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About Indian Overseas Bank (IOB) | Indian Overseas Bank Home Loan
Indian Overseas Bank (IOB) is a noteworthy open part bank situated in Chennai (Madras), with around 3700 residential branches, incorporating 1150 branches in Tamil Nadu, 3 augmentation counters, and eight branches and workplaces abroad starting on 30 September 2014.
Indian Overseas Bank has an ISO affirmed in-house Information Technology division, which had built up the product that its branches used to give web-based saving money to clients earlier. The bank has accomplished 100% systems administration status and in addition 100% CBS status for its branches.
IOB has a system of around 3300 ATMs all finished India. Indian Overseas Bank has branches in Singapore, Colombo, Seoul, and Bangkok. It has agent workplaces in Guangzhou, Vietnam, and Dubai. IOB likewise is part-proprietor of a joint-wander bank in Malaysia.
IOB Journey Before world war | Indian Overseas Bank Home Loan
In 1937, Thiru.M. Ct. M. Chidambaram Chettyar set up the Indian Overseas Bank (IOB) to support abroad keeping money and outside trade operations. IOB began up at the same time at three branches, one each in Karaikudi, Madras, and Rangoon (Yangon). It immediately opened a branch in Penang, Kuala Lumpur (1937 or 1938), and another in Singapore (1937 or 1941).
The bank served the Nattukottai Chettiars, who was a commercial class that at the time had spread from Chettinad in Tamil Nadu state to Ceylon (Sri Lanka), Burma (Myanmar), Malaya, Singapore, Java, Sumatra, and Saigon. Thus, from the earliest starting point, IOB worked in remote trade and abroad saving money (see beneath). Because of the war, IOB lost its branches in Rangoon and Penang, and Singapore, however, the branch in Singapore continued operations in 1942 under Japanese supervision.
Indian Overseas Bank (IOB) journey after world war
In 1945 or 1946 IOB opened a branch in Colombo. In 1947, IOB opened a branch in Bangkok. At that point, IOB included a branch each in Ipoh, Klang, and Malacca, all in Malaya. A few years after the fact, in 1955, IOB opened its initial branch in Hong Kong. Others would take after.
In 1963 the progressive government in Burma nationalized Indian Overseas Bank’s offices in Rangoon, Mandalay, and Moulmein, which turned into People’s Bank.
In the 1960s, the managing an account area in India was uniting through the merger of powerless private segment saves money with more grounded ones. IOB obtained various nearby banks: Coimbatore Standard Bank (acq. 1963; one branch at Madras), Nanjinnad Bank (or Nanjanad Bank), Coimbatore Vasunthara Bank (or Coimbatore Vasundhara Bank; est. June 1924; Head office and three branches; acq. 1964), Kulitalai Bank (est. 1933; acq. 1964; six branches), Srinivasa Perumal Bank (est. November 1935 at Coimbatore; acq. 1966), and (Sri/Lord) Venkateswara Bank (est. June 1931 at Salem Shevapet Sri Venkateswara Bank; acq. 1967; two branches in Salem, Tamil Nadu).
At that point in 1969 the Government of India nationalized IOB. At a certain point, most likely before nationalization, IOB had twenty of its eighty branches found abroad. In any case, Malaysian law disallowed outside government responsibility for in Malaysia. After nationalization Indian Overseas Bank, similar to all the nationalized banks, turned internal, stressing the opening of branches in country India.