With a view to encouraging foreign exchange operations and overseas banking, Indian Overseas Bank was founded by Shri M Chidambaram. Soon branches were opened at Rangoon, Karikudi, Madras. In 1938 a branch was opened in Penang, Kualalumpur and a branch opened in Singapore. Indian Overseas Bank specialized in overseas operations since the day of inception. IOB lost its branches in Kuala lumpur and Rangoon due to war. But resumed operations of the branch at Singapore in 1942.
IOB took a large number of local banks in Tamilnadu during the year 1960 when there was a drive for merging weaker banks in the bank sector.
In 1969 banks were nationalized in India. IOB was one of the banks that were nationalized. Prior to nationalization IOB had a major number of branches overseas. However, the Malaysian Government banned the ownership of foreign banks in Malaysia. Thereafter IOB concentrated in business development within India and worked towards opening branches in the rural area.
In 1973 Bharat Overseas Bank, a Chennai based private bank was established by IOB and six other private banks in India to take over IOBs Bangkok branch.
A branch in Seoul was opened in 1977. A branch was opened at Colombo, Sri lzlanka two year later. However, during the anti-Tamil riots in 1983 the branch of IOB at Colombo was burnt down.
IOB acquired Bank of Tamil Nadu and its branches during 1988-89.
During the millennium year that is, in the year 2000 IOB went public and the government share in the bank?s equity was brought down to 75%. IOB acquired a Mumbai based Adarsha Janata Sahakari Bank and set its foot in Mum bai. Shree Suvarana Sahakari Bank which had its branches in Pune, Mumbai, and Shirpur was taken over by IOB ion 2009.
An extension counter was opened in Ceylon at New Kathiresan Temple Complex during the year 2003.
IOB entered China during the year 2005 and once again entered Malaysia in 2009. It also opened an office in Dubai.
IOB took over Bharat Overseas Bank in 2007. Commercial banking licence was issued by Malaysia in 2010 for a locally incorporated jointly owned by Indian Overseas Bank, Andhra Bank and Bank of Baroda. The jointly owned bank, India International bank started operations in Malaysia during the year 2012. IOB holds a share of 35% in this joint venture.
IOB upgraded its extension counter in Sri Lanka and also opened an overseas branch at Colombo during the year 2013.
Since the inception, they have come a long way and emerged as one of the largest nationalized banks. They cater to all category of society. IOB offers a variety of products in retail lending, personal banking, digital banking. The Bank in association with Visa International has launched credit cards with two variants. The multiple features and benefits on this card make it convenient for the customers to manage their expenses while shopping, dining and travelling. The Bank in association with Visa International has launched credit cards which has two variants
The two variants of Indian Overseas Bank Credit Card are:
The following are the features and benefits of Indian Overseas Bank Credit Card:
The detailed features of IOB Credit Cards are as mentioned below:
|Name of the card||Features|
|IOB Visa Classic Card|
|IOB Visa Gold Card|
Every purchase on the credit card earns reward points that can be redeemed for exclusive gifts on the gift catalogue.
There are no joining fees and annual fees for the IOB credit cards. A fee of 100/- will be collected for a photo card.
The charges on IOB Credit Cards are as given below:
|Name of the charge||Amount|
|Finance charges||2% p.m.|
|Cash Advance Fee||22.50/- per 1000/- and part thereof|
|Cash Advance Interest||2% p.m.|
|Card hot listing charges||Nil|
|Card replacement charges||100/-|
|Duplicate charge slip||100/-|
|Original charge slip||300/-|
|Delayed payment charges||100/-|
|Cash withdrawal charges from the other banks Visa ATMs||100/- per withdrawal and 20/- per balance enquiry.|
|Foreign currency mark-up fee||2.5% of the transaction|
The existing customers of IOB can apply for the card online by following some simple steps.
New Customers should follow the following steps to apply for the Credit Card.
You should make use of the digital platform provided by MyMoneyMantra for applying for the card.
To apply for the card offline, you have to visit the nearest IOB branches and apply for the credit card by submitting the relevant documents
The eligibility criteria mentioned below have to be complied with to qualify for the credit card.
The following documents are required for IOB Credit Card
Internet banking: The customers of IOB can register for internet banking facility and pay the credit card bill by logging in to the net banking account with the user id and password and make the credit card payment.
Auto-debit: The customers of IOB can opt for an auto-debit facility from their savings bank/current account to the credit card account.
NEFT/RTGS: The payment of the credit card can be made through NEFT/RTGS. The beneficiary account should be the 16-digit card number. You should also provide the account which has to be debited, amount to be debited, name of the cardholder and the IFSC code of IOB for making the payment through NEFT/RTGS.
Cheque: The payment of the credit card can be made through a cheque drawn on either IOB or any other bank. The payee?s name should be the 16-digit card number. The name of the cardholder and the registered mobile number have to be mentioned on the reverse of the cheque.
Cash: Payment of the credit card bill can be made by depositing cash at any of the branches of IOB.
The credit card customer care of IOB can be reached on the following numbers:
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The cash withdrawal limit on the card is 40% of the credit limit with a restriction of RS. 15000/- per day for IOB Classic Card and 25000/- for IOB Gold Card. The limit per day for the purchase of jewellery and other purchases is 50% of the credit limit.
The validity period of IOB Credit Cards is 3 years. The card will be renewed automatically if the track record is good and will be dispatched to the registered address of the cardholder.
The terms and conditions for acceptability and usage of IOB credit cards at Member establishments is as follows:
The credit limit for IOB Classic card is between 10,000/- to 50,000/- and the credit limit for IOB Gold Card is between 60,000/- to 5.00 lakhs.
A foreign currency mark-up fee of 2.5% of the transaction will be charged for foreign currency transactions.
No, there are no charges for hotlisting of the card.