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Scheme |
IOB Insta Digital Savings Account |
Mode of Opening |
The account can be opened only through Web channel by the customers.
Click here to Open Account
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Scheme Code |
SBIND |
Eligibility |
All resident individual having valid Aadhaar & PAN card and are 18 years & above. |
The facility is only for New to Bank customer |
Customer should not have any OTP based Aadhaar verification-based account with any other Bank/Financial Institution
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At any given time, customer can have only one Insta Digital Savings Account and no other accounts |
Mandatorily Requirement |
Customer should have a valid Aadhaar number and valid Permanent Account Number.
In case Customer's name as reflected in Aadhaar is different from that as reflected on the PAN Card, the details as per Aadhaar will be taken on record.
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Customer should have a valid and active local mobile number registered in his/her name, and linked to his/her Aadhaar number |
A valid and active email address |
Type of Account |
Resident SB |
Age Group |
18 years and above |
Mode of Operations |
Account can be opened in single name and operated by self only. |
Minimum Balance Requirement |
As applicable to regular SB Account |
Period of Account |
Maximum 1 year only; within which once Full KYC of customer is done, account number can continue in any other SB scheme preferred by customer. |
Internet Banking Facility |
Yes, subject to restrictions applicable for OTP based accounts |
Mobile Banking Facility |
Yes, subject to restrictions applicable for OTP based accounts |
IMPS/ UPI Transaction |
Yes, subject to restrictions applicable for OTP based accounts |
Debit Card |
Rupay Classic/ Platinum Debit card (available only after account funding of Minimum Rs. 1000/-)
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SMS Alert Facility |
Yes |
Fee & Charges |
As applicable to regular SB Account |
Restrictions on OTP based Account |
Savings Limit |
Upper Cap on aggregate credits in all accounts |
Aggregate of all credits in a financial year, in all deposit accounts together, shall not exceed Rs. 2,00,000/-
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Upper cap on balance in all accounts |
Aggregate balance of all deposit accounts shall not exceed Rs 1,00,000/- |
Transaction Limit |
Transaction limit cap at Rs. 49,999/- per transaction. |
Cash Transactions |
No cash credit transactions are allowed |
No Cash withdrawal at branch |
Other Restrictions |
Any type of Branch channel transactions is not allowed |
No Passbook facility |
No Locker facility |
No cheque book will be issued until full KYC is completed |
Statement of account can be accessed through Internet Banking or Mobile Banking |
No Demand Draft or Foreign Currency |
No Temporary overdraft facility |
Facility for Investment in IPO is not allowed until full KYC is completed |
Other Conditions |
The customer will not be allowed to open any other account until full KYC is completed for this account and scheme is changed to regular SB account.
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KYC formalities can be completed by visiting any of the Branch, after which the Insta Digital Savings Account will be upgraded to a Regular Savings Account and the customer can enjoy all the facilities applicable to regular SB account without any restrictions.
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The Insta Savings account can be closed by making a written request at the home branch only, after completing the KYC formalities. If KYC exercise is not completed within 1 year of opening the account, the account should be closed and Demand Draft favoring the customer should be issued against the balance payable in the account.
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