d. Societies registered under Societies Registration Act, 1860 or any other corresponding Law in force in the state or Union Territory.

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1 SAVINGS BANK ACCOUNTS (Instructions relating to the formalities to be observed for opening of an account, operations in an account and other matters relating to maintenance, common for savings accounts have been given in the master circular on General Instructions- Deposit Constituents accounts ) The additional guidelines relating to Savings Bank accounts are provided in this annexure. The guidelines contained herein must be read together with the guidelines in master circular on General instructions relating to deposit constituents accounts. 1. Savings Bank account is a form of demand deposit account, opened mainly for the purpose of saving and not for any business purpose, subject to restrictions on the number of withdrawals during any specified period. Number of withdrawals in a savings bank account permitted is fifty per half year in a financial year. For accounts opened in the middle of the half year permissible withdrawals will be calculated prorata. If the numbers of withdrawals exceed the permitted limit, a service charge as advised from time to time will be levied. 2. OPENING OF ACCOUNTS 2.1. SAVINGS BANK ACCOUNTS MAY BE OPENED IN THE NAMES OF Individuals single accounts, or joint accounts of two or more individuals. minors by themselves or on behalf of the minors by their guardians Following entities a. Primary Co-operative Credit Society which is being financed by the bank. b. Khadi and Village Industries Board c. Agriculture Produce Market Committee d. Societies registered under Societies Registration Act, 1860 or any other corresponding Law in force in the state or Union Territory. e. Companies Governed by the Companies Act 1956 which have been licensed by the Central Government under section 25 of the Act, or under the corresponding provisions in the Indian Companies Act 1913 and permitted, not to add to their names the word "Limited or the words "Private Limited" f. Institutions other than those mentioned in para (2.1.) above and whose entire income is exempt from payment of income tax under Income Tax Act, g. Government departments/bodies/agencies in respect of grants/subsidies released for implementation of various programmes/schemes sponsored by Central Government/State Governments subject to production of an authorisation from the respective Central/State Government departments to open savings bank account. h. Development of women and children in rural areas (DWCRA). i. Self-help Groups (SHGs) registered or unregistered, which are engaged in promoting savings habits among their members. j. Farmers' Clubs - Vikas Volunteer Vahini. (V V V)

2 2.1.1 Branches shall not open Savings Bank account in the name of the following: :2: a. Any trading or business concern, whether such concern is proprietorship, partnership, company or association. b. Government departments/bodies depending upon budgetary allocations for performance of their functions. c. Municipal Corporations/Committees d. Panchayat Samities e. State Housing Boards f. Industrial Development Authorities g. State Electricity Boards h. Water / Sewerage / Drainage Boards i. State Text Book publishing corporations / societies j. Metropolitan Development Authorities k. State / District level housing Co-operative Societies. l. Other banks including Regional Rural Banks, Co-operative Banks and land Development Banks. m. Political parties 2.2. Any other institution permitted by Reserve Bank of India from time to time, can be allowed to open Savings Bank Accounts If the branch is approached by any other institution not covered under 2.1 above, and which are specifically charged with the task of rendering social or economic assistance to, or welfare of, the weaker and under-privileged sections of the society, the branch shall, for opening savings bank accounts for them, make a formal application through their Regional office, to the Regional Office of the Department of Banking Operations and Development, Reserve Bank of India within whose jurisdiction the Registered Office of the beneficiary organization is situated. The branch shall furnish full particulars of the institution, including copies of the Memorandum and Articles of Association, bye-laws, nature of activities, published accounts, such as balance sheet, profit and loss account or income and expenditure statements, the manner of distribution of surplus funds etc., to enable the Reserve Bank of India to decide whether specific exemption can be granted in its favour or not. The branch can open such accounts as savings account only after specific permission is received from Reserve Bank of India Acceptance of Interest free deposits in Savings Bank is prohibited irrespective of caste, creed or religion of the depositor Branches are permitted to open Savings Bank accounts for the following special categories of depositors, subject to the guidelines contained in the relevant paragraphs in the master circular on General Instructions on Deposit Constituents accounts, also for operations thereon. a) Minors represented by guardians b) Minors above age ten

3 c) Blind persons d) Illiterates e) Purdhanashin ladies f) Trusts. :3: 2.6. First Line Managers may permit depositors to have more than one Savings Bank Account in their own names or jointly with other persons or as guardians on behalf of minors. 2.7 Introduction of Accounts Where the applicant for a SB Account submits sufficient proof of identity and address as prescribed in KYC-AML Policy of our bank and the branch is with the bonafides of the applicant and as a respectable person, with such proof of identity and address, branch may open the account without insisting on an introduction by an existing account holder. However a Letter of Thanks to the depositor should be sent as envisaged in the master circular on General Instructions on Deposit Constituents Accounts. Branch should be in a position to classify such account holders under Low risk-rip I under KYC Norms / AML Standards. With the exception of the above, and No frills Accounts all other Accounts should be introduced as guided in the master circular on General Instructions on Deposit Constituents Accounts. 3. MAINTENANCE OF ACCOUNTS Guidelines in respect of obtaining the appropriate account opening form, specimen signature sheets and their maintenance and the method of opening the accounts are provided in master circular on General Instructions on Deposit Constituents accounts In addition branches should follow the guidelines contained in the following paragraphs Application to open a Savings Bank Account should be made on TYPE OF ACCOUNT SAVINGS BANK 1. Savings Bank Account Opening Form 2. Savings Bank Account Opening Form for Minor s Accounts operated by a (a) Guardian FORM NO 10 ( revised & 303X for HUF Accounts 10 A (b) Societies, Clubs etc Non Residents in the form of Non (c) Resident (External) Accounts (d) Trusts 551 (e) Accounts under Capital Gains Accounts Scheme, 1988 FORM A Central office is in the process of revising the account opening forms, when advised so branches should obtain the new application forms On receipt of the account opening form and specimen signature sheet duly filled in, along with the KYC CROP form and documentary evidence there on for customer

4 :4: acceptance Policy and Customer Identification Procedure, the opening of the account must be authorised by the Branch Manager or by the department officer as authorized by the Branch Manager. Such authorisation will be made after interviewing the applicant and verifying the particulars furnished. In case the department officer had authorised the opening of the account, at the end of the day the Branch Manager should approve of the same. The account can then be opened in the computer system, with the operator inputting the details in the master and the supervising staff approving the same. In the computer system, next serial number as generated by the System or a Fancy number as requested by the customer can be allotted. The Customer ID and the account number should be entered on the account opening form, specimen Signature sheets and KYC- Crop form. The account opening details then should be entered in the Savings Bank account opened and closed register (format given below). The account number should also be entered in the pay in slip and also advised to the customer. The entries made in the register should be verified and initialed by the Officer of the department. Whenever there is an inadequacy in the Account Opening Form or Specimen Signature sheets, the clerical staff (operator) must assist the departmental officer in arranging to rectify the inadequacies without loss of time. The clerical staff (operator) must make a note of such inadequacies in the remarks column of the Account Opened and Closed Register. The Register should be put up to the Branch Manager every day for his counter initials. The Manager/Deputy Manager/Department Officer must also regularly examine such remarks to ensure that steps are initiated to eliminate the inadequacies observed at the earliest. The first line Manager or the authorized officer should go through the KYC Crop form and categorise the applicant on risk as Low Risk- RIP one, Medium risk RIP 2, High Risk RIP 3, Exceptionally High risk RIP 4 and enter the Risk Level threshold limit applicable to the account in the KYC form & the account opening form. Branch should also enter the same in computer system. Branches should bear in mind that transactions in the accounts of Medium, High Risk and Exceptionally High risk category accounts need close monitoring as per KYC Norms / AML Standards. REGISTER OF ACCOUNTS OPENED AND CLOSED DATE NAME OF THE CONSTITUENT NUMBER OF A/C OPENED NUMBER OF A/c CLOSED REASONS FOR CLOSING TOTAL NUMBER OF A/Cs. INITIALS In the remarks column, details like Transferred from branch can be recorded where the account has been transferred from another branch For all the above accounts, excepting Minors Special Savings accounts, branches should obtain the nomination as per procedure and record in the computer system. For the procedure on nominations branches are to refer to the master circular on Nominations and claim settlements and Book of Instructions.

5 3.6. MINIMUM BALANCE AND CHARGES FOR NON MAINTENANCE OF MINIMUM BALANCES :5: Category With cheque facility Without facility cheque Penalty for non maintenance Rural & Semi urban branches Rs. 500/- Rs. 100/- Rs.7 per month Other branches Rs.1000/- Rs.500/- Rs.14 per month Pensioners SB account Rs.250/- Rs.5/- As above based on the category In case of default in maintaining minimum balance, branch should initiate the following action: (a) the Account need not be closed for want of minimum balance. (b) Cheques should not be returned if sufficient funds are available for passing a cheque, even though the balance goes below the minimum required. The condition of the account should be brought to the notice of the customer in writing, which should be of persuasive nature. (c) Branch should send letters to the customers stressing the need for maintaining minimum balance. (d) After issuing a Registered Notice, Branch should stop issuing cheque books to the customers if the balance goes below the minimum required six times in a quarter. (e) Branches should charge penalty for default in maintaining minimum balance required for Savings Bank Accounts, as above Branches should note that no overdraft should be created by debiting the penalty amount. If there is insufficient balance, proper record of such accounts should be maintained and the penalty debited or recovered as and when there is sufficient balance. Branches should display the minimum balance requirements and charges there on in the branch notice board prominently. Along with Account opening form branches should obtain ATM application form and Application form for E- see banking ( internet banking ) and load the details in the computer system as prescribed by IT dept. This would enable our customers use the ATM and also that of other banks at various locations across the Country. Branches should also explain the advantages of net banking to the customer. Branches also can obtain the request from customers for availing the mobile phone alerts and then feed the mobile number in the appropriate module in the computer system. These facilities are available only for networked branches The passbook should be branded with the rubber stamp reading NOMINATION REGISTERED. The details of the nominee should also be entered in the computer master through appropriate programme The pass book should be handed over to the depositor after the amount of initial deposit has been credited to the account and entered in the pass book under the initials of the officer-in-charge of the department/a Supervising Official after he/she verifies the correctness of the entry in the pass book with that in the computer page Branches should also cross sell our IOB-Jeevan group insurance policy and IOB Healthcare plus to the new customers highlighting to them that these products are

6 :6: for their welfare. Branches should also get a request letter from the customers for debiting the lowest insurance premium of Rs.10/- in the account to cover accident insurance for one year. Branches should note that these are value additions to our existing customers as well as prospective customers Initial remittance As a measure of abundant precaution, it is better to open an account with an initial cash remittance. However, there is no bar for opening accounts with the proceeds of bank drafts payable to the applicant to the account or his self cheque on another bank provided the introduction is acceptable. In the case of salary accounts, branches may even consider opening the account with zero balance PRECAUTIONS IN THE OPERATIONS OF NEWLY OPENED ACCOUNTS Branches should refer to the master circular on general instructions relating to deposit constituents accounts on the precautions in the operations of newly opened accounts. To facilitate this, the computer system will flash the warning New account up to six months to invite the attention of the operators and the supervising staff whenever they do a posting or passing in the relevant accounts OPERATIONS IN THE ACCOUNTS Branches should refer to the master circular on general instructions for detailed guidelines on the operations in the accounts Subsequent to opening the account a depositor may remit any amount in his account. All deposits to Savings Bank Account should be accompanied by pay-inslips. Separate pay-in-slips should be used for cash and cheques. All Cash Deposits in Savings Accounts of Rs.50,000/= and above will require the account holder furnishing the Income-tax PAN or declaration in Form 60 or 61 as the case may be Cheques, drafts, dividend warrants and other instruments should be accepted for credit of savings bank accounts only if they are drawn payable to the depositor However, branches may accept interest warrants issued in the name of the first purchaser of Public Sector bonds and endorsed in the name of the second purchaser, and presented for collection by the second purchaser for collection in his/her/their savings bank accounts. For this purpose, branches should brand the respective savings bank Challans accompanying the interest warrants, with a rubber stamp containing the following declaration : I/WE, DECLARE THAT I/WE, AM/ARE, THE HOLDER-IN-DUE COURSE AND FOR VALUE WITHIN MENTIONED INTEREST WARRANTS TENDERED TO YOU FOR COLLECTION The branch should invariably ensure that such declaration is signed by the depositor before accepting the interest warrants for collection in Savings Bank accounts Withdrawals are permitted either by cheques issued to the customers or by withdrawal forms provided by the bank Branches should educate the Savings Bank customers to avail of the Teller service, wherever provided, for payment of Savings Bank cheques/ withdrawal slips, for amounts not exceeding Rupees Fifteen thousand only. Savings Bank Customers may also be permitted to avail of the Teller facility for remitting cash not exceeding

7 :7: Rupees Fifteen thousand only per day per account for deposit into their Savings Bank accounts Branches should encourage savings bank customers to avail Visa Debit card cum ATM card, so as to reduce the pressure on counters within the bank. This is also a selling point for the branches to canvass more and more salary accounts of companies Branch supervising staff, as allocated by the Branch Manager should check the supplementary output every day as detailed in the master circular on general instructions. In a computerized environment, supplementary checking is akin to ledger checking and such checking alone will bring out any unauthorized postings or will enable the branch to know on the transactions carried out by a FBS facilitator branch. 5. ACCOUNTING FOR WRONG ENTRIES Whenever a customer s account has been wrongly credited with the amount meant for another customer s account, or a customer s account debited with a debit voucher intended for another customer s account, the wrong credit or debit must be reversed immediately upon finding out the error, and both customers advised immediately. Where the recovery of a wrong credit or effect of a debit which was omitted to be debited earlier results in an overdraft in an account, the customer must be informed immediately by a letter as per format provided in the master circular on general instructions be sent by Registered Post with acknowledgement due and the adjustment of the overdraft must be pursued expeditiously. 6. CUSTODY OF WITHDRAWAL FORMS 6.1. When a customer comes to the Bank for making a withdrawal, the Savings Bank counter clerk (operator) may hand over a withdrawal slip to the customer for his immediate use from the stock kept on the counter top for the ready use of customers. Additional withdrawal slips not exceeding ten leaves at a time may be given to such of those customers who do not have cheque books, for the purpose of drawing cash through third parties. In such a case the savings bank clerk(operator) should note the account number in all the withdrawal slips before parting with the same. 7. PAYMENT OF WITHDRAWAL FORMS 7.1. Withdrawal slips, as a general rule, should not be paid unless accompanied by passbook. Withdrawal slips have been printed with the following clause pass book must accompany this order form. Insistence of pass book while withdrawal slips are presented over the counter for payment will serve as a definite check against funds being withdrawn by unauthorised persons. The concerned member of staff (passing supervising staff) will be personally liable for any loss that may be incurred on account of their negligence in not insisting upon the pass book. Where withdrawal slips are presented without production of the pass book, the Manager/Senior Manager/Deputy Manager or the supervising official in charge of the department may authorise the payment provided they are thoroughly satisfied that such withdrawal slips are presented by the account holder himself or some one whose identity is well known to them Payment out of Savings Bank account to third parties through withdrawal slips may be allowed up to a maximum amount of Rupees One thousand only per instrument. For this purpose withdrawal slips have been printed with the following clause: Payment to other than the account holders, restricted to Rupees One thousand only.

8 :8: 8. RECEIPT, CUSTODY AND ISSUE OF CHEQUE BOOKS Issue and custody of Savings Bank cheques should be on the guidelines as detailed in the master circular on general instructions. In terms of guidelines from IBA adopted by our Bank, branch should adhere to the following instructions whenever a customer requests for more than one cheque book at a time: (i) Branches should avoid issue of more than one cheque book at a time to Savings Bank customers. (ii) In the case of Savings Bank customers needing excessive number of cheques to be drawn, branches should persuade them to open Current Accounts. (iii) However if the branch is convinced about the genuineness of the customer s request for more than one cheque book at a time, a report with specific recommendation should be submitted to Regional Office for approval. Regional Office shall consider such Reports on the merits of each case and accord permission or decline the request without loss of time. (iv) Branches are advised to educate the constituents in this regard and guard against any complaint. 9. PAYMENT OF CHEQUES Detailed guidelines have been given in the master circular on General instructions on the payment of cheques. cash- transfer- inward clearing. Branches are to refer to the same. 10. PASS BOOKS AND CONFIRMATION OF BALANCES The entries in a pass book duly initialed by the ledger-keeper (operator) must be authenticated with the initials of the Supervising Official only after he/she has verified them with the corresponding entries in the ledger report display in the computer system and verifying the relative vouchers of the day in respect of unchecked entries. Computer generated Statement of Accounts issued to the customers should be signed by Authorised supervising staff after affixing branch rubber stamp. Branches are to refer to the master circular on general instructions on the issue of Passbook, issue of duplicate passbook and custody of passbooks until making up the entries on the same. Confirmation of balances in Form F.237A should be obtained as on the last day of September every year wherever, the accounts show a debit balance, 11.HANDLING OF STOP PAYMENT INSTRUCTIONS Branches should adhere to guidelines contained in the master circular on general instructions 12. STANDING INSTRUCTIONS Savings Bank customers may give standing instructions to the branch for making remittances of funds periodically from their accounts. Branches should be guided by the guidelines given in master circular on general instructions for acceptance, recording and carrying out the Standing Instructions. Branches should note that prompt execution of standing instructions will enhance customer satisfaction and also a sensitive area for complaints.

9 :9: 13. INTEREST CALCULATION, MONTHLY PROVISION AND PAYMENT OF INTEREST Interest at the rates specified by Reserve Bank of India from time to time shall be paid on the balances in Savings Bank Accounts Interest on Savings Bank accounts is payable half yearly For the purpose of providing monthly interest on Savings Balances branches should calculate interest on the aggregate balance arrived at as under: General Ledger Balance as on the 10th of each month Rs... LESS Total of withdrawals (debits) from 11th to the last day of the month Reminder on which monthly interest will be calculated Rs... Rs... The interest so calculated should be debited to Branch Profit and Loss Account Interest Paid on Deposits Account and credited to Interest Accrued Account Actual interest on individual savings bank accounts should be calculated for the six months period viz.(i) from First day of February to the last day of July and (ii) from First day of August to end of January The interest on individual accounts should be credited to the respective accounts during the first week of August for the six months ending 31st July and during the first week of February for the six months ending 31st January For the purpose of calculation of interest, the lowest clear balance at credit in an account between the tenth day and the last day of each month is computed as products by the system. At the end of each half year, the monthly products is totaled and divided by six to arrive at the average monthly balance in the account. Interest should be calculated on the average balance at the prevalent rate of interest for savings bank accounts No interest should be paid unless the interest accrued during the half year amounts to atleast Rupee One A supervising official should check in the interest calculations by the computer system random. From the interest posted printout he should also ensure that all the accounts have been credited with interest except as contained in para The total interest paid on all accounts will be listed and debited to Interest Accrued Account. While providing the interest as calculated by the computer system, the branch should ensure that the outstanding in Interest Accrued account contains only the current month provision. As the system is programmed to do the vouching for the current month provision, branches need to check up that at a particular month the interest provision is properly held, by taking average balance of GL and working out for the number of months the provision is held in Interest accrued account At the time of closure of account, interest should be applied by debit to Interest Accrued Account and the ultimate balance paid to the depositor against his cheque or withdrawal form in the usual manner In the case of accounts opened after tenth day of a month, interest will be payable only from the subsequent month.

10 14. BALANCING OF LEDGERS :10: Branches to ensure that at the time of day end, the master balance and GL balances agree. If the same does not agree and shows a difference, branches should note down both the balances and the difference and take up with their RCC / I T dept, Central office through the complaints procedure and rectify the same. 15. OVERDRAFTS IN SAVINGS BANK ACCOUNTS Though savings bank accounts are primarily meant for promoting savings, branches may face situations where cheques issued by otherwise regular savings bank customers being presented without adequate balance. In order to accommodate such customers in exceptional cases branches may permit limited temporary overdrafts in savings bank accounts subject to the stipulations prescribed by Central Office from time to time branches should strictly adhere to the following stipulations whenever such a need arises. Any overdraft can be granted only against the specific written request of the customer and with suitable documentation (DPN, F.16 & Credit cum opinion sheet by the Manager ). a) The customer must be having a satisfactorily maintained Savings Bank Account with the branch for not less than six months. b) He/She must be a confirmed employee in a Government / Semi-Government / Quasi Government department or Organisation/Public Sector or Private Sector Organisation of repute. c) He / She should have a stable income with reasonable prospects of its continuance in the near future. d) Members of the staff and their close relatives (Father, Mother, Brother, Sister, Children and In-laws) are not eligible for this facility. e) The salary of the customer must preferably be routed through his/her savings bank account with the branch. f) The amount of overdraft should not exceed one month s net salary as credited to the customer s account with the branch or the discretionary power of the branch for granting temporary overdrafts, whichever is less. g) The overdraft must be adjusted within one month from the date of its availment. h) If the customer desires to have the overdraft facility on a regular basis, he/she must be advised to open a Current Account and a temporary Overdraft facility may be considered as per the existing rules and procedures. i) Interest should be charged at the rate applicable for temporary overdrafts and recovered at the end of the month. j) Each debit which creates or acts to increase an overdraft must be referred to the Branch Manager in the Cheques Referred Register. The overdraft can be given only when authorised by the Branch Manager or in his absence by the second line Manager.. k) Immediately on the occurrence of an overdraft, the branch should write to the customer, advising him/her about the same and request him/her to adjust the same at the earliest. A model letter is appended below.

11 :11: INDIAN OVERSEAS BANK... Branch PLACE DATE To Dear Sir/Madam, OVERDRAFT IN YOUR SAVINGS BANK ACCOUNT NO We have today paid your cheque No dated favouring for Rs. (Rupees only), thereby resulting in your account being overdrawn to the extent of Rs. (Rupees only) Kindly acknowledge and provide funds to clear the overdraft at an early date. Thanking and assuring you of our best services at all times, Yours faithfully, Manager/Chief Manager ********************************************************************** Balancing and Accounting of Overdrafts in Savings Bank The balance in the overdrawn accounts must be extracted in the Temporary Overdraft report everyday and checked by the supervising official in charge of the Savings Bank department and placed before the Deputy Manager and the Branch Manager for information and confirmation. The overdraft in Savings Bank should be incorporated in the General Ledger under Overdraft in Savings Bank - Code No on the Asset side REPORTING OF OVERDRAFTS IN SAVINGS BANK ACCOUNTS Overdrafts granted in Savings Bank accounts must be reported individually on a monthly basis in CAF-3 under Personal Overdraft Scheme. Accounts not adjusted and outstanding beyond sixty days from the date of granting should be treated as irregular and reported to Regional Office in ERI. Overdrafts under personal overdraft scheme should not be extended at the extension counters 16. Value additions (concessions) in savings accounts Savings Bank Accounts where an average quarterly balance of Rs. Ten thousand only and above was continuously maintained during the previous quarter are eligible for the following concessions in the current quarter.

12 Concessions :12: a. Inland Demand Drafts and/or Mail Transfers for two occasions in a month for a total amount of DD and /or MT put together not exceeding Rs.10,000/= are totally exempted from Exchange / Commission charges. b. Collection charges would not be levied on outstation instruments such as Cheques, Demand Drafts, Dividend Warrant, Interest Warrant, Refund Order etc., (excluding Documentary / Clean Bills, Hundies, Supply Bills). The total amount of instruments collected during a month for which no service charges are recovered should not exceed Rs.10,000/=. However there is no restriction on the number of instruments collected per month. The actual postal charges incurred for collecting the instruments would be collected from the depositor. If the instruments are requested to be sent to our STAR Centres (speed collection) then usual service charges would be levied. 17. DORMANT/IN-OPERATIVE ACCOUNTS AND UNCLAIMED BALANCES Branches are to refer to master circular on General instructions 18. UNDESIRABLE ACCOUNTS Branches are to refer to master circular on General Instructions. 19. TRANSFER/CLOSURE OF ACCOUNTS Branches should be guided by the guidelines contained in master circular on General instructions on Deposit constituents accounts for transfer of accounts from one branch to another of our Bank and closure of accounts In the case of Savings Bank Accounts, interest up to the end of the previous month should be calculated and credited to the Account by the transferor branch. For the current month, if the account is transferred after tenth day of the month, the lowest balance in the Account during the month of transfer should be mentioned separately in the Transfer Form (Form 577) itself, to enable the transferee branch to provide interest to the transferred Account for the month of transfer Similarly interest should be calculated and credited to the account before closure of the account. 20. NO Frills Accounts No Frills accounts are part of RBI s efforts to bring in to the banking fold, the financially or socially disadvantaged persons through financial inclusion. The bank has introduced a simplified account opening form for such accounts. Criteria for such accounts is listed below Sl. no Features Description 1 Type of account and GL code NO Frills S B Account. G L code Branches where account can be opened All Rural, Semi Urban, Urban and Metropolitan branches. 3 Who can open the account Individuals including minor who have completed 10 years of age and pensioners. Joint accounts are permitted. 4 Introduction for opening the account Introduction from an account holder who has been subjected to full KYC procedures. The Introducer s account with the bank should be atleast 6 months old and should have

13 5 Minimum balance Rs. Five. satisfactory operations. Alternatively Branch can accept certificate from VAO / Voter Identity card / Ration Card / Driving licence / PAN Card ( if available ) / Passport ( if available) as a proof of identity and address and open the account on the strength of it. 6 Penalty for non maintenance of Minimum balance NIL 7 Withdrawals in the account Only by withdrawal slips. Cheque book will not be issued. 8 Restriction of number of transactions 9 Penalty for exceeding the number of transactions 10 Restriction on amount of transaction 25 transactions per half year ending March and September No interest is payable 10.a In order to enjoy No Frills status, the balance in the account should not exceed Rs.50000/- at any point of time or Total credit in the account should not exceed Rs.100,000/- in the financial year. 10.b. When either of the limits stipulated as above is exceeded, the No Frills status of that particular account should be withdrawn. Instead such account should be treated as regular S B account which entails application of full KYC Procedures put in place by our bank. 10. c. In the case of ( b) above, branch should allow further operation only after completion of application of full KYC procedures. 10. d. It is the responsibility of the branch to closely monitor the operation in No Frills SB accounts and identify those accounts which reached a balance of Rs.40,000/- or total credit of Rs.100,000/- from time to time and prepare for the application of full KYC procedures in co-ordination with the account holder. 11 Interest payable Interest rate applicable to regular SB accounts and method of calculation is the same. ( presently 3.5% p.a )

14 12 Value addition / Concession 12.i. When the quarterly average balance of Rs.10000/- and above was continuously maintained during the previous quarter. a. Inland Demand Drafts and / or mail transfers for two occasions in a month for a total amount of DD and / or MT put together not exceeding Rs.10000/- are totally exempted from exchange / commission charges b. Collection charges would not be levied on outstation instruments such as cheques, demand drafts, dividend warrant, interest warrant, refund order etc., (excluding Documentary / clean bills, hundies, supply bills). The total amount of instruments collected during a month for which no service charges are recovered should not exceed Rs.10000/-. However there is no restriction on the number of instruments collected per month. The actual postal charges incurred for collecting the instruments would be collected. If the instruments are required to be sent to our STAR centres ( speed collection ) then usual service charges would be levied No other value additions are allowed in the account ATM cards are not be issued 12.4 Collection of instruments and issue of DD / MT should be levied with regular service charges (Other than those mentioned in 12.1 ) 20.2 Branches are aware that the Applicants/Accountholders of No Frills SB Accounts may not be well informed / too literate to understand the nuances of banking and their plight can effectively be addressed only through personalised counselling by the operational staff. This exercise needs to be carried-on on an on-going basis by the workforce who should continue to display perseverance, patience and empathy towards the population who are yet to get access to the banking-services These accounts should be subjected to application of full KYC procedures as and when loans are sanctioned to the accountholders of No Frills SB accounts, other than through financial inclusion Photographs of the applicants affixed in the account opening form should be attested by the introducer ( if introduction is available ) 20.5 The terms and conditions of the No Frills accounts should be explained to the applicants, preferably in the local Regional Language.

15 :15: 21. Special products : IOB- SB Silver and IOB-SB Gold 21.1 IOB-SB Silver 1. Name of the scheme : 'IOB- SB Silver' 2. Target group: Individuals including those employed in reputed companies, among Software, Public /Private sector, Govt. 3. Type of deposits: Savings Bank account. 4. Minimum balance requirement: While opening the account, the account can be opened with '0' balance. The account provides certain concessions and in order to be eligible for the concession, average daily balance in the account during the last three months should not be less than Rs.5, Special features / concessions a. ATM cards on day one b. International Debit Card without charges. c. Internet banking (E see banking). d. Monthly account statements over e. SMS alerts for daily transactions. f. Transfer of funds through NEFT free of cost g. Personal Accident insurance cover of Rs. one lakh free of cost. h. Anywhere Banking in CBS/TBA branches. i. ATM usage at any Bank free. j. RTGS free of charges. k. Online Tax payment facility. l. Overdraft facility up to one-month salary in case of salary earners. m. Utility Bill payment facility Rent/school fees/college fees/ donations/ IOB credit card bills/utility bills/ Telephone bills n. Facility for family Health Insurance IOB-healthcare Plus. o. PAN / TAN facilitation. p. Facility for automatic transfer of balance in SB to Term Deposit If the quarterly average balance is Rs.25000/- and above, this facility is offered. Wherein the balance exceeding Rs.35000/- will be swept out in units of Rs.2000/-and kept in TD IOB-SB Gold 1. Name of the scheme: IOB- SB GOLD " 2. Target group: All individuals including professionals such as doctors, Lawyers, CA.s, Executives working in MNC, Software Companies, Public/ private sector and business people, High Net Worth individuals, CEOs, IAS and IPS. 3. Type of deposits: Savings Bank account.

16 :16: 4. Minimum balance requirement: The average daily balance over the last three months should not be less than Rs a. If the quarterly average balance is between Rs and less than Rs , the balance exceeding Rs will be swept out and kept in TD. b. Similarly, if the quarterly average balance is Rs and above, the balance exceeding Rs will swept out and kept in TD. The customers of this category are also eligible for Online equity trading facility and Overseas Travel card free of charge. 5. Special features / concessions a. ATM cards on day one b. International Debit Card without charges. c. Internet banking (E see banking). d. Personalised Multi city cheques issued at MICR centres free. e. Monthly account statements over f. SMS alerts for daily transactions. g. Transfer of funds through RTGS without charges. h. Transfer of funds through NEFT without charges i. Facility for automatic transfer of balance over a prescribed limit of Rs.50, 000 in SB account to term deposit account and retransfer to SB ( Liquideposit facility). j. Personalised cheque books with name printed free of cost. k. Personal Accident insurance covers of Rs. five lakhs free of cost. l. Anywhere Banking in CBS/TBA branches. m. Preferential rate for gold coins. n. ATM usage at any Bank free o. Demat account opening charges free p. Online Tax payment free of charge. q. Online Bill payment facility Rent/school fees/college fees/ donations/ IOB credit card bills/utility bills/ Telephone bills r. Facility for family Health Insurance IOB-healthcare Plus. s. PAN / TAN facilitation 21.3 For operational convenience for providing liquideposit facility, the SB special products are grouped in the system as below: IOB-SB Silver I : Quarterly average balance between Rs and less than Rs are not eligible for liquideposit facility. IOB-SB Silver II : Quarterly average balance of Rs and above. If the quarterly average balance is Rs.25000/- and above, liquideposit facility is offered. Wherein the balance exceeding Rs.35000/- will be swept out in units of Rs.2000/-and kept in TD.

17 :17: IOB-SB Gold I IOB-SB Gold II: : Quarterly average balance between Rs and less than Rs : If the quarterly average balance is between Rs and less than Rs , the balance exceeding Rs will be swept out and kept in TD. Quarterly average balance of Rs and above. If the quarterly average balance is Rs and above, the balance exceeding Rs will swept out and kept in TD. The customers of this category are also eligible for Online equity trading facility and Overseas Travel card free of charge Liquideposit Scheme A facility provided for special SB/CD customers. This facility combines the advantages of both SB. and Term Deposits giving liquidity as well as higher return on investment. The balances in the SB. account over a specified limit are automatically transferred to Term Deposit and back when required by the depositor. 1 Target Group All resident individuals in their individual names or joint names can open SB account. But, first named constituent alone is taken for the purpose of ascertaining the deposits, interest rate, TDS etc. Certain bodies or Organisations who are eligible for opening SB. accounts are also eligible to open this account. NRE SB is excluded from Liquideposit scheme. 2. Opening of Account Apart from fulfilling the formalities for opening SB. account, an undertaking letter agreeing to the conditions of "Liquideposit" should also be taken as per Annexure II. 3. Minimum balance in SB account Minimum balance of Rs. 25,000 is required for availing liquideposit facility. 4. Transfer to Term Deposit Account The balances in the SB. account over a threshold limit of Rs.35,000/- for SB-Silver -II, Rs for SB-Gold-I and Rs for SB-Gold-II will be transferred to Term Deposit account. The transfer is done automatically by the system. The transfer is done at the end of the business hours and, therefore, there will be only one transfer to Term Deposit in a day. 5. Period of Term Deposit The amount transferred from SB. to Term Deposit will be placed for a period of 6 months. There is no choice for the depositor to decide the period of deposit. 6. Type of Term Deposit The amount transferred from SB. to Term Deposit will be placed under Re-investment Deposit Scheme only. 7. Renewal of Term Deposit The RDP opened by transfer from SB. will be automatically renewed, on due date, for a further period of 6 months.

18 8. Rate of interest :18: Balance in the SB account is eligible for SB interest in force, i.e., 3.50% p.a. The amounts placed in Term Deposits will be paid interest at the prevailing rate on the date of placement of each deposit, applicable for 6 month deposit. The present rate for a 6 month deposit is 6.00% p.a. 9. Maintenance of Term Deposit Each transfer from SB will be treated as a separate deposit and due date fixed accordingly. The deposits are to be kept in units of Rs.2,000/-. Therefore, a Rs.10,000 transfer will be kept as 5 deposits of Rs.2,000/- each. The depositor will not be given a printed deposit receipt but a statement of account will be given. 10. Withdrawal of Term Deposit If the depositor wants to withdraw money from SB either across the counter or by issuing cheques to third parties and if sufficient balance is not available in the SB account, the required number of units will be closed from the Term Deposit account and transferred to SB account to meet the withdrawal. The last transfer made to Term Deposit will be closed first under Last In First Out (LIFO) method. Interest will be paid on completed months only. 11. Premature Closure of Term Deposit In case there is a necessity to close the deposits before the maturity date, the interest on the deposits will be paid in terms of the extant guidelines on premature closure of term deposits which are as follows : If the minimum period of 30 days is completed, the interest payable for deposits up to Rs.5 lakh is the applicable rate for the period the deposit remained with the Bank. If the deposit amount is more than Rs.5 lakh a foreclosure charges of 1.00% is deducted from the applicable interest for the period the deposit remained with the Bank. 12. Loan on Term Deposit No loan is envisaged as the system allows easy premature closure of required amount only for meeting withdrawal. 13. Opting out of the scheme by the depositor If the depositor wants to withdraw from "Liquideposit" scheme, he may do so by requesting in writing. The Term Deposits can be allowed to be continued as normal deposits if the depositor so desires. 14. Additional interest rates for term deposits Staff members and Senior citizens will not get the additional interest under Liquideposit scheme. 15. Implementing branches The scheme can be implemented only in fully computerised environment and, therefore, the scheme will be implemented only in CBS branches

19 21.5 Guidelines on Special products a. At present, these special products are marketed through all CBS branches. b. All existing customers as and when they request and new accounts at the time of opening the account are eligible under the scheme. Staff accounts are also eligible provided they comply with all the norms of the scheme. The format of request cum undertaking letter is given in para c. The Bank shall review special status of accounts under various schemes on a quarterly basis (June, September, December and March). If the required minimum balance is not maintained, the special status of the account will be cancelled, the account decategorised and the concessions recovered from the customers. d. Under liquideposit facility, the balance in the SB account alone will be considered for computing average balance for determining the special status. e. The balance in Term Deposits is eligible for interest only when the balance remains in TD for more than 30 days. f. For computing quarterly average balance, only completed calendar quarters will be reckoned. Same norm will apply if existing / new customers request special status in the middle of a quarter. g. For Internet banking and online Tax payment, all accounts should be registered for internet banking. For and SMS alerts, the ID/ cell numbers respectively of the customers should be registered. h. Features / concessions falling within the control of the branch: Transfer of funds through NEFT Waiver of Demat charges Concession on cheque books Transfer of funds through RTGS i. Features/concessions under system s control i.e. The system will prompt the user to enter the current a/c no at the time of DD posting and extend the concession if the a/c no falls under any of the eligible schemes. Issue of DD Cheque collection charges Folio charges j. Utility Bill payment facility Available to customers who have registered for E-See banking. k. Online trading facility Our customers who open demat account with M/ s MF Global Sify Securities (www.mfglobal.in) can do online trading at the site. For payment instructions they have to use our bank s internet facility using the drop down menu available at the site under transfer of funds option. l. Non-personalized ATM cards are to be given to the customers on day one. m. Branches should comply with all norms of account opening and obtain customers undertaking in the relevant formats for extending facilities under these products. n. Overdraft facility of one month s salary under SB-Silver can be extended after verifying salary certificates and after obtaining necessary documents.

20 o. The facilities under these special products can be utilised by the CBS branches for retaining the existing customers. However, more thrust should be given for mobilising more number of new accounts for improvement of CASA. p. Regional Heads should activate the marketing team in the Region and ensure that the groups targeted under each product are contacted personally for mobilising their accounts. q. All branches should extend excellent customer service for mobilising more new customers and retaining the existing customers. r. The customers of special accounts should be provided with a kit containing ATM card, cheque book, pass book, SB/CD rules, codes of BCSBI, schedule of charges, in a specially printed envelope each for SB-Silver, SB-Gold, CD- Classic and CD-Super respectively. For requirement of kit materials, branches and Regional Offices are requested to take up with Printing and Stationery department and I.T department respectively. Branches are to use the SB/CD rules 2007 book already supplied by CO to RO in adequate quantity as a kit material. s. Branches should ensure that the facilities available for the products are made immediately available to the customers. For facilities like Multicity Cheques, name printed cheque books, overseas travel card etc, branches should make them available to the customers at the earliest by immediately taking up with the concerned layer of authority Application for "Special SB Account (Annexure to Savings Bank Account Opening form) Indian Overseas Bank.. Branch SB Account Number :.. Opened on : 1. Name of the Depositor(s) Address of Depositor(s) I / We wish to open a special SB account and agree to the terms and conditions governing the scheme which may be in force from time to time. 4. Please transfer to the term deposit account for a period of 6 months all amounts over the threshold balance of Rs.35,000/65000/ and in units of Rs.2,000/- from my S.B A/C No. (The period of deposit can be 6 months only) 5. I / We agree to maintain a minimum quarterly average balance of Rs.25,000/= 50000/=/100000/= always in S.B account 6. I / We authorise you to automatically renew the term deposit on maturity date for an identical period of 6 months at the interest rate prevailing at the time of such renewal

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