LATEST NEWS PERTAINING TO INDIAN OVERSEAS BANK ( IOB )

Unaudited Financial Results Q1 - 2024-25
NET PROFIT ZOOMS BY 26.5 %

Dated 22.07.2024 : Indian Overseas Bank today announced its Unaudited Financial results for the First quarter of the Financial year 2024-25 .

Some of the key performance results are

Figures in Rs Lakhs
​
1. Interest Income : 24,04,973
2. Operating Profit : 676,376
3. Net Profit : 265,561
4. Net NPA : 121,686
5. Net worth : 18,06,918

FIXED DEPOSIT INTEREST RATES REVISED :

Dated 16.07.2024 : The public sector bank , Indian Overseas Bank , has announced the new interest rates on fixed deposits with effect from 15th, July 2024 . Now the deposits in the maturity bracket of 1 year to 2 years ( except 444 days ) carry an interest rate of 7.10 % pa , enhanced from the existing 6.90 % pa . Interest rates for all other periods kept unchanged .

The new rates effective from 15th , July 2024 for domestic and NROs are

7-14 Days* 4.00
15-29 Days 4.50
30-45 Days 4.50
46-60 Days 4.50

61-90 Days 4.25
91-120 Days 4.75
121-179 Days 4.25

180-269 Days 5.75
270 Days to < 1 Year 5.75

1 Year to < 2 Years
(Except 444 Days) 7.10
444 Days 7.30
2 Years to < 3 Years 6.80
3 Years and Above 6.50
​
* Minimum Amount Rs. 1.00 Lakh

• Interest Rate for IOB Tax Saver Deposit will remain unchanged at 6.50%.

• For Senior Citizens (aged 60 Years and above), Additional interest rate of 0.50% and for Super Senior Citizens (aged 80 years and above), Additional interest rate of 0.75% continues.

• For Retired Staff, Applicable interest rate will continue to be governed by the decision taken by ALCO in its meeting No-04/2019-20 held on 08.07.2019.

The Revised Interest Rates on NRE Term Deposits w.e.f 15.07.2024 are as Follows

1 Year to < 2 Years (Except 444 Days) 7.10 %
444 Days 7.30 %
2 Years to < 3 Years 6.80 %
3 Years and Above 6.50 %

IOB RATE CARD

Financial Results FY 2023-24
NET PROFIT ZOOMS BY 26.5 %

Dated 09.05.2024 : Indian Overseas Bank today announced its Financial results for the Financial year 2023-24 . The operating profit and Net profits for FY 2023-24 of Public sector lender raised by 13.8 % and 26.5 % respectively compared with results of FY 2022-23 .

Some of the key performance results for FY 2023-24 are

( In brackets figures for FY 2022-23 ) Figures in Rs Lakhs
​
1. Interest Income : 24,04,973 ( 19,40,033 )
2. Operating Profit : 676,376 ( 594,218 )
3. Net Profit : 265,561 ( 209,879 )
4. Net NPA : 121,686 ( 326,601 )
5. Net worth : 18,06,918 ( 14,64, 349 )

To read press release of IOB , CLICK HERE

NOW IOB CUSTOMERS CAN TRANSFER THEIR SB ACCOUNTS ON-LINE :

Dated 02.01.2024 : The public sector bank , Indian Overseas Bank , has now provided on-line facility to its customers for transfer of their Savings Bank Accounts to any branch of their choice hassle-free .

Some customers need their account transfer from one branch to the another as they would have shifted their residence or business / working spot from one town to the another . Normally they have to give applications to either of the branches and wait for the transfer .
​Now customers can visit IOB on-line by clicking here , fill their account number and captcha . An OTP will be sent to the registered mobile number of the customer . On entering the OTP , you can further furnish the branch where the account to be transferred

IOB LAUNCHES REVAMPED WEBSITE :

Dated 17.05.2023 : Public sector Lender Indian Overseas Bank has recently launched its new revamped website .

It has got new features like Internet banking log in option in the top of the home page, ready access to all customer care requirements, Apply for loans options, open SB account option , EMI calculator option, key words for instant search and many other important features in the home page itself.

It's expected that the new website will be useful for easy navigation to both the existing customers and would be customers

INDIAN OVERSEAS BANK IS OUT OF PCA FRAMEWORK

Dated 30.09.2021 : Reserve Bank of India ( RBI ) yesterday announced through a press release , that it has been decided to take out Indian Overseas Bank from the PCA framework ( Prompt Corrective Action Framework ) , subject to certain conditions and continuous monitoring.

​ Matter was reviewed by the Board for Financial Supervision (BFS) in its meeting . It was noted that as per its published results for the year ended March 31, 2021, the bank is not in the breach of the PCA parameters. The bank has provided a written commitment that it would comply with the norms of Minimum Regulatory Capital, Net NPA and Leverage ratio on an ongoing basis and has apprised the RBI of the structural and systemic improvements that it has put in place which would help the bank in continuing to meet these commitments.

To read the press release of RBI , CLICK HERE