Indian Overseas Bank has announced a waiver of penal charges for non-maintenance of Minimum Average Balance in its Saving Account (SB-Public), effective from October 1, 2025
FinTech BizNews Service
Mumbai, September 30, 2025: Indian Overseas Bank, one of India's leading public sector banks, has announced a waiver of penal charges for non-maintenance of Minimum Average Balance (MAB) in its Saving Account (SB-Public), effective from October 1, 2025.
The charges for the period up to September 30, 2025, including any shortfall, will continue to be levied as per existing rules.
The decision aims to provide relief to customers and makes the banking experience easier. Notably, the bank had already waived minimum balance charges for schemes like PMJDY, BSBDA, Small Accounts, IOB SB Salary Package, IOB Sixty Plus, IOB SB Pensioner Scheme, and IOB SB Govt Account.
"We are very 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," said Mr. Ajay Kumar Srivastava, Managing Director & CEO, Indian Overseas Bank.
The penal charges for premium savings account schemes—including SB-MAX, SB-HNI, SB Prime, SB Priority, SB Privilege, NRI Elevate, NRI Privilege, and NRI Signature—will remain unchanged.
