Archive · 2 Oct 2025
IOB Waives Minimum Balance Charges for Savings Accounts
Indian Overseas Bank (IOB) is making banking easier.
They are removing fees for not keeping a certain amount of money in regular savings accounts.
This starts right away and applies to public scheme accounts.
IOB already waived these fees for some accounts.
IOB wants to make banking convenient for customers.
The bank clarified charges will apply as per existing rules up to September 30, 2025.
The bank's CEO says this shows IOB cares about its customers and making banking accessible.
IOB waived penal charges for not maintaining minimum balance.
The waiver applies to savings accounts under the public scheme.
The change is effective immediately.
IOB aims to provide relief and simplify banking.
Charges will apply as per existing rules up to September 30, 2025.
- Who
- Indian Overseas Bank
- What
- Announced a waiver of penal charges for non-maintenance of minimum average balance (MAB) in savings accounts.
- When
- Announced on Wednesday, with immediate effect.
- Where
- Chennai-headquartered bank
- Why
- To provide relief to customers and make banking easier.
Customers
Indian Overseas Bank
Impact of MAB
Customers
Waiver provides financial relief.
Indian Overseas Bank
Simplifies banking experience and demonstrates customer-centric approach.
- Bank
- Indian Overseas Bank (IOB)
- Action
- Waiver of minimum balance charges
- Effective Date
- Immediate
- Target Accounts
- Savings accounts (public scheme)
- Exempted Schemes
- IOB Sixty Plus, IOB Savings Bank Pensioner, Small Accounts, IOB Savings Bank salary package
- CEO Comment
- Decision reflects customer-centricity and financial inclusion
