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Last Updated on 12/03/2019
IOB MACT SB Account

Savings Account Scheme: MACT claims SB Account- IOB MACT SB

Name of the Product

IOB MACT SB Account for Individuals including Minors through Guardian in single name.

Mode of operation

(i)           Only single operation

(ii)          In case of Minor accounts, the operation will be through Guardian.

 

Nomination

Permitted

 

Scheme Change

Not permitted

 

Minimum Balance

No Minimum balance specification.

 

Rate of Interest

As applicable to regular savings account.

 

Cheque book/ Debit card/ATM card/ Welcome Kit/Internet Banking/ Mobile Banking facility

These facilities are not available in this product.

An endorsement will be made on the passbook of the claimant(s) to the effect that no cheque book and/or debit card have been issued and shall not be issued without the permission of the Court.

 

Withdrawals

Only through withdrawal forms or through Biometric authentication.

Nomination

Permitted.

Purpose

MACT SB account is necessary to receive the monthly annuity and interest from MACAD deposit maintained with our Bank or any other Bank.