Indian Overseas Bank IFSC Code

Indian Overseas Bank (IOB) is a major public sector bank in India with a distinguished history spanning over 87 years. Established in 1937 in Chennai by M. Ct. M. Chidambaram Chettyar, the bank was founded with the vision of facilitating overseas banking and foreign exchange business. Today, IOB operates through over 3,200 branches across India and has a significant international presence.

Foundation and Vision

Indian Overseas Bank was founded on February 10, 1937, by M. Ct. M. Chidambaram Chettyar, a renowned banker and industrialist from Tamil Nadu. The bank was established with the specific objective of specializing in foreign exchange business and overseas banking, hence the name "Indian Overseas Bank." This focus on international banking distinguished IOB from other banks of that era.

The bank was nationalized in 1969 and has since grown to become one of the leading public sector banks in India. IOB has maintained its tradition of international banking while expanding its domestic operations significantly.

Banking Products and Services

Indian Overseas Bank offers a comprehensive range of banking products for individuals and businesses. Personal banking services include various savings accounts, fixed deposits, recurring deposits, and special schemes for different customer segments. The bank's IOB SB Maxima account offers premium features with attractive interest rates.

Loan products include home loans, car loans, personal loans, education loans, and gold loans. IOB's home loan schemes offer competitive interest rates and flexible repayment options. The bank also provides agricultural loans and supports farmers through Kisan Credit Cards.

IOB Mobile and Digital Banking

Indian Overseas Bank's digital banking is powered by the 'IOB Mobile' app, which offers comprehensive banking services including account management, fund transfers, bill payments, and UPI transactions. The app provides a user-friendly interface for customers to manage their banking needs on the go.

The bank's internet banking platform 'IOBNet' provides secure access to banking services for retail and corporate customers. IOB has embraced digital transformation to enhance customer experience across all channels.

International Banking

True to its founding vision, IOB has a strong international presence with branches in Singapore, Hong Kong, Bangkok, Colombo, and other countries. The bank provides foreign exchange services, trade finance, and remittance services. IOB's expertise in international banking makes it a preferred choice for businesses engaged in foreign trade.

Agricultural and Rural Banking

IOB has a strong commitment to agricultural lending and rural development. The bank provides crop loans, farm mechanization loans, and loans for allied agricultural activities. IOB operates numerous rural branches and uses Business Correspondents to extend banking services to remote areas.

MSME and Business Banking

Indian Overseas Bank supports the MSME sector with various loan products including working capital loans, term loans, and credit under government schemes. The bank has specialized MSME branches to serve small business customers effectively.

Corporate Banking

Corporate banking services include project finance, working capital finance, trade finance, and treasury services. IOB supports industrial projects and infrastructure development through its corporate banking division.

Financial Inclusion

IOB actively participates in financial inclusion initiatives and implements government welfare schemes. The bank has opened millions of Jan Dhan accounts and provides banking services in underserved areas through its extensive network.

Awards and Recognition

Indian Overseas Bank has received numerous awards for its banking services, international operations, and contribution to financial inclusion. The bank continues to uphold its tradition of excellence in banking.