Indian Overseas Bank

 

 

Indian Overseas Bank (IOB) is a commercial bank in India, with its headquarters in Chennai. It offers a range of financial products and services to its customers spread across the nation.[br]

Indian Overseas Bank: Company Information

Indian Overseas Bank began operations in 1937, with the inauguration of three branches simultaneously at Karaikudi and Madras (now Chennai) in India and in Rangoon, Burma (now Myanmar). It was soon followed by another overseas branch at Penang, Malaysia. At the time of independence, the bank has 38 domestic branches and seven foreign branches.

 

In the post-independence era, IOB expanded its business extensively in both the domestic and overseas markets. In the 1960s, it became the first Indian bank to begin consumer credit schemes and launched the popular personal credit plan. IOB was nationalized along with 13 other banks in 1969. However, the bank achieved autonomous status 1997-98. It launched its debut public issue in 2000-01, which was oversubscribed 1.87 times. Thus, the government’s share was brought down to 75%. During the first decade of 21^st century, IOB launched internet banking and mobile banking solutions. It became a key player in government initiatives for priority sector lending as well.

 

According to 2008-09 financial data, IOB has total deposits of Rs85 thousand crores, a 21.08% rise from the previous year. The bank has 1950 domestic branches and six branches overseas. It also has several other subsidiaries, which manage foreign operations. It has a network of over 600 ATMs across India. It is also a partner institution of CashTree ATM network services. This allows IOB customers to receive money from ATMs of partnering banks, such as Bank of India, Dena Bank, Syndicate Bank and Union Bank of India.[br]

Indian Overseas Bank: Products and Services

Products and services available with Indian Overseas Bank are:

·        Personal banking: savings, deposits, current account, loans, credit cards, mutual funds and insurance.

·        NRI (non-resident Indian) banking: foreign currency accounts, remittances, home loans and deposits.

·        Corporate banking: Finance and cash management services to micro, small and medium enterprises (MSME).

·        Rural banking: IOB Shakti and Kisan credit cards, along with low-interest lending services for rural population.

·        Government banking: pension payments, tax collection and provident fund schemes.

 

IOB has Any Branch Banking (ABB) at 771 centres across India. It allows a customer to access core banking services at any ABB branch.