Indian Overseas Bank Parivaar Scheme: How 6 Family Members Can Enjoy Shared Banking Benefits - Check Details
This festive season know how to invest in savings scheme made for families in Indian Overseas Bank, IOB. Under IOB Parivaar, the balance of all family members is counted together. The benefits depend on the family balance and the variant you choose. Here is a simple look at how it works.
What Is IOB Parivaar?
IOB Parivaar is a family savings scheme. Two to six family members can be grouped under one Family ID. The bank adds up the balance of all these accounts to check if the family meets the minimum limit. The money can sit in one account or be spread across different accounts. Each person still runs their own account as before. Nobody can see or control another member’s account, and each person’s privacy stays the same. Any member in the group can use the free benefits, as long as the family keeps the required balance.
Who Can Join?
All members must have a fully KYC-complete individual savings account with IOB. The family members who can be grouped are, spouse, father and father-in-law, mother and mother-in-law, son and daughter, and also son-in-law and daughter-in-law. The main account holder, called the primary holder, cannot be a minor. Frozen, inactive, inoperative, negative-balance or accounts with unrecovered charges cannot be added to the family group. A person can be part of only one Parivaar family at a time.
Which Existing Accounts Can Be Grouped?
You do not need to open a fresh account for every family member. Many existing IOB savings accounts can be moved into the Parivaar scheme. These are the eligible account types:
IOB Salary Accounts (Gold, Diamond, Platinum and IOB Premium)
SB MAX Account
SB HNI Account
SB Superstar Account
IOB Pensioner Scheme (Pensioner I and II)
Ultra HNI SB Scheme (Prime, Priority and Privilege)
IOB Sixty Plus Non-Pensioner Scheme
IOB Eco Savings Account
IOB Freedom Savings Account
SB Staff Account
SB Public
Once these accounts join Parivaar, they take on the features of the family variant you choose. The scheme replaces the old one, even if your earlier account had some better features.
Three IOB Parivaar Variants and the Balance You Need
The scheme has three variants. You need to keep either a minimum family quarterly average balance or a fixed deposit total. The quarterly average balance, or QAB, is the average of your daily balances over three months. The following are the three variants,
IOB Adarsh Family: QAB of ₹2 lakh, or term deposits worth ₹40 lakh
IOB Legacy Family: QAB of ₹5 lakh, or term deposits worth ₹1 crore
IOB Royal Family: QAB of ₹10 lakh, or term deposits worth ₹2 crore
Only deposits that are self-operated count towards the total, and a term deposit must be for at least 6 months.
Free Accident Insurance
Each member gets free personal accident insurance. This does not apply to armed forces and police personnel. The cover per person is ₹5 lakh in Adarsh, ₹10 lakh in Legacy and ₹20 lakh in Royal. With up to 6 members, the total family cover can reach ₹30 lakh, ₹60 lakh and ₹1.2 Crore.
The debit card also comes with separate accident insurance cover, subject to NPCI rules and conditions. The cover is ₹2 lakh on the RuPay Platinum card and ₹10 lakh on the RuPay Select card. These benefits are applicable to eligible RuPay cardholders. The insurance starts only after the family keeps the required balance for the first quarter.
Debit Card and Daily Banking Benefits
There is no issue charge for the debit card in any variant. Adarsh gets a VISA Gold or RuPay Platinum card. Legacy and Royal get a VISA Signature or RuPay Select card, and these two also have no yearly card fee, as long as the balance is maintained. Airport and railway lounge access depends on the card type and the rules of the card network.
Transactions at IOB ATMs are free without any limit. Free transactions at other bank ATMs are 5 a month in Adarsh and 10 a month in Legacy and Royal. NEFT, RTGS and IMPS are free, and so are SMS and email alerts, internet banking and mobile banking. Standing instructions and stop-payment charges are also nil.
Cheque books are free too. Adarsh gets 40 leaves a year, while the other two get unlimited cheque books in sets of 20 leaves.Credit card issuance is free for all three variants, subject to eligibility. Royal variant family members also get a 50% waiver on the credit card's annual maintenance charges (AMC), subject to the bank's terms and conditions.
Also read: IDBI Utsav FD Extended to March 2027: ₹10 Lakh Can Grow to ₹12.34 Lakh – Check Returns After 555, 700 & 1,100 Days
Loan and Locker Savings
Some of the best savings are on loans and lockers, and these apply after one year of the savings account.
Home loan processing fee: 100% waiver in all three variants
Vehicle loan processing fee: 25% waiver in Adarsh, 50% in Legacy and 100% in Royal
Locker rent: 10% off in Adarsh, 15% in Legacy and 25% in Royal. This is for one locker per family, in the primary holder’s name
Locker visits: unlimited and free in all three
What Happens If You Miss the Balance?
If the family does not maintain the required balance, a quarterly penalty is charged based on the shortfall. The charge ranges from ₹100 to ₹500 for Adarsh, ₹200 to ₹2,000 for Legacy and ₹500 to ₹4,000 for Royal, plus GST. The amount is first deducted from the primary holder's account and then from the other family members' accounts, if needed. However, no penalty applies if the family maintains the required term deposit amount. If the balance remains below the required limit for two consecutive quarters, the family grouping is automatically closed, and all accounts return to their earlier savings account schemes. The bank may also recover the charges that were previously waived, based on the applicable period.
How to Join
For a new family, the primary account holder's savings account should not be older than 30 days. The initial deposit must be equivalent to the quarterly average balance (QAB) required for the selected variant. For existing accounts, the family must have kept the required balance for the last two quarters. Accounts that have a Flexi Fixed Deposit attached cannot be moved to this scheme. You will need to fill a family declaration form at your IOB branch. Once you join, your old account scheme is replaced by the Parivaar scheme, even if your old one had some better features.
Is IOB Parivaar Right for Your Family?
If your family already keeps a good balance or fixed deposits with IOB, this scheme can bring useful extras like insurance, card perks and loan savings. It works best when your family can keep the balance steady, without frequent dips. Do check the full terms with your nearest IOB branch before you move your money, as the bank can change the features of the scheme.