Indian Overseas Bank (IOB) has been nominated by the government for collection of funds, which will be used to support the community during the Coronavirus outbreak. The funds will be assigned to PM-Cares Fund. The contributions can be made by RTGS, NEFT, IMPS, cheques and demand drafts drawn in favour of PM-Cares Fund.
One can also remit contributions directly by electronic clearing system (ECS) to the designated savings bank account of Indian Overseas Bank. All such contributions will be entitled to 100 per cent income tax exemption under Section 80G of the Income Tax Act.
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.