Is Indian Overseas Bank a zero balance account?
Account can be opened with zero balance. However, in order to be eligible for certain concessions provided with this account, account holders must maintain a Quarterly Average Balance of not less than Rs 5,000. No minimum balance requirement. No minimum balance requirement.
Charges and Fees
Which bank has lowest minimum balance?
Indus Easy: BSBD Accounts- The Indus Easy Savings Account is a Basic Savings Bank Deposit Account (BSBDA) that offers maximum benefits with minimum requirements. Take advantage of all basic banking facilities at no minimum balance requirement, and get a free ATM Card as well.18-Oct-2022
Following are the features of the account: Type of Account: With or without cheque facility. Minimum Balance: INR 1,000 with cheque facility, INR 500 without cheque facility. Maximum Amount: No Limit.12-Jan-2022
Which is better SBI or IOB?
As per the current rates, Indian Overseas Bank offers a lower interest rate of 10.00% on loans compared to SBI, which offers a Personal Loan at 10.55%.
Indian Overseas Bank offers lower Home Loan EMI at ₹ 669 on a Home Loan for 30 Years as compared to SBI with a minimum EMI of ₹ 765 for 30 Years. Average customer ratings for Indian Overseas Bank is currently at 2.5/5.0 which makes it a good choice for taking a Home Loan.
How can I open zero balance account in IOB?
In order to open an Indian Overseas Bank Savings Account, you may visit the nearest branch of the bank and fill out the application form. You will be required to submit your KYC documents.
You can be penalized for not keeping the minimum balance. There is no limit on the penal charges that a bank will charge for the non-maintenance of the minimum balance. The charges have to be approved by the bank's board. Charges will vary from bank to bank and from branch to branch as well.25-Feb-2022
What is the monthly minimum balance?
The monthly average balance is the minimum amount of money that the account holder has to maintain in their current account or savings account. This is the least bank balance that you, as an account holder, need to have in your account each month to avoid being penalised by the bank.24-Nov-2022
List of All Banks Savings Account Interest Rates and Minimum Balance 2022
Which bank can open 0 balance account?
Axis Bank offers a Zero Balance Savings Account also called Basic Savings Account as part of the Pradhan Mantri Jan-Dhan Yojana Scheme. The account offers benefits such as free cash deposits, access to over 4000 Axis Bank branches and 14,000+ ATMs across India and Internet and Mobile banking services.
Best no-fee checking accounts
What is the penalty for minimum balance in Indian bank?
Non-Maintenance of Minimum Balance If the average minimum balance in the current account falls below Rs. 100000 that is if the total products are less than 9000000 in a quarter, a penalty of Rs. 573 per quarter inclusive of all tax will be levied.
Minimum Quarterly Average Balance (QAB)
What is the minimum balance to maintain in account?
A minimum account balance for a traditional savings account is the least amount of money you must keep in your account to avoid fees. Typical minimum account balance requirements for traditional savings accounts range from $300 to $500, although amounts vary and some banks have no minimum requirements.24-Jul-2022
In IOB, they are providing good service to the customer on my salary account. Its a zero balance account and i am using this account more than 6-7 years. Customer service and responsiveness was good , ATM and branches are near from my residence.
Is IOB a good bank?
The overall rating of Indian Overseas Bank is 3.7, with Job Security being rated at the top and given a rating of 4.3. However, Company culture is rated the lowest at 3.1.
1. HDFC Bank
Is IOB a govt bank?
IOB was one of the 14 major banks that were nationalized in 1969. On the eve of Nationalization in 1969, IOB had 195 branches in India with aggregate deposits of Rs. 67.70 Cr.
Within the Banks sector, IOB stock has a market cap rank of 8. IOB has a market cap of Rs 66,914.54 Cr. 6.
Is IOB good for long term?
If you are looking for stocks with good return, Indian Overseas Bank can be a profitable investment option. Indian Overseas Bank quote is equal to 25.800 INR at 2022-12-12. Based on our forecasts, a long-term increase is expected, the "IOB" stock price prognosis for 2027-12-03 is 41.217 INR.
Is Indian Overseas Bank a zero balance account?