Miscellaneous Services

Miscellaneous Services

  1. Citizens can remit certain types of Taxes like Income Tax, Sales Tax, Wealth Tax, Interest Tax, Gift Tax, Corporation Tax, Estate Duty, Customs and Excise Duty, at the counter of designated branches.
  2. For direct taxes OLTAS (Online Tax Accounting System) was introduced from 01.06.2004. The cumbersome process of filling up of four copies of challans has been replaced by a single copy challan.. As per the latest government guidelines, it is mandatory to mention the PAN & TAN numbers while remitting the Income Tax at the branches
  3. Taxes can be remitted in cash or by cheques payable locally.
  4. Certain branches have also been authorised to accept Telephone Bills, Electricity Bills and Water Bills and Property Tax.


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.


  1. Citizens can freely exchange soiled / cut and / or slightly mutilated notes from the bank at any of the branches, subject to the Rules and Regulations prescribed by the Reserve Bank of India, from time to time.
  2. Our Branches with currency chests attached, also provide Exchange of damaged/mutilated notes subject to provisions o f RBI (Note Refund) Rules, in force.
  3. Customers may refuse to accept cut / soiled notes issued to them as these unfit notes are not reissuable by the branches.



  1. All the branches of bank can issue Demand Drafts / Mail Transfers, Telegraphic transfers on our own branches at the request of the customers / public. Banker's Cheques are issued for local transactions.
  2. The above services are provided on payment of service charges, prescribed by the bank as directed by Indian Banks' Association from time to time.
  3. The above services are rendered within the exhibited time norms, which are displayed in all the branches and in case of any difficulty citizens can seek the help of the Branch Manager.
  4. Replacement draft, in lieu of lost draft, upto and including Rs.2,500/- may be issued to the purchaser against indemnity. If duplicate draft is required for a higher amount, non-payment certificate is called for from drawee office by telex/telegram at applicant's cost and other formalities completed as per the prescribed procedures.


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.

(b) Ex-Servicemen.

(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.

  • Certain types of customers are permitted the facility of value dating their remittances to avoid loss of interest, transit delay, etc., with prior approval of Central Office.
  • The service charges are categorised depending upon the location of the branch, viz., Rural, Semi-urban, Urban and Metropolitan.

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.


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.


If the cheques / bills purchased / discounted are returned unpaid, handling charges will be recovered as mentioned below, in addition to exchange, postage and interest.


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.


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.


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.


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.

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