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How to Buy Crypto with Indian Overseas Bank

Last updated on November 12, 2023

Quick Summary: While Indian Overseas Bank does not offer cryptocurrency trading through its own platform, you can make use of your account to purchase crypto through a third-party exchange.

There are a lot of India cryptocurrency exchanges to pick from, but we suggest using the Binance.

They offer the majority of most well-known cryptocurrencies and are simple to use. They have lots of advanced features but are also great for beginners.

Indian Overseas Bank Homepage

As mentioned in my quick summary, like most India banks, Indian Overseas Bank doesn’t allow users to trade cryptocurrency directly on their platform, due to the complexities with setting up a cryptocurrency exchange and comes with regulations and extra work for the banks.

There are a large number of cryptocurrency exchanges that you can use to buy Bitcoin and other cryptocurrencies.

Once you’ve signed up to a crypto exchange (in our example I’ll be using Binance as it’s a highly trusted and global exchange), you can easily move money from your bank account to the trading platform., and exchange it for a variety of cryptocurrencies.

How to buy crypto or bitcoin with IOB

Let’s get started! Just follow our 4 quick steps.

1. Pick a cryptocurrency exchange

As mentioned above, I’ll be using Binance for this guide as they are a widely used exchange and have a huge range of cryptocurrencies to choose from. It’s also one of the best exchanges for beginners and allows more advanced features when you get more comfortable with trading.

The steps in this guide should be similar for most trusted crypto exchanges, so feel free to use whichever you end up going with.

Let’s get started!

2. Create account with the trading platform

You’ll first need to create an account if you haven’t already, you can do using this quick link below.

Sign Up With Binance

Once you’ve filled out the basic information you’ll be asked for KYC (Know Your Customer) information, this is normal for crypto exchanges to stop any bad activity. This will often be called the “verification” process.

3. Fund your account

Next, you’ll need to add funds to your account using any of their deposit methods. For Binance there are many options such as bank transfer, PayPal, credit/debit card, and many more.

4. Buy cryptocurrency

Lastly, you’ll need to go to the “trade” section, this will differ for each exchange but it will usually have some variation of this.

It’s that easy! You’ve now got the tools to buy your first cryptocurrency with Indian Overseas Bank.

Buy Crypto With Binance

About Indian Overseas Bank

Indian Overseas Bank (IOB) is an Indian public sector bank located in Chennai. It has around 3,214 branches in India, and 4 foreign branches and a representative office. In February 1937, it was established in 1937 by M. Ct. M. Chidambaram Chettyar with twin goals of focusing on foreign exchange business and international bank, the company has carved out numerous milestones in the Indian Banking Sector.

When the country was nationalised, IOB was one of the 14 major banks that were taken from the state of India. On December 5, 2021 IOB was awarded the Degidhan Award 2020-21 from the Ministry of Electronics & Information Technology to achieve the second-highest percent of digital payments among banks of the public sector. On March 31, 2022, the total business of IOB is at Rs417,960 billion (US$52 billion).

IOB launched its Offshore Banking Unit in Colombo, Sri Lanka, on 31 August 2013. It also upgraded the current Extension Counter at Bambalapitiya into an actual branch.

In the present, Indian Overseas Bank covers an extensive area of the banking industry with more than 3214 branches in India with 3270 ATMs as well as 4 overseas branches.

IOB is currently focusing its efforts on “digital banking” in the hope of eliminating all documents like checks, slips of pay-in demand drafts and more with its powerful digital platform. With Digital Banking, IOB wants to offer its customers the convenience of accessing and performing traditional banking functions 24 hours a day, without the need to go to a branch of a bank for work.

Digital Banking through IOB can be done on tablets, laptops or even a mobile phone. In the last several years Digital Banking has drastically transformed the method by which IOB as well as its clients interact one with each. Everyday, more IOB customers are connected to the Digital Banking platform with each new day.