|
Indian Overseas Bank was established in 1937 with the aim to specialize in foreign exchange and overseas banking business in India. It started with simultaneously three branches in Chennai, India; Rangoon, Burma (Now Myanmar) and Penang. On the Independence Day, Indian Overseas Bank had expanded to 38 branches within the country and 7 branches abroad.
Before nationalization in 1969, the bank had ventured into consumer credit, had begun computerization of their branch in 1964 and had established an independent department for agricultural finance. In 1969, IOB had 195 branches in India. In 1977, Indian Overseas Bank opened a branch in Seoul followed by a foreign currency-banking unit in Colombo in 1979. In 1997, the bank launched its official website and introduced online Bill Payment Services for MTNL Bills to its New Delhi branch customers in 1999.
The IOB presence is marked in key trade centres of the world like Singapore, Seoul, Hong Kong, Bangkok and Germany. Its India presence is well networked branch system spanning the country with multiple branches in major cities like Bangalore, Chennai, Mumbai, Noida, Hyderabad, New Delhi, Coimbatore, Pune, Faridabad, Gurgaon and Kolkata.
Indian Overseas Bank currently provides specialized banking services to its retail customers that include Any Branch Banking (ABB), ATM Banking, IOB STARS (Indian Overseas Bank - Speedy Transfer And Realization Service) and the most popular and latest one is the 8% Saving (Taxable) Bond Scheme.
The usual banking services by Indian Overseas Bank are mentioned below:
DEPOSITS:
- Saving Bank Deposits
- No Frills SB Accounts
- Current Account
- Fixed Deposit
- Reinvestment Deposit
- Recurring Deposit Account
- Annuity Deposit Plan
- Multiple Investment Scheme
- Cumulative Benefit Deposit
- Multiple Deposit Account
LOANS:
- Personal Loan
- Car Loan
- Commercial Vehicle Loan
- Corporate Loans
- Housing Loan
- Home Improvement Loan
- Educational Loan
- NRI Home Loans
- Agricultural Loans
- Finance For Small, Medium And Large Enterprises
NRI SERVICES:
- NRE Accounts
- NRO Savings Account
- RFC Accounts
- FCNR Account
- Remittance Services
OTHER SERVICES AND PRODUCTS:
- VISA International Credit Cards
- VISA Debit Card
- IOB Fine Gold
- Real Time Gross Settlement (RGTS)
- Forex Collection Services
- Agriculture and Business Consultancy Service
- Investment options like Mutual Funds and Shares
Besides these products and services, any info on the current interest rates, news on shares and Forex rates, address and phone number of your nearest Indian Overseas Bank Branch or ATM is all available on the official website of Indian Overseas Bank. The site also provides recruitment news and the jobs vacancy in IOB. Indian Overseas Bank provides Internet Banking Services to its customers that is an easy and time saving access to your bank account right to your tabletop. Just login to your net banking account available online on the home page of IOB website and get the banking service you desire instantly. Besides this, several customer care helpdesks are also provided in the IOB branches. |
