Indian Overseas Bank announces minimum balance charges waiver for savings accounts

Chennai, Oct 1 (PTI) Public sector Indian Overseas Bank on Wednesday announced a waiver of penal charges for non-maintenance of Minimum Average Balance (MAB) in its savings accounts (public scheme) with immediate effect.

The decision by the Chennai-headquartered bank aims to provide relief to customers and make the banking experience easier.

In a press release on Wednesday, the bank said it had already waived minimum balance charges for schemes including IOB Sixty Plus, IOB Savings Bank Pensioner, Small Accounts, IOB Savings Bank salary package.

Commenting on the occasion, the bank's Managing Director and CEO Ajay Kumar Srivasatava, said, "We are happy to announce this waiver, which will provide significant relief to our account holders." "This decision reflects our commitment to customer-centricity and financial inclusion. Our goal is to make banking more convenient and hassle-free for our customers," he said.

Indian Overseas Bank also clarified that the charges for the period up to September 30, 2025 would be levied as per existing rules. PTI VIJ ADB