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Last Updated:06/02/2026
IOB Freedom Savings Account

IOB-Freedom-Savings-Account

Presenting IOB Freedom Savings Account - A one-of-a-kind Subscription based Savings Account. IOB Freedom Savings Account is Specifically Designed for Customers Seeking a Worry-Free Banking Experience by Eliminating Domestic Services Charges Ensuring Transparent Banking at Its Finest with Add-on Feature of Personal Accident Insurance Coverage.

IOB Freedom Savings Account Provides Customers with Flexibility to Maintain any Balance, Sweep-in Sweep-out Facility (Flexi Deposit) and 30+ More Services. What's More? Just an Annual Fee and Enjoy Pure Freedom from various Domestic Charges. Also the image to be changed with the one as attached along with this email.

Conveniently Open IOB Freedom Savings Account through Video KYC Digitally or Visit Your Nearest Branch

ZEROCharges

On Non-Maintenance of minimum balance

ZEROCharges

For Internet Banking

ZEROCharges

For Mobile Banking

ZEROCharges

For Personalized cheque book home delivery charges (postal/courier)

ZEROCharges

For RuPay Platinum Debit Card

ZEROCharges

On Debit Card Issuance

ZEROCharges

On Debit Card Annual Maintenance

ZEROCharges

On Account Service (at branches)

ZEROCharges

On IMPS

ZEROCharges

On UPI

ZEROCharges

On Bharat QR Code & BHIM QR Code

ZEROCharges

On Cash Handling

ZEROCharges

On issuance of Cheque Book (Personalized & Non-Personalized)

ZEROCharges

On Demand Draft issuance (up to ₹1 lakh per day)

ZEROCharges

For SMS Alerts

ZEROCharges

For monthly statements (E-Mail / E-Statement)

ZEROCharges

For unlimited locker visit / operations

ZEROCharges

On Stop Payment instruction

ZEROCharges

On Cancellation / Revocation of Stop Payment

ZEROCharges

On issuance of Duplicate Passbook

ZEROCharges

On transfer of account within IOB

ZEROCharges

On collection of cheque

ZEROCharges

On registration of Standing Instruction

ZEROCharges

On Demat Account opening

ZEROCharges

On linking My Account – My Name facility

ZEROCharges

On UPI Bill Payment / Online Tax Payment

ZEROCharges

On ECS Mandate registration

ZEROCharges

On other basic account facilities

 

Sr. No. Details Features

1

Eligibility

Opening in Completely Digital Manner Through Video KYC Process

Opening by Visiting Branch (Offline)

Indian Resident Individual Above 18 Years of Age, Who are Eligible to Open Savings Bank Accounts and Wish to Open an Account Verified with Aadhaar & PAN Card.

Accounts can be Opened by All Those who are Eligible to Open Savings Bank Accounts, Above 18 Years of Age.

2

Minimum Balance Maintenance Requirement

No Minimum Balance Maintenance Requirement

3

Type of Debit Card

Free Rupay Platinum Debit Card

4

Lounge Access:

Domestic/International Airport

Lounge Access is Subject to Card Network. As per the Present Scenario, NPCI for Rupay Platinum Provides

  • Two Free Lunge Access per Card Holder per Calendar Quarter will be Permitted Subject to Maximum of 8 (Eight) Airport Lounge Access per Year. Unutilized Access will Lapse at the End of Quarter and Cannot be Carried to Next Quarter
  • The Program is Applicable at Select Airport Lounges Across India Listed in https://www.iob.in/RupayLounge

5

ATM Cash Withdrawal Limit

Rs. 50,000/- per Day

(Rupay Platinum Debit Card)

6

ATM POS Limit

Rs. 1.25 Lac

(Rupay Platinum Debit Card)

7

Ecom Limit

Rs. 1.25 Lac

(Rupay Platinum Debit Card)

8

Personal Accident Insurance

Personal Accident Insurance Covers of Rs. 10 Lakh Free of Cost for Primary Account Holder.

9

Number of Cash Transactions

Unlimited Number of Cash Deposit and Withdrawal at Any Branch. However, TDS Rules Related to Cash Withdrawals are Defined by Section 194N of the Indian Income Tax Act to be Complied.

10

Account Service (at Branches) Charges Such as Balance Enquiry, Certificate of Balance, Interest Certificate, TDS Certificate, Address Confirmation, Photograph Verification, Signature Attestation

Nil

11

Addition/Deletion in Joint Accounts or Change in Operational Instructions or Authorised Signatories

Nil

12

Sweep in Sweep Out Facility

(Flexi Facility From SB to FD Account)

Available,

If the Balance Exceeding Rs. 50,000 will Swept Out and Kept in TD

13

Core Deposit/Threshold Deposit

Rs. 50,000/-

14

Maximum Amount of Sweep

Rs. 1.50 Crore

15

Frequency of Sweep Out

Weekly Once

16

Sweep Out Amount

Rs. 5,000/-

17

Minimum Tenor of Deposit under Auto Sweep

(From SB to FD Account)

7 Days

18

Maximum Tenor of Deposit under Auto Sweep

(From SB to FD Account)

179 Days

19

Premature Penalty

Yes. Prevailing Interest Rate

Joining and Renewal Fees:

The Annual Upfront Fees is INR 1600 (Inclusive of GST). All the Scheme Features and Facilities will be Activated From the 2nd Day (T+1) of Upfront Fees Received by the Bank.

The Annual Renewal Fee is INR 1600 (Inclusive of GST). The Need based Review of the Scheme will be Done Periodically and the Bank Reserves the Right to Revise the Fees based on the Review.

Any Revision in Annual Fees During the Review will be Applicable for New Customers as Well as for Existing Customers at the Time of Renewal. The Bank Reserves the Right to Modify the Features and Facilities that are Offered under this Scheme, As Deemed Appropriate.

For More Details Please Visit Our Nearest IOB Branch.

Check Out: IOB Freedom Current Account