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Indian Overseas Bank (IOB) was founded in the February 10th 1937, by HON Shri.M.Ct.M Chidambaram Chettyar, and is pioneer in many different fields like-Banking, Insurance and other Industries. It was established with an objective specializing in foreign exchange and overseas banking. IOB commenced its business with having 3 branches-Chennai in India and in Rangoon in Myanmar and also in Penang.
IOB is the first Indian bank which commenced its business outside India in Singapore. It started its operation in the year 1941 in the month of February. It is well equipped with fully automated branch provided with SWIFT facility. This bank is specialized in retail banking services, remittance service, trade finance and credit service. If you are in need of opening NRI a/c in these bank then you can open through IOB- Singapore.
The bank has been improving year by year with its total business increasing from Rs 162575 crore as on 31-12-2008 to Rs185656 crore as on 31-12-2009 with the record growth of 14.20%.
IOB has introduced with the facility of E-SEE banking services launched as the pilot basis in its selected branch. Individual who have savings a/c and current holders in those selected branches can get the benefit of E- SEE banking. Along with this service it also provides with some more services:
•VISA international credit card service
•VISA debit card service
•IOB fine Gold service
•Real Time Gross Settlement
•Agriculture and business consultancy
•NRO savings A/C
•Commercial Vehicle Loans
•It provides fiancé for small and big business
IOB has 319 centers with193 branches. All over India with 771 branches and 84 extension counters.
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