Indian Overseas Bank

About Indian Overseas Bank

Indian Overseas Bank boasts of a large network of more than 598 ATMs. In the areas of Banking and Insurance industry, Indian Overseas Bank has created a niche for itself in forex business and overseas banking. The retail customers of the bank are hugely benefited by its ATM Banking, Any Branch Banking (ABB) and IOB STARS (Indian Overseas Bank - Speedy Transfer and Realization Service). Its 8% saving (Taxable) Bond Scheme is also very popular with the customers.

Background of Indian Overseas Bank

Established on 10th February 1937 by Mr M. Ct. M. Chidambaram Chettyar, leader in banking, insurance and industry areas, Indian Overseas Bank (IOB) had the twin aims of attaining specialization in overseas banking as well as foreign exchange business. IOB has always been talked about for its excellent presence and services. At the time of inauguration, IOB started its business in three branches at the same time. The branches were located at Karaikudi and Chennai in India and Rangoon in Myanmar, erstwhile Burma. It had a branch in Penang also.

During the time when India became an independent nation, Indian Overseas Bank was running 38 branches in India and 7 overseas branches. At that point of time, the Deposits of the bank was Rs.6.64 crore and Advances was Rs.3.23 crore.

IOB received the status of nationalized bank in the year 1969 along with other 13 major banks. By this time, it had 195 branches. Gradually between the periods 1969 and 1992, IOB started spreading its wings in foreign destinations like Colombo and Seoul.

IOB was the first bank to receive ISO 9001 Certification from Det Norske Veritas (DNV), Netherlands in the month of September 1999 for its Computer Policy and Planning Department. Besides, in its journey, it has won many awards and accolades too. These include:

• NABARD's award 2000-2001 for creating maximum number of credit links of Self Help Groups in comparison to all the other Banks in Tamil Nadu.


• Best Award under the category of Banking Technology in the year 2001.

Products and Services of Indian Overseas Bank

The thoughtfully designed products and services of the Indian Overseas Bank can be listed as given below:

Personal Banking

• Saving bank
• Current account
• Term deposit
• Retail loans
• Home loans and mortgages
• Depository services
• IOB Fine Gold
• International VISA Cards
• Any Branch Banking
• Multi city cheque facility
• Insurance and mutual fund

Corporate Banking

• Micro Small and Medium Enterprises (MSME)
• IT & ITes BPO
• Cash management services -IOB STARS

Rural

• IOB's commitment for social causes
• Agricultural short time loans
• Financial inclusion
• Agri business consultancy

NRI Accounts

• Non-Resident Ordinary (NRO)
• Resident Foreign Currency Account (RFC)
• Foreign Currency Non-Resident Accounts (Banks)
• NRI home loan scheme
• NRI remittances
• Remittances procedures
• Tracking cell
• Forward cover
• IOB NRI shield
• IOB Expo Gold Card

Forex

• SWIFT centers
• Authorized dealer branches
• Forex collection services
• Overseas cash

Government Business

• E-Payment of direct taxes
• E-Payment of indirect taxes
• Pension payment scheme
• Sales tax collections
• Provident Fund Scheme 1968
• 8 percent savings taxable bond scheme
• Senior citizen scheme 2004

Head Office of Indian Overseas Bank

Indian Overseas Bank
763 Anna Salai,
Chennai - 600002
Phone: +91-44- 28524212

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