IOB Charges 2026: Savings Account, ATM, NEFT & Service Fees Explained
If you have an account with Indian Overseas Bank (IOB), it’s important to understand the applicable service charges. These charges may vary based on account type, branch category, and transaction type.
Here’s a complete guide to IOB charges in 2026.
Quick Summary: IOB Common Charges
| Service | Charges (Typical) |
|---|---|
| Savings Account Opening | Usually Free |
| Minimum Balance Non-Maintenance | Applicable (varies by branch type) |
| ATM Withdrawal (Beyond Free Limit) | Charges may apply |
| NEFT/RTGS (Online) | Usually Free |
| Cheque Book | Free up to limited leaves |
| SMS Alerts | Nominal quarterly charges |
Charges may vary depending on metro, urban, semi-urban, or rural branch.
IOB Savings Account Charges
Minimum Average Balance (MAB)
IOB requires customers to maintain a minimum balance depending on:
- Metro branch
- Urban branch
- Semi-urban branch
- Rural branch
If MAB is not maintained:
- Penalty charges may apply
- GST may be added
Always confirm your specific MAB requirement.
IOB ATM Charges
Free Transactions:
- Limited free transactions at IOB ATMs
- Limited free transactions at other bank ATMs
After free limit:
- Charges per withdrawal may apply
- Balance enquiry charges may apply beyond free limit
ATM usage rules follow RBI guidelines.
IOB NEFT / IMPS / RTGS Charges
Online Transfers (NetBanking/Mobile Banking)
- Usually free for NEFT and RTGS
- IMPS generally free or minimal charge
Branch Transactions
- Charges may apply for branch-based transfers
- GST applicable
Charges depend on transfer amount.
IOB Cheque Book Charges
- Limited free cheque leaves per year
- Additional leaves charged per leaf or per booklet
Charges may vary by account type.
IOB Debit Card Charges
May include:
- Annual maintenance fee
- Replacement card charges
- International transaction charges
- SMS alert charges
Some basic savings accounts may offer free debit card.
IOB Account Closure Charges
- Closure within 12 months may attract charges
- After 1 year, generally free
Charges vary by account type.
IOB SMS & Alert Charges
- Nominal quarterly SMS alert fee
- GST applicable
Charges may be automatically deducted.
IOB Demand Draft Charges
- Commission based on amount
- Minimum fixed fee
- GST applicable
Outstation DD charges may differ.
Common Issues & Tips
1. Unexpected Deduction
- Check transaction narration
- Download account statement
- Contact branch if unclear
2. Avoid Penalties
- Maintain required minimum balance
- Use digital banking for transfers
- Track ATM usage
FAQs: IOB Charges
1. Does IOB charge for NEFT?
A. Online NEFT is usually free. Branch transactions may attract charges.
2. What is IOB minimum balance?
A. Depends on branch category (metro/urban/rural).
3. Are ATM withdrawals free in IOB?
A. Limited free transactions are allowed. Charges apply after limit.
4. Is SMS alert service chargeable?
A. Yes, nominal quarterly charges may apply.
5. Can charges change?
A. Yes, banks revise service charges from time to time.
Conclusion
IOB charges in 2026 depend on your account type and usage pattern. To avoid extra fees:
- Maintain required minimum balance
- Prefer online banking for transfers
- Monitor ATM usage
- Review the bank’s schedule of charges regularly
For exact and updated charges, check with your nearest IOB branch or log in to NetBanking, as fees may vary by location and account category.
