IOB-Premium-Salary-Account
| Sr. No. | Scheme Name | IOB PREMIUM (Scheme Code: SBCSP) | |||||
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1 |
Eligibility |
Employees drawing regular salary from Central / State Government Organisations, PSUs, Government-Semi Government Corporations, MNCs, Reputed Institutions, Reputed Corporate and other corporate institutions including service organisations such as educational institutions, hospitals, hotels, transport corporations etc. |
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Employees who are confirmed in service and drawing regular salary from the above organisations with Net monthly salary credit of above Rs.1.50 Lakh ( Avg of last 3 months) |
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2 |
Age |
Age - 18 to 65 years |
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3 |
Salary Credit (Regular Salary Credit) |
Regular salary must be credited to the account. In the event that salary is not credited for two consecutive months, the system shall automatically convert the account to a Regular Savings Account (SB-Public) |
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4 |
Documents Required |
Applicable documents for opening Savings account as per extant guidelines. Branch should preferably collect other salary related documents such as Latest Salary Slip, Appointment Letter etc. |
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A |
Insurance Benefits Offers |
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1 |
FREE Personal Accident Insurance except armed forces and police |
With account |
Rs 100 Lakhs (Death + TPD) with Air Accident Cover |
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With debit card |
Rs 10 Lakhs by NPCI for RuPay Select Card |
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2 |
Free Hospital Cash (Mediclaim) * |
Rs.3000/- per day with coverage upto Rs.30,000/- p.a (maximum for 10 days) |
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3 |
Free Cyber Insurance Cover
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Free Cyber insurance cover with a maximum amount of Rs 1.25 lakh per year
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Personal Accident Insurance coverage and other insurance benefits shall be activated only upon credit of salary for three consecutive months, followed by regular salary credits thereafter. The Personal Accident Insurance coverage shall cease in the event of retirement, switch of account to another organisation, or non-credit of salary for two consecutive months |
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B |
General Banking Offers |
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1 |
Minimum Balance requirement |
Nil |
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2 |
Zero Balance account to family members (SB-PUB) |
Free Zero balance Family Accounts (upto 4 members). (Parents, spouse, children & siblings) |
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3 |
Fund transfer charges through NEFT/RTGS/IMPS |
Free |
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4 |
SMS Alert Charges |
Free |
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5 |
Temporary Overdraft Facility in case of emergency, one salary credit is mandatorily, maximum 2 occasions in a calendar year |
4 times of the net salary credited to the account with maximum of Rs.4.00 Lakh. Overdraft amount to be liquidated within 60 days, before any 2nd Overdraft request to be considered |
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6 |
Personalized Cheque Book |
upto 100 leaves free per year and waiver of personalised cheque book delivery charges |
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7 |
Demand Drafts |
100% concession on 2 DDs per month for DDs value upto Rs.2.00 Lakh or Maximum concession of Rs.1000/- per month . |
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8 |
Locker Operations |
Unlimited free |
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9 |
Concession on locker Rent |
100% waiver: subject to max ceiling of Rs.2000/- (1st year) 50% waiver: subject to max ceiling of Rs.1000/-(from 2nd yr) |
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10 |
Doorstep Banking Facility |
Three Doorstep Banking (DSB) facilities shall be provided free of charge per quarter through our DSB service provider, wherever the facility is available |
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11 |
Stop Payment Instruction Charges |
Free |
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12 |
Account Statement charges through e-mail/e-Statement (Monthly) |
Free |
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13 |
Standing Instructions |
Free |
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14 |
Utility Bill Payment, online Tax payment |
Free |
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15 |
Demat Account |
No Registration Charges, No maintenance charges for 1st year |
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C |
Digital Banking Offers |
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1 |
Internet & Mobile Banking Facility |
Free |
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2 |
Type of ATM Card |
Highest variant Debit card in our Bank under Rupay/VISA/MASTER At present: VISA Signature / RuPay Select/Mastercard world |
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3 |
Debit Card Charges |
Issue charge |
Free |
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Annual Maintenance Charge |
Free |
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4 |
ATM Cash Withdrawal Limit |
Based on the Card variant - At present VISA Signature - Rs 1,00,000/- per day RuPay Select - Rs 50,000/- per day Mastercard world - Rs1,00,000 /- per day |
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5 |
POS Limit |
Based on the Card variant - At present VISA Signature - Rs 3,50,000/- per day Rupay Select Rs 5,00,000/- per day Mastercard world - Rs 3,50,000 /- per day |
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6 |
Ecom Limit |
Based on the Card variant - At present VISA Signature/ Rupay Select/ Mastercard world - Rs 3,50,000/- per day |
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7 |
Free ATM card access at own ATM |
15 Free Transactions per month |
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8 |
Free ATM card access at other ATM |
10 Free Transactions per month |
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9 |
Credit Card subject to Bureau score, income norms and other eligibility criteria |
Free issuance & Annual Maintenance Charge. |
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10 |
Lounge access: |
Domestic Airport |
As per the eligibility based on the card network |
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International Airport |
As per the eligibility based on the card network |
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Airport Lounge & Other Offers based on Card variants provided by Rupay/ VISA/MASTER are subject to change based on the respective card network terms and conditions stipulated from time to time. |
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D |
Retail Loan Concessions |
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1 |
Processing fee for home loan |
100% concession |
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2 |
Processing fee for retail loan (other than home loan) schemes |
100% concession |
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3 |
Rate of Interest on Home Loan |
0.10% concession in applicable ROI |
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4 |
Rate of Interest on Vehicle Loan |
0.15% concession in applicable ROI |
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5 |
Rate of Interest on Education Loan more than 7.5 Lacs for study abroad |
0.25% concession in applicable ROI |
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6 |
Rate of Interest on Mortgage Loan |
0.10% concession in applicable ROI |
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7 |
Rate of Interest on Personal Loan |
0.10% concession in applicable ROI |
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ROI concession on Retail Loans is subject to ROI not below benchmark (RLLR/MCLR) and no multiple concession allowed. |
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| E |
Other Conditions: on Non-Credit of Salary / Retirement / Switch of Organisation |
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| 1 |
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