Indian Overseas Bank Eases Banking Experience with Fee Waiver

Indian Overseas Bank, a major public sector bank in India, has announced a significant change to its policies. As of Wednesday, the bank is waiving penal charges for non-maintenance of the Minimum Average Balance (MAB) in its savings accounts, effective immediately.

This decision is part of the Chennai-based bank's broader commitment to enhance the banking experience for its customers by offering relief and making financial services more accessible. The newly introduced waiver includes a variety of schemes such as IOB Sixty Plus, IOB Savings Bank Pensioner, Small Accounts, and IOB Savings Bank salary package.

The bank's Managing Director and CEO, Ajay Kumar Srivasatava, emphasized the importance of this move, stating, 'We are happy to announce this waiver, which will provide significant relief to our account holders.' He further elaborated that this initiative is a testament to the bank's focus on customer-centricity and financial inclusion. While charges will apply for the period up to September 30, 2025, Indian Overseas Bank is demonstrating its dedication to making banking easier and more convenient.

(With inputs from agencies.)