Indian Overseas Bank (IOB) is a major public sector bank based in Chennai, with about 3700 domestic branches.

About Tax Saver Scheme of IOB:

The deposit scheme is open to individuals. The deposit can be in the single name of the depositor or in joint names of two adults.

Deposit accepted:

A maximum of Rs. 1,50,000 is accepted under the scheme from one individual / under one deposit account in year.

Period for which deposit can be accepted:
The deposit is accepted for any period from 5 years to 10 years.

Types of deposit that can be accepted:
The deposit can be accepted in the form of reinvestment deposit (RDP) or Fixed Deposit or Special Fixed Deposit (SFD) and interest can be payable half-yearly or quarterly or monthly.

Branches where the deposit can be opened:
The deposit can be accepted by all branches of the Bank.

Transfer of deposit:
While transfer of deposit between branches of IOB is permitted, transfer between banks is not permitted. Branches, therefore, should not accept deposits transferred from another bank.

Special conditions for issue of deposit receipt:
The PAN number of the depositor and his signature will appear on the deposit receipt.

Loan against deposit / accepting the deposit as collateral security:
Loan can not be granted against the deposit nor can the deposit be accepted as collateral security.

Repayment of deposit: Deposit is repayable on or after maturity date in the normal course. Premature closure is not permitted till the deposit completes 5 years from date of deposit.
Rate of Interest: Special rate of interest is offered for the deposits.
Special rate for deposits of Rs.10,000 to Rs.1 lac: 7.75%
Senior Citizen deposits: 0.50% over and above the above rates.

Contact:

Central Office Address :
763 Anna Salai,
Chennai - 600002
Phone : +91-44- 28524212+91-44- 28524212