Indian Overseas Bank Waives Minimum Balance Charges on Savings Accounts
Thank you for reading this post, don't forget to subscribe!Indian Overseas Bank (IOB) has announced the immediate waiver of penal charges for customers who do not maintain the required Minimum Average Balance (MAB) in their savings accounts (public scheme).
The Chennai-headquartered public sector bank made the decision to provide relief and a simpler banking experience for its customers.
“We are happy to announce this waiver, which will provide significant relief to our account holders,” said IOB’s Managing Director and CEO, Ajay Kumar Srivasatava. “This decision reflects our commitment to customer-centricity and financial inclusion. Our goal is to make banking more convenient and hassle-free for our customers.”
IOB also noted that it had previously waived minimum balance charges for specific schemes, including:
- IOB Sixty Plus
- IOB Savings Bank Pensioner
- Small Accounts
- IOB Savings Bank salary package
Important Note: The bank clarified that charges for the period up to September 30, 2025, will still be applied according to the existing rules.
