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Personal Banking

Last Updated on: 18/03/2023

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Details Description

Nature of the Product

Savings Bank account targeted at Millennials loaded with special features and concession in service charges.

Eligible Customers

Millennials (Age group 21 years to 38 years)

Mode of operation

Self or Joint ( Primary a/c holder shall be millennial)

Minimum Balance

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.

Rate of Interest.

Applicable SB interest rate for the balance maintained at SB & Term deposit interest rate of 91 days for the Sweep balance.

Special Features/ Concession in Service Charges Offered

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.