Indian Overseas Bank announces opening of 88 New Branches

Indian Overseas Bank celebrated its 88th annual Foundation Day in Chennai on February 10.

Indian Overseas Bank announces opening of 88 New Branches

Indian Overseas Bank (IOB) a premier public sector bank in the country, celebrated its 88th annual Foundation Day in Chennai on February 10th, commemorating the legacy of its founder, Shri. M. Ct. M. Chidambaram Chettyar who founded the Bank on this day in 1937. 

The 88th Foundation Day festivities commenced with the ceremonial garlanding of the Founder's Statue by Managing Director & CEO Shri Ajay Kumar Srivastava alongside Executive Director Smt. S. Srimathy accompanied by members of the founder's family. The event was graced by the presence of esteemed bank executives, rendering it a memorable occasion. 

Year of Advancement: Plans to open 88 new Branches during the year 

Speaking on the momentous occasion, IOB Managing Director & CEO Shri Ajay Kumar Srivastava, announced Bank’s plan to open 88 new branches across the Indian landscape during the year as a part of Bank’s strategic endeavour to broaden its outreach and elevate its service spectrum. This bold expansion initiative underscores the bank's unwavering dedication to offering comprehensive financial services, thereby fostering economic vibrancy and inclusivity in communities spanning the length and breadth of the nation. 

Positioning itself as a catalyst for positive change in the lives of its customers, IOB exemplified its dedication to Corporate Social Responsibility (CSR) by donating 11 tricycles and 9 wheelchairs to differently abled individuals through the Ramakrishna Mission. Furthermore, the bank contributed a Samsung Fridge and other essentials to the Blind Girls of Thaaikarangal Charitable Trust, reinforcing its steadfast commitment to customer-centric and socially responsible banking practices. 

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Increase in Interest Rates on Deposits: 

Interest rates on Rupees Retail Term Deposits for 444 Days bucket increased by 20 bps effective from 10th February 2024. 

Now retail Term Depositors will get interest rate of 7.30 %, Senior Citizen -7.80% , Super Senior Citizen- 8.05% for the fresh term deposit opened for 444 Days period with IOB valid upto 31.03.2024 

Bank is offering one of the highest interest rates on Rupee Retail Term Deposit for 444 Days bucket. Press Release On the occasion of Bank’s 88 th foundation day IOB launched the following three exclusive products: 

1. Unveiling of Three New RuPay Credit Card Variants IOB introduces three new credit card variants designed to cater to a spectrum of preferences: IOB RuPay Classic, IOB RuPay Platinum, and IOB RuPay Select. Each variant offers enticing reward points and features a range of benefits, including merchant offers, fuel surcharge waivers, lounge access, and EMI facilities for cardholders. Furthermore, the premium variant provides personal accident coverage of up to Rs 10 lakhs. Banks is also launching a new credit card management platform, ensuring customers a seamless digital journey from application to card issuance. 

2. IOB FREEDOM Savings and Current Account variant IOB heralds a new era with the launch of IOB Freedom Savings and Current Account variants The product’s nomenclature aptly conveys the notable hallmark of this innovative offering i.e., “FREEDOM” from all types of charges, coupled with the liberation from the obligation to maintain a minimum balance, all in exchange for a modest annual fee. Designed to cater to the needs of today's digitally astute clientele, these variants offer a flexible and seamless banking experience. With features like unlimited ATM access nationwide and the option to maintain any balance without extra charges, customers can enjoy hassle-free banking. Account opening is simplified through Video KYC or branch visits, with a nominal joining fee ensuring automatic renewal. Key features include personal accident insurance coverage of Rs 10 lakh savings and current accounts.no domestic charges, flexibility in balance maintenance, the "My Account My Name" facility in Savings accounts, and the Flexi deposit facility. 

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3. Digital Documents Execution (DDE) for seamless online locker agreements IOB proudly unveils the introduction of Digital Document Execution (DDE), facilitating seamless online locker agreements. Acknowledging the challenges faced by customers adhering to revised locker agreements mandated by the Reserve Bank of India (RBI), IOB addresses issues related to non-residency and logistical constraints. The DDE facility enables online execution of agreements through the Digital Document Execution platform by the National E-Governance Services Limited (NeSL). IOB's customer-centric approach eliminates the need for physical branch visits, queueing for stamp paper, and geographical inconveniences. The 24/7 availability of online locker agreements enhances customer convenience, reducing the execution turnaround time to just two to three minutes. Functioning as a fully automated contract execution platform, DDE integrates paperless e-stamp and electronic signature (e-Sign). Through the implementation of this facility, IOB effectively addresses the geographical and logistical inconveniences cited by customers. This underscores the bank's unwavering commitment to introducing customer-centric facilities prioritizing customer convenience at its core.

4. Introduction of Green Deposit Scheme IOB has introduced Green Deposit Scheme under Retail Term Deposits (Less than Rs.2 Crore) to promote Green Finance Eco System I India. Tenor of the deposit shall be 999 days with interest rate of 6.85%, 5 bps higher than the regular term deposit. w.e.f 10.02.2024. Senior Citizens (aged 60 Years and above) will get additional interest rate of 0.50% and Super Senior Citizens (aged 80 years and above) will get additional interest rate of 0.75% above the card rates As IOB embarks on its 88th year, it remains a vanguard of progress and service, steadfast in its commitment to the well-being of its customers and the nation at large. The commemoration of the 88th Foundation Day served not merely as a nostalgic reflection on the bank's illustrious past, but as a forward-looking vision for the future. Rooted in timeless values and driven by a spirit of innovation and inclusivity, IOB pledges to remain a trusted partner in its customers' financial journeys, and a catalyst for positive societal transformation. Embarking on the journey ahead, IOB is resolutely committed to shaping a future where banking serves as a conduit for progress, prosperity, and positive societal transformation.

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