PAYMENT OF PENSION:
Branches of Indian Overseas Bank are authorised to disburse Central Civil, Railway,
Defence amd various State Government pensions in the following states and cities.
States: Tamilnadu, Pondicherry, Kerala, Orissa and Punjab
Cities: Kolkata, Mumbai, Delhi/New Delhi, Hyderabad/Secunderabad, Bangalore and Lucknow
The pensioner can open joint account wi;th his /her spouse in whose favour an authorisation for family pension exists. The pensioner can operate the account jointly
With the spouse by “former or Survivor” or “Either or Survivor” basis.
Monthly Pension is automatically credited to the pensioner’s individual account.
The pensioners who draw pension are required to submit the prescribed certificates periodically. Viz , Life certificate, Non-marriage/ Remarriage certificate ,Non employment certificate etc., to the Branch itself where their account is maintained.
The pension accounts can be transferred at the request of the pensioner from one authorised Branch to another and similarly from one Bank to another Bank.
Nomination facility is also available for these accounts.
Our bank is extending exclusive financial assistance in the form of "Pensioner's Loan
Scheme" wherein pensioners are granted loans for medical treatment, personal expenses etc., subject to bare minimum formalities. The loan is repayable in easy monthly instalments.
ACCEPTANCE AND EXCHANGE OF CUT NOTES:
ISSUE OF DEMAND DRAFTS / TELEGRAPHIC TRANSFERS / MAIL TRANSFERS AND BANKER'S CHEQUE:
Funds can also be remitted telegraphically as per the request of the customers.
Transfer of funds from one account to another account of the same party is effected free of cost.
Certain concessions are allowed in service charges in case of the following:-
(a) Defence Paramilitary.
(c) Co-operative Organisations.
(d) Collection of cheques for Prime Minister's and Chief Minister's Relief Fund.
(e) Collection of instruments favouring religious, Welfare Service and Charitable Institutions.
(f) Subsidy cheque issued by Government authorities for Government special programmes.
(g) Collection of cheque issued as per court orders for investment in term deposits.
(h) Collection of salary bills cheques for teachers employed in Government run schools. However, Postage and incidental expenses will be recovered.
COLLECTION OF CHEQUES/DDs/Interest Warrants Etc:
Local cheques on other branches of our Bank as well as other Banks are collected and credited free of cost through local clearing. Outstation cheques / bills are also collected, for which service charges are levied. Instant Credit is now afforded on customers' outstation cheques / drafts upto Rs.15,000/- subject to collection of scheduled charges. This facility is extended to Savings Banks and Current accounts in the names of individuals only maintained for a period of six months or more prior to the credit subject to satisfactory conduct of the account. However, this facility is not available to Minors, Non Residents. The details of collection charges are given separately
In case of return of cheques / drafts the following charges collected, which may vary from time to time as per Reserve Bank of India directive.
NON-RURAL BRANCHES RURAL BRANCHES
Local Cheques Rs.10/- per instrument Rs.8/- per instrument.
Outstation Bills / 50% of the collection 50% of the collection
Cheques and Local charge subject to a minimum charge subject to a
Bills of Rs.15/- per bill / cheque. minimum of Rs.12/- per
bill / instrument.
Cheques for Prime Minister's and Chief Minister's Relief Fund are collected at par.
CHARGES FOR BILLS / CHEQUES AND INSTANT CREDIT INSTRUMENTS RETURNED UNPAID:
If the cheques / bills purchased / discounted are returned unpaid, handling charges will be recovered as mentioned below, in addition to exchange, postage and interest.
NON-RURAL BRANCHES RURAL BRANCHES
Local Cheques Rs.10/- per instrument. Rs.8/- per instrument.
Outstation Bills/ 50% of the collection 50% of the collection
Cheques and Local charges subject to a charges subject to a
Bills minimum of Rs.15/- minimum of Rs.12/-
per bill / instrument. per bill / instrument.
PAYMENT OF INTEREST FOR DELAYED COLLECTION:
Outstation cheques are collected within 7 days . Interest at Savings Bank interest Rate for the delayed period will be paid for delays beyond the prescribed period mentioned above.. No interest is payable when instruments are lost in transit.
Attractive gift cheques are available in the denominations of Rs.21/-, Rs.51/-, Rs.101/-, Rs.201/- and Rs.501/-. These cheques are payable at par at all our branches and are valid for a period of six months and are issued free of charges and may be drawn in favour of individuals, joint names, clubs, associations, etc.
Our bank issues traveller cheques in various denominations of Rs.100/-, Rs.500/- and Rs.1,000/-. They are payable at par at all our branches. Nominal service chares at Rs.0.60 ps. Per Rs.100/- - with a minimum of Rs.6/- is levied for issuance of travellers cheques. However, exchange will be collected on the total value of cheques sold at any point of time.
SAFE DEPOSIT LOCKERS:
For the safety of valuables, documents, etc., safe deposit lockers are available in various sizes in most of our branches, which can be hired by the citizens on payment of annual rent upfront. Customers are also encouraged to make a caution deposit while renting the locker depending on the size of the locker.. Nomination facility is also available.
All applications received for hiring out a locker are serially numbered and a waiting list is maintained by the branches.
CAPITAL GAINS ACCOUNT SCHEME :
Under the scheme, the tax payers can avail the benefit of exemption from Capital Gains only when the amount of Capital gains or the net consideration is deposited in Public Sector Banks on or before their due date of filing a return of income. The approval from Income Tax authorities is required for opening of the account.
Savings Deposit or Term Deposit accounts can be opened under the scheme. Deposits may be made in one lump sum or in instalments, in cash or by crossed cheque or by draft. The effective date for claiming exemption under the Act in the case of deposit by cheque/drafts is the date of tender of those instruments subject to their realisation.
Interest is paid at applicable rate for Savings Bank or Term Deposit accounts as the case may be.
Transfer of these accounts are permitted from one branch to another. Under this scheme, conversion of Savings Bank accounts to deposit accounts and vice versa is allowed. Nomination facility is also available for all these accounts except for accounts opened on behalf of a minor of Hindu Undivided Family or a Company or an Association of Person or a body or individuals.
The amounts held in Savings Bank accounts or deposit accounts under the scheme cannot be placed or offered by the depositor as security for any loan or guarantee.
Part payment is permitted. Closure of account is only on production of written specific approval of the Assessing Income Tax Officer.