nomination can be made for the deposits as per the existing rules for nomination.50% Senior Citizen deposits: 0. therefore. the deposit amount can be settled to the legal heirs. Tax liability on interest on the deposit: Interest on the term deposit is liable to tax under the Income Tax Act. Tax benefit: The single depositor or the first holder of joint deposit can claim exemption from Income Tax under section 80C for amount invested in the deposit along with all other approved investments under section 80C with a maximum of Rs. should not accept deposits transferred from another bank. Special conditions for issue of deposit receipt: The PAN number of the depositor and his signature will appear on the deposit receipt.Branches where the deposit can be opened: The deposit can be accepted by all branches of the Bank. In case of deposits where the depositor died without giving nomination. duplicate receipt can be issued by furnishing an indemnityt. Death of depositor: In case of death of depositor. Repayment of deposit: Deposit is repayable on or after maturity date in the normal course. Transfer of deposit: While transfer of deposit between branches of IOB is permitted.10. transfer between banks is not permitted. Loan against deposit / accepting the deposit as collateral security: Loan can not be granted against the deposit nor can the deposit be accepted as collateral security. Replacement of lost/destroyed deposit receipt: In case of deposit receipt lost or destroyed. however.1 lac.75% over and above the above rates. Cumulative Benefit Deposit . No nomination.1 lac: 7. The tax on such deposit shall be deducted at source in accordance with the provisions of the Income Tax Act. can be accepted in the case of deposits held for and held by or on behalf of a minor. the nominee is entitled to claim the deposit amount before or after the maturity date.

for 2 years and R.P.D. account is closed after the 1st stage The minimum deposit is Rs. constituents are requested to contact the branches for latest details. anytime You can choose from a combination of four plans Plan I .R. for 4 years and R. for 1 year and R.D. small savers. for 3 years Plan III . While all efforts have been made to update the information.While all efforts have been made to update the information.D.D.D.R. housewives.P. 5/-. for 3 years and R.D. professionals and self employed IOB Insurance linked products . 100/-. constituents are requested to contact the branches for latest details.D.The Cumulative Benefit Deposit Scheme combines the benefits of the R.D.R.P. What are the features of a Cumulative Benefit Deposit Scheme? The Cumulative Benefit Deposit Scheme has various customer-convenient features. Higher deposits should be in multiples of Rs.D.P. The Cumulative Benefit Deposit Scheme has various customer-convenient features.D.D. Target on Salaried persons. Higher deposits should be in multiples of Rs. for 4 years Plan II . students.D. and reinvested after the desired period in R.P.D. It combines the benefits of both the Recurring Deposit and the Reinvestment Deposit You can invest any amount. for 2 years Plan IV . Your savings are accumulated in the form of R. 100/-.R. for 1 year You can avail loans up to 85% of investment and accrued interest You can close your deposit prematurely You don't have to pay any penal interest if the R. 5/-.The minimum deposit is Rs. and R.P.

aditionall fire and allied perils cover is also provided for house property in India in the name of insured person • Two Schemes.Plan A and Plan B • Plan A: . loss of passport. . loss of baggages.• IOB NRI Shield • IOB Jeevan • IOB Personal Accident Insurance • IOB Health care Plus • Vidya Suraksha • Vidya Jyoti with Suraksha • Liability Insurance IOB NRI Shield • Scheme for NRIs covering travel related risks during their visit to India • All NRI Account holders and their family members are eligible for this scheme • It covers personal accident.Sum assured of Rs 1 Lac to 50 lacs. covering the following:  Personal Accidents  Loss of Baggage/ Passport  Delay in receiving checked.in baggage  Fire and allied perils cover for house property in India in the name of insured.

5 lacs. IOB Jeevan • Group insurance scheme in association with LIC for all account holders of IOB.In addition to cover opted under Plan A. online remittance at one stretch every july . no medical certification required • Nomination allowed • Members of joint accounts can be overed individually • Benefit for bank:  Commission – 25% and additionally Administration charge of Rs.000 to Rs. 33 per account  Hassle free.• Plan B: . renewable every year • Very low premium. 1 lakh (natural death) and Rs. 50. 2 lakh (Accidental death) • Coverage for a year.depends on age and month of joining the scheme • Simple procedure. on payment of additional premium  Cover available for actual period of visit to India not exceeding 180 days in a year. Plan B covers:  Health Insurance cover for a sum assured of Rs. • Life cover for Rs.

Earthquake etc. Air. 9 only per account and claims entitled to a maximum of Rs. electrocution.09 to 30.Personal Accident Insurance • Available for SB/ CD Customers of our bank • Covers death due to accidents such as Road Rail. • Lowest annual premium of Rs. for female upto 21 years or till their marriage. surgery. whichever is earlier. sudden illness.03. in respect of any desease • Entry age limit is between 3 months and 65 years.10 IOB Healthcare Plus • Health Insurance for entire family including parents. Fire. inoperative accounts and cash credit accounts are not covered • Age group: 5 to 80 years • Validity period: valid for one year from 31. 5 lakhs in case of multiple accounts • Available for joint and multiple account holders also • Sum assured. Age limit for dependent childrenfor male upto 21 years. coverage is available upto age of 80 years only. 1 Lakh • NRE/ NRO accounts. • Pre hospitalization (period upto 30 days prior to to hospiatalisation) & Post hospitalization (period upto 60 days after hospitalisation) expenses can also be reimbursed . House collapse. of our individual account holders at a very low premium • No medical examination required • Provides hospitalization expense in case of accidents.Rs.03.

• Ambulance charges: Rs 1000 per policy period • Funeral Expenses- In case of death of any insured person, funeral expenses of Rs. 1000/- will be paid under the policy • Pre- existing decreases can also be covered after three consecutive claim free policy years • Cashless transactions through Third Party Administrator of the policy • Coverage: Rs. 50,000 to Rs. 5 lakhs • Accidental death can be covered on payment of additional premium • Maternity expenses and baby care expenses covered subject to terms and conditions • Tax benefit under section 80 D • Treatments for NRIs while in INDIA are covered

IOB Vidya Suraksha • A group policy to cover students studying in Degree and Professional colleges and their parents • Purely an insurance scheme • Life insurance and Accident Insurance for both parents and Student • Nominal premium • College management to get Rs. 25 per student as administrative charges IOB Vidya Jyoti with Suraksha • Value Addition to our Education loan scheme • Life cover for students (over 16 years of age) availing education loans

• Life cover to parents upto 50 years of age • Premium may be added to the loan amount and recovered along with EMI. Liability Insurance • Life cover to retail borrowers • All retail loans can be covered, where:  Mortgage of property is involved  Repayment period is at least 3 years  Loan amount is between Rs. 10000 to Rs. 50 lacs • Branches have to adhere to medical requirements prescribed by LIC subject to loan amount • One time premium to be collected • Premium can also be added to the loan amount and recovered through EMI • Maximum cover available: Upto Rs. 50 lacs • Incentive to branches:

 10% of premium collected  Rs. 55 per account  Makes the loan very secure IT Related Products - Internet banking - IOB Mobile

- IOB VISA International Credit Card - POS Machine - Internet Payment Gateway Internet Banking - For individual and corporate users - Query and account services: balance enquiry, last few transactions, statement of account etc. - Funds transfer to: - Accounts within our bank - Accounts with other banks - Payment of direct taxes. - Payment of indirect taxes. - College fees for students. - Credit card payment: register and pay credit card dues online. - Bill payments: Electricity, mobile top-up, Insurance Premium etc. - Payment of loan EMIs, RD Installments - Target Group – Corporate customers, all SB Silver and Gold account holders, CD Classic and CD Super Account holders.

IOB Mobile Banking - Prerequisite: Customer should have a mobile phone enabled with any of the following features enabled: SMS, GPRS and J2ME. - Must be a SB/ CD/ CC Account holder of Bank. - Signed application from customer at bank is required.

Option of photo card on payment of Rs.IOB Mobile – Suitable for all handsets and all networks. Goods/ Services. IOB Visa International Credit Card .Proprietary. last few transactions.See Banking/ Auto Debit Facility/ Internet payment/ mobile Banking Payment ..Interest on Roll over credit – 24% (annualised) . Types of services offered: SMS/ GPRS .18.Payment mode – Cash/ Cheque/E.000 per day.It requires MPIN to operate mobile banking.SMS Banking: SMS Alerts+ SMS Pull and enquiry services . .Accepted Internationally (over 1. having a GPRS handset.All IOB Customers registered for IOB Mobile.on cards .GPRS Banking: . with a telecom operator which supports GPRS Services .Rs.The Following Additional benefits are provided free of cost: .Last few transactions . 5. HUF firms can also avail this facility . 100 .Upto 4 Add.No joining fee / Annual fee.Services Offered: Balance Enquiry.000 member Establishments in India and over 130 lakh outlets. Affords all query facilities and fund transfer . Funds Transfer (Rs.000 per day) .Balance Enquiry .Cheque paid status . 10.Very handy and customers can virtually carry their bank in their pockets. worldwide) .

00 Lacs 2. Banktech India (P) ltd. More shops and malls are coming up daily in cities and payments through cards are invariably accepted in all establishments.Baggage Insurance upto Rs. 25000 (only for Inland travel) ..00 Lacs 1.00 Lacs 1. 10.00 Lacs 2. No 1.00 lacs 2.00 Lacs Classic Card Rs. Now our bank has also entered ‘card payment ACQUIRING Business’ under tie up with VISA International and M/s.Insurance coverage is given in following table: Sl. . The card payment is easy mode of payment for the shops/ establishments and major share of sale transactions are made through cards only nowa days. 25000 (for period 30 days from the date of purchase) .Purchase protection upto Rs. 4.00 lacs 2.00 Lacs POS Machine The usage of both credit and debit cards for payment has increased in all major metros and tier II cities. Coverage Personal accidental Death due to a) Aircrash (i) Self (Primary card Holder) (ii) Spouse b)Road/ Rail (i) Self (primary Card Holder) (ii)Spouse Gold Card Rs.Personal Accident Insurance for self and spouse (Accidental death dy Aircrash/ Rail for self and spouse) .

10 lakhs to 15 lakhs 1.. 15 lakhs to 25 lakhs 1.Loans can be offered to MEs against card payment receivables Types of Transactions “ on us “ and “off us” On us.6% Rs.POS Machines installed by the bank in various merchant establishments.8% + Device Fee USGI – Retail Policies In order to provide non-life insurance products to the customers and to augment fee based income.Volume is more Note: Commission Structure revised as follows: Monthly Transaction value Commission payable Above Rs.Pvt. when used by the Debit/ Credit cards for paying purchases will result in commission from VISA . 5 lakhs to 10 lakhs 1.Competitive commission rates.” As a corporate agent without any risk participation.45% Rs. based on monthly transaction volume .5% Rs. our Bank has entered into a tie-up with “universal Sompo General Insurance Company Ltd. 5 lakhs 1.All VISA cards accepted .Merchant to open Current Account with any IOB branch .Commission is more Off Us. Some of our retail policies are• • • • • Motor Insurance Schemes.7% Less than Rs. 25 lakhs 1. We provide both retail and corporate policies to our customers. Car/ Two Wheeler/ Passenger Carrying Vehicle/ Goods carrying Vehicle/ Miscellaneous Vehicle Farmer’s package policy Shopkeeper’s insurance policy Cattle insurance policy Householder’s insurance policy .

Fire. USGI – Commercial policies • • • • • • • • • • • Standard fire and special perils policy Marine cargo – specific policies (Inland and Export/ Import) & Annual Sales Turnover policies Marine cargo – open policies & Annual Salesturnover policies Machinery breakdown policy Electronic Equipments Insurance Contractor’s All risk insurance Erection –All risk insurance Boiler pressure plant insurance Industrial All risk insurance Publicliablity (Act). Engineering InsuranceI.• • • • • • • • Jeweller’s Block policy Burglary policy Workmen’s Compensation policy Fidelity guarantee Money Insurance Office Package policy All Risk Insurance policy The insurance cover is provided by universal sompo general nsurance co. Individuals . ltd.Insurance Public Liablity (Insurance and storage risks) Comission Structure 1.

ltd. Employee liability and statutory public liability business Marine Cargo Marine Hall insurance All other insurance 10% 10% 6.25% 5% 10% 15% 10% 15% The insurance cover is provided by Universal Sompo General Insurance Co.II. 15 crores upto 25 crores III. 3. we have tied up with LIC of India to provide life insurance cover. We are a corporate agent of LIC of India and getting commission that boosts our fee based income. We are marketing all policies of LIC. 15 crores Paid up capital above Rs. 2. 5.Children Plans/ Plans for handicapped dependents/ Endowment Assurance Plans/ Plans for HNIs/ Money back Plans/ Special Money Back plan for women/ whole life plans/ term assurance plan/ joint life plan • • • • • Pension Plans Unit linked plans Special Plans Groups scheme Social security scheme . Risk qualifying as larger risks under para 19(v) of file and use guidelines Motor Insurance Business (other than third party). • Insurance Plans . these policies of LIC. 4. LIC – Types of Policies To cover the life of our customers from any unprecedented/ unfortunate event. Workman compensation. these policies can be divided in the following plans. Corporates Paid up capital upto rs.

Pension for life increasing at 3% simple interest every year Commission to bank  2% one time.5% of Sum Assured throughout life life after the premium paying term. Tax benefit Available according to Sec 80C and Sec 10 (10D) Single premium facility and loan facility available .Some of the best selling policies are –  Jeevan Akshay – VI  Jeevan Tarang  Market plus I  Jeevan Anand  Jeevan Sathi plus  New BIMA Gold LIC Best Selling policies Jeevan Akshay – VI Regular income – Peace of mind – life long • • • • • Pension for life life Pension certain for 5 or 10 or 15 or 20 years and life thereafter Pension for life for annuitant and after death. 50% for life to spouse. LIC best Selling Policies Jeevan tarang A unique ‘Whole of life’ plan • • • Guaranteed Annual survival benefit @ 5.

Every year 5.25) Maximum Sum Assured: A.5) . bonus in one lumpsum.5% 2nd and 3rd year  5% subsequent years * Commission may vary as per premium paying terms LIC – Jeevan Saathi Plus LIC’s Jeevan Saathi Plus is a unique unit linked policy in which married couple can et the benefit of LIFE Insurance Plus Market Investment growth for both of them in a single policy. along with loyality additions. or (Single premium X 1. Option to choose separate amount of cover for self & spouse. on life assured reaching 100 years or to the family on death of life assured if earlier.5% of SA is payable as long as life assured is life  Payment of full sum assured. the cover to spouse being less or equal to proposer.  No further payments. The proposer who pays premium is principal life assured (PLA) and the spouse is spouse Life insured (SLA). If any of the lives age 41 & above : (Annualised Premium X 20) : (Single premium X 2. Sum Assured: • • Minimum sum assured: (Annualised premium X 5). If both lives upto age 40 years : (Annualised Premium X 30) : (Single premium X 5) B.• • Age: 0 to 60 years Payout lans:  At the end of premium paying term. • Commission* to Bank (Premium paying terms > 15 years)  35% 1st year (25% + 10% Bonus)  7.

Monthly(ECS) or Single Premium Fund Structure: Investment in four funds – Bond. Half yearly.Full S.A for which PLA is insured + 2) Fund value + 3) Value of future premiums • • • • On Simultaneous death of PLA & SLA during the term: Nominee will be the beneficiary He/ She will be paid . the nominee gets .A to spouse added tonit fund. Secured.Units equivalent to future premia .Top up in multiples of Rs 1000/.Switching of funds 4 times a year is free . It can be taken in one lump sum or in installments spread over 5 years as settlement option • Death benefit: PLA dies during term: .Full S.Beyond that each switch costs Rs 100/. Balanced and growth Features: . No premium waiver benefit. ** If PLA also dies thereafter during the term. Fund Value as on Value of future .Sum insured for PLA + date + .sum Assured for which spouse is insured + 2) policy Fund value as on date Spouse dies during the term: .Sum insured for SLA + premiums.Future Premia waived .Policy continues till maturity. ** If spouse also dies thereafter during the term. the nominee gets 1) Full S. Quarterly.A for which spouse is insured .Partial withdrawl allowed after 3 years Benefits: • Maturity Benefit: Fund value as on date.Policy continues till maturity.ids allowed . .• Modes of premium payment: Yearly.

On survival. in case of single premium .14%. 1 lakh if risk cover is opted .Rs. All modes of payment available. without life cover: 80 years Maximum age at which pension can vest: 40 years Minimum sum assured: . (Note that single premium fetches lower commission to us. both Fund value as well as Risk Cover Sum Assured are payable.Rs. Maximum age at entry.  Bond fund: predominantly investment in call market nad money markets. the fund value is compulsorily utilized to provide immediate annuity at rates then available. in case of non.2%.without risk cover.  Secured fund: predominant investment in debt market (Govt debts and Corporate debts)  Balanced Fund (Balanced investment in debt and equity markets) .) Minimum age at entry 18 years. 25000/. Four funds to chose from – 4 free switches per year.single premium Market Plus – 1 Investment plus Pension • • • • • • • • • Unit linked Pension Plan With or without life cover* If life cover is opted. • • Maximum Sum Assured is equal to Single premium and 20 times regular premium. however single premium is most popular.Commission to Bank . in case of unfortunate death during policy term.

• • • • • • • • Premium qualifies for IT qualifies for IT exemption under Sec 80C and maturity under 10 (10) D Age band: 18 to 65 years Policy terms: 5 to 57 years Maximum age at maturity 75 years Also popular as a package plan “Retire and enjoy” which can give tax free pension Minimum Sum Assured: Rs. etc. 1Lakh Premiums: Monthly/ Quarterly/ Half yearly/ Yearly Commission to Bank . ** Commission may vary as per premium paying terms.) • • • • IT exemption under 80 C Lock in period of 3 years and no exit charges on surrender Top up facility available Commission ** to bank  7. Growth fund (Predominantly invested in equity markets. Jeevan Anand Financial Security even after policy term • Unique life Insurance plan where there is double benefit of:  Maturity Benefit along with bonus at the end of policy term  Continued financial security for family for full sum assured even after term of policy for full life time.5 % First year  2 % Subsequent years * The without life cover plan can be extended to otherwise un-insurable people like old. sick.

16th years • Maturity Benefits:  Premiums paid under the policy. if any.5 % 2nd and 3rd year  5% subsequent years * Commission may vary accordingly premium paying terms.  Loyality additions. excluding – the benefits already paid and any extra premium. 8th.5 % 2nd and 3rd year . 50% of sum assured • Commission* to Bank  35% First year  7. • Death Benefit:  Full sum assured for death during the term  During extended term. 8th yrs  16 yrs: 15% SA at end of 4th 8th and 12th yrs  20yrs: 10% SA at end of 4th. 35% First year  7. 12th. New Bima Gold Four in one policy • Money Back Policy with:  Auto cover facility  Money back every four years  Lower premium – higher risk cover  Extended insurance cover even after maturity • Three Different terms:  12 Yrs: 15% Sum assured at end of 4th.

4. 5% subsequent years *Commission may vary as per premium paying terms.00 Lac whichever is lower. Over 65 years of age – 10 times of monthly pension or Rs. Applicant should be an individual in employment with or business/ professional or self employed with regular income. 20 grams coins and 50 & 100 grams rectangular bars Highly competitive rates .  Quantum of loan amount Rs. 1. 5 lacs. 50000 whichever is lower. 8.  Repayment period: 48 EMIs Pensioner’s loan Scheme  All pensioners to meet personal expenses. SWITZERLAND WHY GOLD? • Safest form of investment • A perfect gift for all occasions • Effective hedge against inflation • A very attractive corporate gift for employees as bonus during festive season Packed in attractive. IOB FINE GOLD IOB FINE GOLD – 999.discount can be considered on case to case basis for bulk orders RETAIL CREDIT SCHEMES Sahayika  Loan to meet social commitments like marriages etc.9 pure gold from PAMP.  Repayment out of pension amount in 48 EMI for those below 65 years and 24 EMI for above 5 years  Quantum of of loan: • • Up to 65 years of age – 10 times the monthly pension or Rs. tamper proof for employees as bonus during festive season Available in 2. Subhagruha .

50 lacs or 80% of the cost or 20 times the gross salary . 2 Crores  Repayable in 20 years under floating rate option. 90% of cost of new car and two wheeler and 75% of market value of used car finance against hypothecation of vehicle.  Quantum of loan – RS. Housing Finance for resident individuals  Quantum of loan up to 50 lakhs. 5 lacs for used car.  Repayable period – 15 years. . 5 lacs  Repayable period – 60 EMI Pushpaka  Loans to buy new/ used car or new two. Home Improvement Scheme  Loan for repair/ renovation of homes. for fixed rate maximum repayment is 10 years. for high networth individuals up to Rs. 10000.wheeler.  Security – Mortgage of property Home Décor  For interior decoration/ furnishing of existing homes. which should not be moore than 5 years old  Repayment – 60 EMI for new cars and 36 EMIs for used cars.  Quantam of loan up to Rs.  Maximum loan amount – Rs. and maximum repayment is 10 yearsn for fixed rate option. 10 lacs  Repayable period: 120 EMI with a holiday period of 3 months Home Loan for NRIs  Loan scheme for Non resident Indians of India origin monthly income not less than Rs.  Quantum of loan – Rs.

2 lacs.10 lacs for study in study in India and Rs. Rs 50 lacs in semi-urbanarea and Rs 10 lacs in rural area. Clean Loan  Loan for salaried employees to meet personal and domestic expenses. 5 lacs whichever is lower for employees whose salary is routed through us and 5 times the monthly salary for other employees.  Quantum of loan – maximum of 75% rent due and receivables subject to a ceiling of 60 months rent. 10 times of average monthly commission in a year with a maximum of Rs.  Repayable in 5-7 years. 50 lacs in semi – urban area. after completion of studies  No collateral security for loans up to Rs 4 lacs IOB Akshay  Loan against Life insurance policies of companies approved by IRDA.  Maximum loan amount Rs. Vidya Jyothi  Education loan for education in India or Abrod in reputed institutes.  Quantum of loan – for LIC agents. . after completion of study in Abroad. Rs.  Repayment – 36 EMI Sanjeevani  Loan Scheme for Registered Medical Practioners to construct Nursing homes/ hospitals/ purchase of equipment/ vehicle/ Ambulance.  Quantum of loan – 10 times the monthly salary or Rs. 20 lacs for study in abroad.  Maximum loan Rs 2 crores in Metro/ Ubran area.Liquirent  Loan against rental receivables for owners of buiding let out to corporate/ banks/ MNCs etc.  Repayment – 60 EMI where the loan amount is based on 10 months salary/ commission and 36 EMI for others.  Repayable in 5-7 years.  Maximum loan amount – 90% of surrender value in the form of CC/ DL/ TOD.

 Margin 15-25% for purchase of equipments. Agricultural Jewel loan  Loan for agricultural purposes against primary security of jewellery.30% for construction of nursing home.ranges from 10 to 50%. Commercial cash credit against jewellery  For business needs/ running a commercial activity of people engaged in business.  Insurance of stock. The accounts can be opened as term deposits in US dollar (USD). and Australian Dollar (AUD). Great Britain Pount (GBP). The period of deposit will be I year to 5 years. GBP 1000. in the same currency of the deposit. Interest will be paid on maturity. Japanese Yen (JPY). EUR 1000. submission of stock statement etc are not insisted. AUD 1000. against prime security of jewels. JPY 100000 • • • • • • . CAD 100.  Repayment in 5-7 years Easy trade  Hassle free loans to retail traders upto 100 lakhs. Canadian Dollar (CAD). Euro (EUR). at an attractive ate of 7% NRI Accounts Foreign Currency (Non Resident) Account • Foreign currency (Non resident) (FCNR) accounts can be opened by non resident Indian and persons of Indian origin with nomination facility. The maturity proceeds inclusive of interest are fully repartiable. For deposits of tenure up to one year simple interest will be paid and for deposits of tenure beyond one year the interest will be compounded at half yearly rests. Minimum amount of deposit shall be: USD 1000.  Margin. 25.

Nominee can be resident Indian. Interest income is free from income tax Premature closure of deposit is permitted subject to conditions. • • • Non Resident External (NRE) Account • • • NRE Accounts are Indian rupee denominated accounts that can be maintained as savings. • • • • • • Non Resident Ordinary (NRO) Account • For NRI and PIOs – meant for bonafide local banking transactions denominated in Rupees. Loan against such deposits can be availed in Indian rupees up to 75% of the deposit amount and accrued interest or Indian Rupees 1. Accounts can be maintained individually or jointly with other NRI/ PIO. Operation in the account allowed by duly executed power of attorney or mandate for local payments. not involving any violation of the provisions of FEMA (Note: Opening of accounts by individuals/ entities of Bangladesh/ Pakistan nationality/ ownership requires prior approval of RESERVE Bank of India) • . No interest is allowed on a deposit if closed prematurely before completion of one year. However the interest payable in such cases will be one percent below the rate of applicable for the period the deposit has run. or by transfer from other NRE/ FCNR accounts. Nomination facility available.• Premature closure is allowed. The entire balance in the account is fully repartiable.000 (whichever is lower) for puposes other than investment. Loan facility available against the security of NRE Term deposits.00. Current or term deposit. Credits to NRE accounts can be by way of remittance from abroad in permitted currencencies.00. FCNR accounts are opened only at designated branches.

Remittances from abroad and legitimate dues in India of the account holder ca be credited to the account. pension. dividend. per financial year (April March). funds can be traferred to NRE/ FCNR accounts Interest earned is subject to tax . in India of the account holder.  Remittance up to USD One million. Can be opened without RBI approval. interest. Can be maintained in USD/ EUR/ GBP/ JPY/ AUD/ CAD as Savings/ Term Deposits Following Credits are allowed:  Balances in NRE/ FCNR accounts at the time of return  Income from overseas assets or sales proceeds of overseas assets  Entire amount of pension received from abroad • • • Balance in the account can be remitted abroad for bonafide purposes either for self or dependents If going back abroad. Interest income is subject to income tax. for all bona-fide purposes. to the satisfaction of the bank. after staying abroad for min. The accounts can be in the form of savings. Joint account with other NRI(s)/ PIO or close resident relative is permitted. the existing account in India will be designated as NRO account. The following debits are permitted in the account  All local payments in rupees including payments for investments  Remittance outside India of current income like rent. Resident Foreign Currency (RFC) Account • • • • Can be maintained by NRI who has returned home for permanent settlement settlement.• • • • • • When a resident Indian becomes non resident. etc . 1 yr. current or term deposits.

Considering that money transfer takes place in the books of the Reserve Bank of India. The transactions are settled as soon as they are processed. .000 crore (2. the payment is taken as final and irrevocable. The Reserve Bank of India (India's Central Bank) maintains this payment network.00. Fees for RTGS vary from bank to bank. RTGS is a large value (minimum value of transaction should be Rs. RTGS system is a funds transfer mechanism where transfer of money takes place from one bank to another on a 'real time' and on 'gross' basis. 'Gross settlement' means the transaction is settled on one to one basis without bunching with any other transaction. settlement of MICR instruments (145 lakhs) accounted for only Rs.000) funds transfer system whereby financial intermediaries can settle interbank transfers for their own account as well as for their customers.79. Core Banking enabled banks and branches have assigned RTGS 11character alphanumeric codes. The statistics of transactions for the month of March 2004 shows that in the interbank market transactions involving 45. However. which are required for transactions along with recipient's account number. This is the fastest possible money transfer system through the banking channel.000 crore (1. Settlement in 'real time' means payment transaction is not subjected to any waiting period.740 billion).000 crore (540 billion). The system effects final settlement of interbank funds transfers on a continuous.790 billion) were settled.Real Time Gross Settlement (RTGS) The acronym 'RTGS' stands for Real Time Gross Settlement. RTGS will eliminate settlement risk in the case of interbank and high value transactions.74.000) settlement aggregated Rs. High value instruments (3. Customers can access the RTGS facility between 9 am to 4:30 pm on week days and 9 am to 12 noon on Saturday. 54. Both the remitting and receiving must have Core banking in place to enter into RTGS transactions.17. 1. 2. 1. transaction-by-transaction basis throughout the processing day.000 instruments and aggregating Rs.

This facility is used mainly to transfer funds below Rs. 3:00 pm and 5:00 pm on week days and three settlements at 9:00 am.000. money would be . The Reserve Bank of India has instructed banks that they should not use RTGS for amounts below Rs 1 lakh (100 thousand). 1:00 pm. 11:00 am. Comparison The key difference between RTGS and NEFT is that while RTGS is on gross settlement basis. the timings that the banks follow may vary depending on the customer timings of the bank branches. Besides.30 hours on week days and from 9. The RBI fixed the IDL limit for banks to three times their net owned fund (NOF). NEFT is on net settlement basis. 11:00 am and 12:00 pm on Saturdays. while NEFT involves six settlement cycles a day 9:00 am.30 noon on Saturdays for settlement at the RBI end. For small transactions.00 hours to 12.00. RTGS facilitates real-time ("push") transfer. The marketable securities and treasury bills will have to be placed as collateral with a margin of five per cent.00 hours to 16. National Electronic Fund Transfer National Electronic Fund Transfer (NEFT) is an online system for transferring funds of Indian financial institution (especially banks). The RTGS service window for customer's transactions is available from 9. 12:00 pm.Banks could use balances maintained under the cash reserve ratio (CRR) instead of the intra-day liquidity (IDL) to be supplied by the central bank for meeting any eventuality arising out of the real time gross settlement (RTGS). The IDL will be charged at Rs 25 per transaction entered into by the bank on the RTGS platform. the apex bank will also impose severe penalties if the IDL is not paid back at the end of the day. Thus if a customer has given instruction to its bank to transfer money through NEFT to another bank in the morning hours. However. 1. RBI has asked banks to offer National Electronic Fund Transfer (NEFT) which provided T+0 and T+1 settlement system (depending on the time a customer gives instruction to the bank for transferring the fund). However. The new rule came into effect on 1 January 2007.

RTGS facility is available in over 25. History The NEFT system went live with effect from 21 November 2005.219 branches of 88 banks (as of 25 October 2008)[2].transferred the same day. while all commercial banks have put in place the RTGS facility. Sources said that RBI also had planned to discontinue EFT (electronic funds transfer). .00. NEFT was made on the Structured Financial Messaging Solution (SFMS) platform and is Public Key Infrastructure (PKI) enabled. This is because EFT is available only in 15 locations where RBI has its clearing house.[3] whereas there is no minimum value for NEFT. only 43 banks have purchased the software required to facilitate NEFT based transaction. Besides. money would be transferred next day. However. 1. while NEFT is available in 51. the SEFT system was discontinued from 1 January 2006. NEFT was set to cover all banks which were participating in the Special Electronic Funds Transfer (SEFT) clearing.000.000 branches. As NEFT would be serving all the bank customers using SEFT. RBI made it mandatory to migrate all the SEFT banks to NEFT by 15 December 2005. Banks which fulfill the eligibility criteria for participation in RTGS were invited by RBI to participate in the NEFT. The minimum transaction value for RTGS is Rs. but if the instruction is given later during the day. RBI has instructed banks that all branches which are RTGS enabled should also provide NEFT by December 2006.

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