What are the charges in IOB?
Indian Overseas Bank NEFT Fees and Charges
| Transaction amount | Transaction fee |
|---|---|
| Up to Rs.5,000 | Rs.25 |
| Above Rs.5,000 to Rs.10,000 | Rs.60 |
| Above Rs.10,000 to Rs.1 lakh | Rs.5 per Rs.1000 |
| Above Rs.2 lakh | Rs.4.5 per Rs.1000 |
Does IOB charges for minimum balance?
For rural and semi-urban branches, minimum balance of Rs 100 must be maintained for non-cheque operated accounts; Rs 500 for cheque operated accounts. For all other branches, minimum balance of Rs. 500 for must be maintained for non-cheque operated account and Rs. 1000 for cheque operated account.
What is the DD charges in IOB?
IOB Demand draft Issue Charges:
| Amount Range | Charges |
|---|---|
| DD Value Upto Rs. 5000 | Rs. 25 |
| Rs. 5000 to Rs. 10000 | Rs. 60 |
| Rs. 1000 to Rs. 100000 | Rs. 5 per 100000 |
| Above rs. 100000 | Rs. 4.50 per 100000 |
What is the minimum balance in IOB current account?
The minimum balance requirement for the account for the last 3 months should be Rs. 1 lakh or more. The bank provides its IOB CD Classic account holders with its internet banking facilities to carry out their transactions. Account holders have the privilege of banking anywhere.
What is the minimum balance required to open an IOB account?
Quarterly Average Minimum Balance of a minimum Rs 1,00,000 or more. IOB – Savings Bank Silver I. 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.
What is the interest rate on IOB savings accounts?
IOB offers some of the most competitive interest rates on their Savings Accounts to help you maximize your capital. With effect from 11 November 2020, the bank offers an interest rate of 3.05\% on their Regular Savings Bank Account.
Can a bank charge non-maintenance of minimum balance penalty?
Note that while banks are allowed to charge non-maintenance of minimum balance penalty to the customers, there is no cap on the charges. The penal charges have to be approved by the bank’s board.
Can the balance in a savings bank account be negative?
Some people have even noted negative balance in their accounts after the minimum balance non-maintenance penalty charges were levies on them. However, as per the Reserve Bank of India, the balance in a savings bank account can’t be negative because of the non-maintenance of minimum balance charges.