Indian Overseas Bank

The Indian Overseas Bank or IOB was established in India in 1937. It is a major Commercial bank in India that has 1400 domestic branches and six overseas branches.

The bank is based in Chennai (Madras), India and is ranked as the number one Public sector bank among all commercial banks in the country.

The bank has a network of over 500 ATMs all around India. The bank’s Visa Debit card is acceptable at all ATMs that belong to the Cash Tree and NFS networks.

The bank is also nationalized bank India. It is also one of the few banks in India that have been approved by the Indian government to offer payment of taxes via the bank online. What sets apart the Indian Overseas Bank from most other Indian Commercial banks is that it boosts of its own in-house Information Technology department that is ISO certified.

This Information Technology department is solely responsible for the development of the software that is used by 900 of its branches to offer internet banking to its clients. The bank has plans to increase the number of branches that offer internet banking.

The Indian Overseas Bank offers a host of services for its clients. In personal banking, there are services for savings and current accounts, term deposits, retail loans, home loans and mortgages, depository services, international VISA cards, any branch banking and Insurance and Mutual funds.

There are also NRI accounts that have on offer services like Non-resident ordinary(NRO), Resident foreign currency accounts, Foreign currency Non-resident accounts, Tracking cell, IOB NRI shield and NRI Remittances among others.

The bank offers banking services for small and medium enterprises (SMEs), IT BPO and cash management services. The bank has shown continued support for a number of social causes in India through programs like the IOB-shakti and the Minority-Sachar Committee. It also offers agricultural short term loans to farmers that need them as well as Financial Inclusion. There is also provision by the bank for Agri business consultancy.

Forex trading services are also offered by the bank which is reflected in its swift centers, Authorized branches in forex trading, forex collection services and overseas cash. As mentioned earlier, the bank is authorized to allow direct and indirect tax payments to the government through its internet banking services.

Other programs that the bank undertakes with the Indian government include Pension payment schemes, Senior citizen scheme, the provident Fund scheme and the 8% Savings taxable bond scheme.