8/8/2019 About Indian Overseas Bank

1/3

About Indian Overseas Bank

Indian Overseas Bank boasts of a large network of more than 598 ATMs. In the areas of Banking and

Insurance industry, Indian Overseas Bank has created a niche for itself in forex business and overseas

banking. The retail customers of the bank are hugely benefited by its ATM Banking, Any Branch Banking

(ABB) and IOB STARS (Indian Overseas Bank - Speedy Transfer and Realization Service). Its 8% saving(Taxable) Bond Scheme is also very popular with the customers.

Background of Indian Overseas Bank

Established on 10th February 1937 by Mr M. Ct. M. Chidambaram Chettyar, leader in banking, insurance

and industry areas, Indian Overseas Bank (IOB) had the twin aims of attaining specialization in overseas

banking as well as foreign exchange business. IOB has always been talked about for its excellent

presence and services. At the time of inauguration, IOB started its business in three branches at the

same time. The branches were located at Karaikudi and Chennai in India and Rangoon in Myanmar,erstwhile Burma. It had a branch in Penang also.

During the time when India became an independent nation, Indian Overseas Bank was running 38

branches in India and 7 overseas branches. At that point of time, the Deposits of the bank was Rs.6.64

crore and Advances was Rs.3.23 crore.

IOB received the status of nationalized bank in the year 1969 along with other 13 major banks. By this

time, it had 195 branches. Gradually between the periods 1969 and 1992, IOB started spreading its

wings in foreign destinations like Colombo and Seoul.

IOB was the first bank to receive ISO 9001 Certification from Det Norske Veritas (DNV), Netherlands in

the month of September 1999 for its Computer Policy and Planning Department. Besides, in its journey,

it has won many awards and accolades too. These include:

NABARD's award 2000-2001 for creating maximum number of credit links of Self Help Groups in

comparison to all the other Banks in Tamil Nadu

Best Award under the category of Banking Technology in the year 2001

8/8/2019 About Indian Overseas Bank

2/3

Products and Services of Indian Overseas Bank

The thoughtfully designed products and services of the Indian Overseas Bank can be listed as given

below:

Personal Banking

Saving bank

Current account

Term deposit

Retail loans

Home loans and mortgages

Depository services

IOB Fine Gold

International VISA Cards

Any Branch Banking

Multi city cheque facility

Insurance and mutual fund

Corporate Banking

Micro Small and Medium Enterprises (MSME)

IT & ITes BPO

Cash management services -IOB STARS

Rural

IOB's commitment for social causes

Agricultural short time loans

Financial inclusion

Agri business consultancy

8/8/2019 About Indian Overseas Bank

3/3

NRI Accounts

Non-Resident Ordinary (NRO)

Resident Foreign Currency Account (RFC)

Foreign Currency Non-Resident Accounts (Banks)

NRI home loan scheme

NRI remittances

Remittances procedures

Tracking cell

Forward cover

IOB NRI shield

IOB Expo Gold Card

Forex

SWIFT centers

Authorized dealer branches

Forex collection services

Overseas cash

Government Business

E-Payment of direct taxes

E-Payment of indirect taxes

Pension payment scheme

Sales tax collections

Provident Fund Scheme 1968

8 percent savings taxable bond scheme

Senior citizen scheme 2004