A big news has arrived during the season of festivals. Popular bank, Indian Overseas Bank has taken a notable step, which will help their customers significantly. After the decision, their customers will definitely get some relief. there will be no penalty for not maintaining a minimum average balance (MAB) in the bank’s savings accounts. The bank issued a press release recently, stating that the minimum balance charge was already waived for certain schemes.
Ajay Kumar Srivastava, the bank’s Managing Director and CEO, expressed his happiness, saying, “This move will provide significant relief to our account holders.” He added, “This decision reflects our customer-centric approach and financial inclusion. Our goal is to make banking convenient and stress-free for everyone.”
Why the bank took the step?
This news is a big relief for those who try to save money every month. According to a CNBC report, Ajay Kumar Srivastava said that his goal is to provide convenience to every customer. Improving banking is essential, and this step is a good start in that direction.
The minimum balance charge was waived for certain schemes, such as IOB Sixty Plus, IOB Savings Bank Pensioner, Small Accounts, and IOB Savings Bank Salary Package. In a statement, the bank said, “Effective October 1, there will be no charges for not maintaining a minimum average balance in a savings account (Savings Account – Public).”
Indian Overseas Bank brings you a customer-friendly update! 💙
Effective October 1, 2025, no penal charges will be levied for balance shortfall in SB-Public accounts.
For schemes such as PMJDY, BSBDA, Pensioner Accounts, and Government Accounts, waivers are already applicable.… pic.twitter.com/YQuk6czUvV
— Indian Overseas Bank (@IOBIndia) September 30, 2025
Rule for premium savings account
However, there is no change in the charges for the bank’s premium savings account schemes, SB-Max, SB-HNI, SB Prime, SB Priority, SB Privilege, NRI Elevate, NRI Privilege and NRI Signature.
