Indian Overseas Bank

Indian Overseas Bank (IOB) operates in Sri Lanka. The bank maintains two branches, including its Colombo Main office. Its SWIFT Code for Colombo operations is IOBALKLC. IOB provides a range of banking services across various customer segments.

Retail and Personal Banking Offerings

The IOB Colombo Savings Account posts interest quarterly on specific dates. It requires a minimum daily ledger balance of LKR 5,000. The IOB Colombo Current Account offers no interest. A monthly maintenance fee of LKR 100 applies if the balance is below LKR 10,000. Cheque leaves are issued in 20-leaf booklets.

IOB Demand Drafts (IOB DD) are issued within 30 minutes. They remain valid for 3 months. Commission is 0.25% of the DD value, with a minimum LKR 200 and maximum LKR 5,000. IOB Telegraphic Transfers (IOB TT) use SWIFT-based routing via IOBALKLC. Charges include a USD 20 flat fee plus correspondent bank fees. The IOB Colombo Fixed Deposit (FD) has tenures from 1 month to 5 years. Interest is compounded monthly. A 1% penalty below the contracted rate applies for premature withdrawals. IOB Colombo Recurring Deposit (RD) requires a minimum monthly instalment of LKR 2,000. A 0.25% maturity bonus is offered for tenures exceeding 36 months.

The IOB ForexPlus Prepaid Card is reloadable in INR, USD, and GBP. It features the chip-and-PIN EMV standard. An offline ATM withdrawal limit is USD 500 per day. IOB Safe Deposit Lockers provide vault access via biometric electronic locks. Annual rent depends on the locker size, with four sizes available (S/L/M/XL).

NRI, SME, and Corporate Solutions

The IOB NRE Account allows for fully repatriable principal and interest. KYC is managed through the Colombo NRI Help Desk. Inward remittances credit online within 2 hours of SWIFT receipt. The IOB NRO Account caps repatriation at USD 1 million per year. TDS at 30% applies at credit. Joint holding with resident individuals is permitted. IOB FCNR(B) Deposits are fixed-rate in USD, GBP, and EUR. Tenures range from 1 year to 5 years. Interest is paid at maturity, and these deposits are non-resident tax-exempt. IOB Global Remittance (IOB Remit) integrates with major remittance corridors using SWIFT/MT 103. The exchange rate is fixed at the T+0 Forex TT buying rate.

IOB SME 300 DAILY offers an overdraft limit up to LKR 300,000. Interest is charged at base plus 4.25%. It includes an auto-sweep to FD when surplus exceeds LKR 100,000 at EOD. The IOB SME Contractor Scheme provides term loans up to LKR 5 million. It carries a floating rate at PLR minus 0.5%. Amortization schedules extend up to 60 months, with a bullet repayment option. IOB Corporate Cash Credit (IOB CCC) provides working capital at 75% of receivables. A 25% margin applies. Quarterly reviews are conducted, with a minimum utilization charge of 1% per annum. The IOB Business Term Loan (IOB BTL) has tenures from 12 to 84 months. Its interest rate links to the 6-month Treasury bill plus 3.5%. Prepayment is allowed after 12 months with no foreclosure charges. IOB Trade Finance Facilities (IOB TF) include Import L/C confirmations at 0.125% per month on L/C value. Export packing credit is offered at PLR minus 1.0%. Post-shipment finance is available at PLR minus 0.5%.

Digital Banking and Treasury Services

IOB Colombo Internet Banking (IOB IBANK) uses 256-bit SSL encryption. It features multi-factor authentication (OTP + password). Funds transfer limits are LKR 500,000 per day. Realtime NEFT/RTGS initiations are available. The IOB Colombo Mobile App (IOB Nanban SL) includes an offline passbook. Its AI chatbot IOB-Bot supports account enquiry via NLP. Biometric login (fingerprint/face-ID) and QR-payments to merchants are supported. The IOB Colombo Debit Card (IOB InstantDebit) is EMV chip + contactless. It has a daily POS limit of LKR 100,000 and an ATM limit of LKR 50,000. It operates on the VISA network and provides real-time SMS alerts for all transactions. IOB UPI-Local Lanka (Pilot) facilitates UPI-style QR for P2P LKR transfers. It offers instant credit within 10 seconds. The UPI-like limit is LKR 50,000 per transaction, configurable by branch. This pilot represents a unique UPI-style payments offering in Sri Lanka.

The IOB Colombo Foreign Currency Account supports multi-currency ledgers, including USD, GBP, EUR, SGD, and HKD. Overnight SWAP is allowed, with no minimum balance requirement. SWIFT MT 940 statement generation is available. The IOB Colombo Forex Spot Deal offers T+2 settlement. It provides two-way rate quotation with 1-pip forward cover. IOB Forward Exchange Contract (IOB FXF) tenors range from 1 week to 12 months. Non-deliverable options are available. Daily MTM valuation occurs via an online treasury portal.