In a press release on Wednesday, the bank said that it had already been waived from minimal balance costs for schemes, including IOB Sixty Plus, IOB Savings Bank Pensioner, small accounts, Salary package IOB Savings Bank. | Photocredit: Raghunathan SR
The Indian overseas bank of the public sector announced a distance of penalty costs on Wednesday for non-maintenance of the minimum average balance (MAB) in its savings accounts (public scheme) with immediate effect.
The decision of the Chennai headquarters Bank wants to offer customers exemption and make the banking experience easier.
In a press release on Wednesday, the bank said that it had already been waived from minimal balance costs for schemes, including IOB Sixty Plus, IOB Savings Bank Pensioner, small accounts, Salary package IOB Savings Bank.
On the occasion, the director and CEO of the Bank Ajay Kumar Srivasatava said: “We are happy to announce this exemption that will offer our account holders considerable lighting.” “This decision reflects our dedication to customer focus and financial inclusion. Our goal is to make banking easier and trouble -free for our customers,” he said.
Indian Overseas Bank also clarified that the costs for the period up to September 30, 2025 would be levied according to existing rules.
Published on October 2, 2025
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