Indian Overseas Bank (IOB) was founded in February 1937 with twin objectives of specialising in foreign exchange business and overseas banking. It started out with three branches located at Karaikudi and Chennai in India and Rangoon in Burma (presently Myanmar).
As of March 31, 2011, it operated a network of approximately 2,184 branches in India, 2 in Hong Kong, and 1 each in Singapore, South Korea, Sri Lanka, and Bangkok. The company also operates 1,043 automated teller machines.
It was ranked no.1 among public sector banks by Business Today -PMG survey and Financial Express- Ernst & Young survey.
Personal banking IOB provides a wide range of products and services such as saving bank accounts, current accounts, term deposit, retail loans, home loans and mortgages, depository services, gold investment products, debit and credit cards, multi city cheque facilities, insurance and mutual funds, and real time gross settlement services.
NRI banking It offers remittances, resident foreign currency accounts, NRI home loans and many other products for its NRI clients.
Corporate banking IOB such as term loans and working capital loans for micro, small, and medium enterprises; and loans for professional and self employed individuals, and information technology (IT) and ITes BPO sectors, as well as NRI accounts, and Internet and mobile banking services. In addition, it provides agricultural short term loans and agri business consultancy services; and forex collection services.
It also conducts government businesses like payment of direct taxes, indirect taxes, pension payment scheme, sales tax collections, provident fund scheme, etc
In 1964, it introduced computerisation in the areas of inter-branch reconciliation and provident fund accounts.
It was the first bank to venture into consumer credit by introducing a personal loan scheme.
IOB was one of the 14 major banks that was nationalised in 1969.