1

Eligibility

All fully KYC complied individuals SB accounts.

2

Who can be the members of IOB PARIVAAR Family Savings Scheme

(Eligible Relations)

Spouse, Father and Father-in-law, Mother and Mother-in-Law, Children's (Son, Daughter), Son in Law and Daughter-in-law.

All members who have an individual IOB SB Account. Accounts with freeze, negative balance, unrecovered charges, Inactive, Inoperative accounts have been restricted from grouping.

3

Minimum & Maximum Members

A minimum of 2 and maximum of 6 accounts can be grouped under a single-Family Savings account

4

Applicable

To new and existing individual customers

For new accounts to be opened and grouped, the account should be opened with an initial pay in amount equivalent to the QAB of that variant.

Family ID will be treated as new if the primary account holder account is not older than 30 days. Personal Accident Insurance (PAI) coverage will be activated only after successful maintenance of first quarter QAB of that variant from the date of opening.

To form a Family ID by grouping existing accounts of all members, the group must have maintain the required QAB of the respective variants in the preceding at least two consecutive quarters and branch should also insist on including one newly opened account of any family member (new account opening date should not be older than 30 days).  System will throw an alert message in CBS informing that all members are existing customers. Branch is insisted on adding new members. CBS will not restrict from groping all existing members; however, branch is insisted on adding at least one new member in the family group.

5

Family ID/ Group ID

An identification number will be generated to consolidate the account numbers of family members for the purpose of group identification and for determining the QAB. The Customer ID of the primary account holder within the group will serve as the Group ID. Only one group or Family ID is permitted for each CIF ID. The primary account holder must not be a minor. A single CIF can belong to only one family, and a minimum gap of one month is required to establish a new family after the dissolution of a previous family, if applicable. This scheme is available to both new and existing individual customers

6

Family Quarterly Average Balance (FQAB)/Deposit value (DV)

Average Quarterly Balance to be maintained at Family/Group level known as Family Quarterly Average Balance (FQAB). Term Deposit maintained at Family Level is Term Deposit value. Minimum tenure of deposit is 6 months.

7

Variants

3 variants

IOB ADARSH FAMILY

IOB LEGACY FAMILY

IOB ROYAL FAMILY

Scheme code: SBADP

Scheme code: SBLGP

Scheme code: SBRYP

8

Minimum Family SB Balance Requirement

Minimum Family Quarterly Average Balance (QAB) of Rs.2.00 lakh/-

Minimum Family Quarterly Average Balance (QAB) of Rs.5.00 lakhs

Minimum Family Quarterly Average Balance (QAB) of Rs.10.00 lakhs.

Or

Or

Or

Or

Minimum Family Term Deposit Balance Requirement

Total Term Deposit is equivalent to Rs. 40 Lakh (based on CIF)

Total Term Deposit is equivalent to Rs. 100 Lakh

 (based on CIF)

Total Term Deposit is equivalent to Rs. 200 Lakh

(based on CIF)

9

Deposit Holdings Consideration:

Only Self Operated (SO) deposit accounts will be considered for calculating total deposit holdings of customers linked under the PARIVAAR Scheme (inclusive of both parent and child accounts) for calculating QAB.

10

Eligible scheme for groping under IOB PARIVAAR Scheme

Eligible scheme for groping under IOB PARIVAAR Scheme is

1. IOB Salary Accounts with four variants Gold, Diamond, Platinum and IOB Premium

2. SB MAX Account

3. SB HNI Account

4. SB Superstar Account

5. IOB Pensioner Scheme (pensioner-I &-II)

6. Ultra HNI SB Scheme (all three variants-Prime, Priority and Privilege)

7. IOB Sixty Plus Non-Pensioner Scheme

8. IOB ECO savings account

9. IOB Freedom Savings Account

10. SB staff account

11. SB Public

For new accounts to be opened and grouped, the account should be opened with an initial pay in amount equivalent to the QAB of that variant.

Family ID will be treated as new if the primary account holder account is not older than 30 days. Personal Accident Insurance (PAI) coverage will be activated only after successful maintenance of first quarter QAB of that variant from the date of opening.

To form a Family ID by grouping existing accounts of all members, the group must have maintain the required QAB of the respective variants in the preceding at least two consecutive quarters and branch should also insist on including one newly opened account of any family member (new account opening date should not be older than 30 days). System will throw an alert message in CBS informing that all members are existing customers. Branch is insisted on adding new members. CBS will not restrict from groping all existing members; however, branch is insisted on adding at least one new member in the family group.

Customers will receive the beneficial features of this scheme even though the primary or any of the accounts having better among all eligible schemes. “IOB PARIVAAR scheme supersedes all other schemes.” The declaration must be obtained including a statement: “IOB PARIVAAR scheme supersedes all other schemes.”

Free facilities can be availed by any member (account) of the family in the group, subject to maintenance of QAB limit by the family group. The balance can be maintained in one account or across different accounts under a family ID.

The individual account will be operated strictly as per the mandate submitted by the individual customer. Secrecy and confidentiality of the individual account will not be compromised in any case.

Facilities in the scheme will be available only if the required QAB /Term Deposit Value is maintained at family ID level.

In case, Quarterly Average Balance (QAB) in 2 quarters in a row in the connected Accounts (Family) remains below required level QAB requirements as per respective Family Variant & Segment, then the system will automatically dissolve the family grouping, and all linked accounts will be downgraded to the original scheme from where it was changed to PARIVAAR Scheme wherein they have to maintain the required balance as per the original scheme.

Accounts under existing schemes having outstanding Flexi Fixed Deposits (FFD) attached will not be eligible for conversion to the PARIVAAR Scheme for both parent and child accounts.

13

Personal Accident insurance with accounts except armed forces and police

Per person

Rs 5 Lakhs

Rs 10 Lakhs

Rs 20 Lakhs

Maximum 6 per family

Rs 30 Lakhs

Rs 60 Lakhs

Rs 120 Lakhs

14

Personal Accident Insurance Coverage (in the Rupay debit card) subject to the terms and conditions of NPCI

Rs.2. lakh  on Rupay Platinum

Rs. 10 lakh   on Rupay Select

Rs. 10 lakh   on Rupay Select

15

Type of Debit card variant

VISA Gold/ Rupay Platinum

(or lower variants if customer opts)

VISA Signature/Rupay Select (or lower variants if customer opts)

VISA Signature/Rupay Select (or lower variants if customer opts)

16

Lounge Access

As per card variant. Lounge access to domestic/international airports and railway stations shall be provided as per the offers given by the card aggregator/service providers, i.e., M/s NPCI, M/s VISA etc., in accordance with the terms and conditions of card networks. Branches are requested to educate the customer to refer the website of the respective card provider (VISA/RuPay) for the updated details from time to time

17

Debit Card issuance charges

Nil

NIL

NIL

18

Debit Card AMC

As per applicable charges

 NIL (however, AMC charges will be applicable if QAB for any quarter is not maintained or required Term Deposit as per the scheme is not maintained)

 NIL (however, AMC charges will be applicable if QAB for any quarter is not maintained or required Term Deposit as per the scheme is not maintained)

19

ATM Cash Withdrawal

VISA Gold - Rs. 40,000/- Rupay Platinum- Rs. 50,000/- Rupay Platinum- Rs. 50,000/-

VISA Signature-Rs. 1,00,000/ Rupay Select-Rs. 50,000/-

VISA Signature-Rs. 1,00,000/ Rupay Select-Rs. 50,000/-

20

POS limit per day

VISA Gold - Rs. 1,25,000/- Rupay Platinum- Rs. 1,25,000/-

VISA Signature-Rs. 3,50,000/ Rupay Select-Rs. 5,00,000/-

VISA Signature-Rs. 3,50,000/ Rupay Select-Rs. 5,00,000/-

21

E-Com Limit

VISA Gold - Rs. 1,25,000/-  Rupay Platinum- Rs. 1,25,000/-

VISA Signature-Rs. 3,50,000/  Rupay Select-Rs. 3,50,000/

VISA Signature-Rs. 3,50,000/  Rupay Select-Rs. 3,50,000/

22

Number of ATM transactions free per month

IOB ATM- unlimited

IOB ATM- unlimited

IOB ATM- unlimited

Other bank ATM- 5 transactions per month

Other bank ATM- 10 transactions per month

Other bank ATM- 10 transactions per month

23

NEFT / RTGS/IMPS charges

NIL transaction charges

NIL transaction charges

NIL transaction charges

24

SMS/E-mail alert

NIL charges

NIL charges

NIL charges

25

Credit Card subject to eligibility

Issue charges- NIL

Issue charges- NIL

Issue charges-

 NIL

AMC- As per applicable charges

AMC- As per applicable charges

AMC- 50 % waiver

26

Non-Maintenance of QAB charges

(Excluding GST)

I.   If QAB shortfall <20% then Rs100/-

II.   If QAB shortfall >20% upto 40 % then Rs 200/-

III.   If QAB shortfall >40% upto 60 % then Rs 300/-

IV.   If QAB shortfall >60% upto 80 % then Rs 400/-

V.   If QAB shortfall >80 % then Rs 500/-

I.   If QAB shortfall <20% then Rs200/-

II.   If QAB shortfall >20% upto 40 % then Rs 500/-

III.   If QAB shortfall >40% upto 60 % then Rs 1,000/-

IV.   If QAB shortfall >60% upto 80 % then Rs 1,500/-

V.   If QAB shortfall >80 % then Rs 2,000/-

I.  If QAB shortfall <20% then Rs 500/-

II.  If QAB shortfall >20% upto 40 % then Rs 1,000/-

III.  If QAB shortfall >40% upto 60 % then Rs 1,500/-

IV.  If QAB shortfall >60% upto 80 % then Rs 3,000/-

V.  If QAB shortfall >80 % then Rs 4,000/-

NIL- If Term Deposit of Rs. 40 lakh is maintained

NIL- If Term Deposit of Rs. 100 lakh is maintained

NIL- If Term Deposit of Rs. 200 lakh is maintained

27

Penal Charge Application

Penal Charges will be recovered from the primary family member's account. In case of insufficient balance in the primary family member's account the charges will be recovered from the next account in the sequence of grouping and so on. Primary account holder cannot be a minor.

28

Locker rent Concession after one-year completion of SB account

 (1- Locker per Family) Only for the Primary holder locker 

10% waiver

15 % waiver

25% waiver

29

Locker Operations

Unlimited Free

Unlimited Free

Unlimited Free

30

Concession in Processing charge on Housing loan after one-year completion of SB account

100%

100%

100%

31

Concession in Processing charge on Vehicle loan after one-year completion of SB account

25%

50%

100%

32

Internet and Mobile Banking Facility

Free

Free

Free

33

Personalised Cheque Book

Free- 40 cheque leaves per year. One cheque book of 20 leaves at a time.

Unlimited Free- multiple of 20 leaves. One cheque book of 20 leaves at a time.

Unlimited Free- multiple of 20 leaves. One cheque book of 20 leaves at a time.

34

Demand Drafts issuance charges

Free unlimited to the extent of average balance available in the account in the previous month. Beyond the previous monthly balance, then DD charges will be applicable as per SB-PUB.

35

Stop payment instruction Charges

Nil

Nil

Nil

36

Account statement charges through email monthly

Nil

Nil

Nil

37

Standing instructions charges

Nil

Nil

Nil

1

Self (Primary account holder)

2

3

4

5

6

Name of the Member-1 (Primary Id)

Name of the Member-2

Name of the Member-3

Signature of the Member-1

Signature of the Member-2

Signature of the Member-3

Name of the Member-4

Name of the Member-5

Name of the Member-6

Signature of the Member-4

Signature of the Member-5

Signature of the Member-6