Indian Overseas Bank Zero Balance No Frills Account

The minimum balance requirement and the charges presently levied by banks on S.B. accounts deter a sizeable section of population from opening /maintaining bank accounts. Our Bank has, therefore, launched a "No-frills" accounts with lower minimum balance in all our branches

Apply Indian Overseas Bank Zero Balance No Frills Account Online

ELIGIBILITY : Individuals, including minors who have completed 10 years of age and pensioners. Joint accounts are permitted.

MINIMUM BALANCE : Rs.5/-

WITHDRAWAL FROM ACCOUNT : Only by withdrawal slip. Cheque book will not be issued

INTEREST PAYMENT :3.50% p.a.

AMOUNT OF TRANSACTIONS : The balance in the account should not exceed Rs.50,000 at any point of time and the total credit in the account should not exceed Rs.1,00,000/- in a year.

NO. OF TRANSACTIONS : 25 transactions per half-year

PENALTY FOR EXCEEDING THE NUMBER OF TRANSACTION : No penalty

VALUE ADDITIONS / CONCESSIONS : No other value addition / concession allowed in the account. Collection of instruments and issue of DD/MT will attract normal charges. Debit Cards are not issued.

BRANCHES WHERE ACCOUNT CAN BE OPENED : All branches of the Bank