Indian Overseas Bank (IOB) was founded on February 10, 1937 by Shri. M.Ct.M. Chidambaram Chettyar, a pioneer in many fields. The Bank was founded by him with the main objective of specializing in foreign exchange business in banking to take the Bank across the globe. IOB was one of the major banks that were nationalized in 1969.

Business area of the Bank

Indian Overseas Bank is a pioneer in many fields - Banking, Insurance and Industry with the twin objectives of specialising in foreign exchange business and overseas banking.

Product and services offered by the bank

• Personal Banking
  
• Digital Banking
  
• NRI
  
• Agri/Rural
  
• Retail
  
• MSME
  
• Corporate/Forex

Awards and Accolades

FY2017-18

• Runner Up Award for Best Payment Initiatives amongst Medium Banks from IBA.
  
• Bank's quarterly Hindi Magazine ‘VANI’ has received prize in Bronze category from Association of Business Communicators, Mumbai.
  
• 2nd Prize for in-house Hindi magazine VANI for 2016-17 received by our MD & CEO on the occasion of Hindi Diwas from Hon’ble President of India
  
• Bank was chosen as one of the winners (out of 36 banks) of Intelligent Enterprise Award (CategoryEnterprise Apps) presented by Indian Express group for the year 2017 for the product IOB PAY which is an online integration.

FY2018-19

• The Central Vigilance Commission has awarded to Bank with ‘Vigilance Innovation Award’ with an Excellent Grade for various initiatives taken in the Bank.

FY2019-20

• IOB ranked 5th position as on March 2019 under EASE 1.0 (FY 2018-19) with 75% score among PSBs.
  
• IOB been awarded ‘Winner-Reforms Excellence’ and ‘Winner Deepening Financial Inclusion and Digitalisation’ out of 8 awards category of EASE 1.0.
  
• IOB got a special mention in ‘Examples of Best Practice among PSBs’ for its Standardized Public Grievance Redressal System (SPGRS).
  
• IOB awarded for Outstanding Performance in POS deployment in Northeast for the FY2018-19 by Meity.
  
• IOB shortlisted by Infosys under Client Innovation Award -2020, for inhouse customization of Finacle on ‘Simplified Loan Account Opening’.
  
• IOB awarded ISO 27001 for Information Technology Department.