Indian Overseas Bank to waive minimum balance for savings accounts

Indian Overseas Bank to waive minimum balance for savings accounts 

The bank had already waived minimum balance charges for schemes like PMJDY, BSBDA, Small Accounts, IOB SB Salary Package, IOB Sixty Plus, IOB SB Pensioner Scheme and IOB SB Govt Account

 By BL Chennai Bureau Updated - September 30, 2025 at 07:46 PM.

 Raghunathan SR / The Hindu | Photo Credit: RAGHUNATHAN SR

Chennai-based Indian Overseas Bank (IOB) has announced a waiver of penal charges for non-maintenance of Minimum Average Balance (MAB) in its Saving Account (SB-Public), effective from October 1, 2025.

The decision aims to provide relief to customers and makes the banking experience easier.

“We are very happy to announce this waiver, which will provide significant relief to our account holders. 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,” said Ajay Kumar Srivastava, Managing Director & CEO, Indian Overseas Bank.

The bank had already waived minimum balance charges for schemes like PMJDY, BSBDA, Small Accounts, IOB SB Salary Package, IOB Sixty Plus, IOB SB Pensioner Scheme and IOB SB Govt Account.

The penal charges for premium savings account schemes—including SB-MAX, SB-HNI, SB Prime, SB Priority, SB Privilege, NRI Elevate, NRI Privilege and NRI Signature—will remain unchanged.

The charges for the period up to September 30, 2025, including any shortfall, will continue to be levied as per existing rules.