Indian Overseas Bank (IOB) on Tuesday announced a waiver of penal charges for non-maintenance of Minimum Average Balance in its Saving Account (SB-Public). The waiver will be applicable frosm Oct. 1, 2025. The charges for the period up to Sept. 30, including for any shortfall will continue and will be charges as per the existing rules, the bank said in a press release. The decision is aimed at offering relief to customers and making the banking experience easier.
The bank has already waived minimum balance charges for schemes like Pradhan Mantri Jan-Dhan Yojana, Basic Savings Bank Deposit Account, Small Accounts, IOB SB Salary Package, IOB Sixty Plus, IOB SB Pensioner Scheme, and IOB SB Govt. Account.
“We are very happy to announce this waiver, which will provide significant relief to our account holders,” said Ajay Kumar Srivastava, Managing Director & CEO, IOB.
However, the penalty for not maintaining minimum balance will continue for the premium savings account scheme of the bank. The premium savings account that will continue to charge for not maintaining minimum average balance include SB-MAX, SB-HNI, SB Prime, SB Priority, SB Privilege, NRI Elevate, NRI Privilege, and NRI Signature.
