Details |
Description |
Nature of the Product
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Savings Bank account targeted at Millennials loaded with special features and concession in service charges.
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Eligible Customers
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Millennials (Age group 21 years to 38 years)
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Mode of operation
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Self or Joint ( Primary a/c holder shall be millennial)
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Minimum Balance
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No Opening Balance*. Maintain daily minimum balance of Rs 10000/- or daily minimum balance of Rs. 5,000/- and digital turnover of minimum of Rs. 20,000/- per month. (**Digital turnover includes Transactions using IOB ATM/CDM / IOB Mobile Banking or Internet Banking fund transfer/ IOB UPI transactions or IOB Debit card POS Transactions)
* No charges shall be levied for the first month for non-maintenance.
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Rate of Interest.
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Applicable SB interest rate for the balance maintained at SB & Term deposit interest rate of 91 days for the Sweep balance.
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Special Features/ Concession in Service Charges Offered
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1. Free Personalised Accident (Death) Insurance Cover of Rs 5,00,000/- if the Quarterly average balance is Rs.1,00,000/- and above.
2. Free Personalised Cheque book (Max.50 leaves per year) delivered at doorstep.
3. Free funds transfer online/ offline using NEFT or IMPS or RTGS.
4. Free SMS alerts for transactions. (Debit/ Credit)
5. Free registration of ECS/ NACH Mandate
6. Free registration of Standing Instruction.
7. Monthly statement of accounts through registered email.
8. Facility of Auto sweep, when the Balance exceeds Rs 50000/- in Savings Account in units of Rs 2000/- and kept as Short term deposits.
9. Issue of debit cards as per the choice of the customer by paying the applicable charges.
10. Availability of Mobile Banking & Internet Banking on activation of account.
11. Facility of Online Submission of Application form.
12. Availability of Video KYC and Online account opening shall follow on implementation of the features.
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