Last Updated on: 30/06/2025
Presenting IOB Freedom Savings Account - A one-of-a-kind Subscription based Savings Account. IOB Freedom Savings Account is Specifically Designed for Customers Seeking a Worry-Free Banking Experience by Eliminating Domestic Services Charges Ensuring Transparent Banking at Its Finest with Add-on Feature of Personal Accident Insurance Coverage. IOB Freedom Savings Account Provides Customers with Flexibility to Maintain any Balance, Sweep-in Sweep-out Facility (Flexi Deposit) and 30+ More Services. What's More? Just an Annual Fee and Enjoy Pure Freedom from various Domestic Charges. Also the image to be changed with the one as attached along with this email. Conveniently Open IOB Freedom Savings Account through Video KYC Digitally or Visit Your Nearest Branch Sr. No. Details Features 1 Eligibility Opening in Completely Digital Manner Through Video KYC Process Opening by Visiting Branch (Offline) Indian Resident Individual Above 18 Years of Age, Who are Eligible to Open Savings Bank Accounts and Wish to Open an Account Verified with Aadhaar & PAN Card. Accounts can be Opened by All Those who are Eligible to Open Savings Bank Accounts, Above 18 Years of Age. 2 Minimum Balance Maintenance Requirement No Minimum Balance Maintenance Requirement 3 Type of Debit Card Free Rupay Platinum Debit Card 4 Lounge Access: Domestic/International Airport Lounge Access is Subject to Card Network. As per the Present Scenario, NPCI for Rupay Platinum Provides Two Free Lunge Access per Card Holder per Calendar Quarter will be Permitted Subject to Maximum of 8 (Eight) Airport Lounge Access per Year. Unutilized Access will Lapse at the End of Quarter and Cannot be Carried to Next Quarter The Program is Applicable at Select Airport Lounges Across India Listed in https://www.iob.in/RupayLounge 5 ATM Cash Withdrawal Limit Rs. 50,000/- per Day (Rupay Platinum Debit Card) 6 ATM POS Limit Rs. 1.25 Lac (Rupay Platinum Debit Card) 7 Ecom Limit Rs. 1.25 Lac (Rupay Platinum Debit Card) 8 Personal Accident Insurance Personal Accident Insurance Covers of Rs. 10 Lakh Free of Cost for Primary Account Holder. 9 Number of Cash Transactions Unlimited Number of Cash Deposit and Withdrawal at Any Branch. However, TDS Rules Related to Cash Withdrawals are Defined by Section 194N of the Indian Income Tax Act to be Complied. 10 Account Service (at Branches) Charges Such as Balance Enquiry, Certificate of Balance, Interest Certificate, TDS Certificate, Address Confirmation, Photograph Verification, Signature Attestation Nil 11 Addition/Deletion in Joint Accounts or Change in Operational Instructions or Authorised Signatories Nil 12 Sweep in Sweep Out Facility (Flexi Facility From SB to FD Account) Available, If the Balance Exceeding Rs. 50,000 will Swept Out and Kept in TD 13 Core Deposit/Threshold Deposit Rs. 50,000/- 14 Maximum Amount of Sweep Rs. 1.50 Crore 15 Frequency of Sweep Out Weekly Once 16 Sweep Out Amount Rs. 5,000/- 17 Minimum Tenor of Deposit under Auto Sweep (From SB to FD Account) 7 Days 18 Maximum Tenor of Deposit under Auto Sweep (From SB to FD Account) 179 Days 19 Premature Penalty Yes. Prevailing Interest Rate Joining and Renewal Fees: The Annual Upfront Fees is INR 1600 (Inclusive of GST). All the Scheme Features and Facilities will be Activated From the 2nd Day (T+1) of Upfront Fees Received by the Bank. The Annual Renewal Fee is INR 1600 (Inclusive of GST). The Need based Review of the Scheme will be Done Periodically and the Bank Reserves the Right to Revise the Fees based on the Review. Any Revision in Annual Fees During the Review will be Applicable for New Customers as Well as for Existing Customers at the Time of Renewal. The Bank Reserves the Right to Modify the Features and Facilities that are Offered under this Scheme, As Deemed Appropriate. For More Details Please Visit Our Nearest IOB Branch. Check Out: IOB Freedom Current Account
Presenting IOB Freedom Savings Account - A one-of-a-kind Subscription based Savings Account. IOB Freedom Savings Account is Specifically Designed for Customers Seeking a Worry-Free Banking Experience by Eliminating Domestic Services Charges Ensuring Transparent Banking at Its Finest with Add-on Feature of Personal Accident Insurance Coverage.
IOB Freedom Savings Account Provides Customers with Flexibility to Maintain any Balance, Sweep-in Sweep-out Facility (Flexi Deposit) and 30+ More Services. What's More? Just an Annual Fee and Enjoy Pure Freedom from various Domestic Charges. Also the image to be changed with the one as attached along with this email.
Conveniently Open IOB Freedom Savings Account through Video KYC Digitally or Visit Your Nearest Branch
1
Eligibility
Opening in Completely Digital Manner Through Video KYC Process
Opening by Visiting Branch (Offline)
Indian Resident Individual Above 18 Years of Age, Who are Eligible to Open Savings Bank Accounts and Wish to Open an Account Verified with Aadhaar & PAN Card.
Accounts can be Opened by All Those who are Eligible to Open Savings Bank Accounts, Above 18 Years of Age.
2
Minimum Balance Maintenance Requirement
No Minimum Balance Maintenance Requirement
3
Type of Debit Card
Free Rupay Platinum Debit Card
4
Lounge Access:
Domestic/International Airport
Lounge Access is Subject to Card Network. As per the Present Scenario, NPCI for Rupay Platinum Provides
5
ATM Cash Withdrawal Limit
Rs. 50,000/- per Day
(Rupay Platinum Debit Card)
6
ATM POS Limit
Rs. 1.25 Lac
7
Ecom Limit
8
Personal Accident Insurance
Personal Accident Insurance Covers of Rs. 10 Lakh Free of Cost for Primary Account Holder.
9
Number of Cash Transactions
Unlimited Number of Cash Deposit and Withdrawal at Any Branch. However, TDS Rules Related to Cash Withdrawals are Defined by Section 194N of the Indian Income Tax Act to be Complied.
10
Account Service (at Branches) Charges Such as Balance Enquiry, Certificate of Balance, Interest Certificate, TDS Certificate, Address Confirmation, Photograph Verification, Signature Attestation
Nil
11
Addition/Deletion in Joint Accounts or Change in Operational Instructions or Authorised Signatories
12
Sweep in Sweep Out Facility
(Flexi Facility From SB to FD Account)
Available,
If the Balance Exceeding Rs. 50,000 will Swept Out and Kept in TD
13
Core Deposit/Threshold Deposit
Rs. 50,000/-
14
Maximum Amount of Sweep
Rs. 1.50 Crore
15
Frequency of Sweep Out
Weekly Once
16
Sweep Out Amount
Rs. 5,000/-
17
Minimum Tenor of Deposit under Auto Sweep
(From SB to FD Account)
7 Days
18
Maximum Tenor of Deposit under Auto Sweep
179 Days
19
Premature Penalty
Yes. Prevailing Interest Rate
Joining and Renewal Fees:
The Annual Upfront Fees is INR 1600 (Inclusive of GST). All the Scheme Features and Facilities will be Activated From the 2nd Day (T+1) of Upfront Fees Received by the Bank.
The Annual Renewal Fee is INR 1600 (Inclusive of GST). The Need based Review of the Scheme will be Done Periodically and the Bank Reserves the Right to Revise the Fees based on the Review.
Any Revision in Annual Fees During the Review will be Applicable for New Customers as Well as for Existing Customers at the Time of Renewal. The Bank Reserves the Right to Modify the Features and Facilities that are Offered under this Scheme, As Deemed Appropriate.
For More Details Please Visit Our Nearest IOB Branch.
Check Out: IOB Freedom Current Account