Indian Overseas Bank (IOB) was founded on February 10, 1937. IOB was the first bank to venture into consumer credit when it introduced its popular Personal Loan scheme.

In 1964, the Bank began inter-branch computerisation as well as provident fund accounts. IOB was one of the 14 major banks that was nationalised in 1969. On the eve of nationalisation in 1969, IOB had 195 branches in India. In 1977, IOB opened its branch in Seoul and the bank opened a Foreign Currency Banking Unit in the free trade zone in Colombo in 1979.

IOB has 1427 branches in India and 6 branches overseas. Besides the bank has a network of over 240 ATMs and 243 extension counters. IOB has specialised branches to cater to commercial & industrial credit, industrial finance, small scale industries, hi-tech agriculture, and foreign exchange.

The bank has recently launched a new product in alliance with Life Insurance Corporation of India - the IOB Chiranjeevi Bima Yojana. This provides the banking customer with life insurance cover. The bank acts as a corporate agent and markets the life policies of the Life Insurance Corporation of India and non-life products of National Insurance Company at selected branches.