Indian Overseas Bank launches ‘IOB Trendy’ financial savings account

Indian Overseas Bank (IOB) has launched ‘IOB Trendy’, a financial savings account customised for the rising millennial inhabitants within the nation by retaining their banking preferences in thoughts. IOB Trendy is a Savings Bank Account Scheme launched by the financial institution in direction of this endeavour.

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About the IOB Trendy account

  • For opening an IOB Trendy account, a buyer must be throughout the age bracket of 21 – 38 years.
  • The account could also be self or collectively operated. In the case of a joint account, the first holder must be a millennial on the time of account opening.
  • There is not any ‘Opening Balance’ requirement for IOB Trendy. So, no expenses will likely be levied for the primary month for non-maintenance of steadiness.
  • However, IOB Trendy clients want to take care of a each day minimal steadiness of ₹10,000 or a each day minimal steadiness of ₹5,000 and a digital turnover (transactions utilizing IOB ATM / CDM / IOB Mobile Banking or Internet Banking fund switch / IOB UPI transactions or IOB Debit card POS transactions) of a minimal of ₹20,000 per thirty days.
  • The millennial-focused account additionally affords options like a web based software submission facility, free personalised accident (loss of life) insurance coverage cowl of ₹5 lakh if the quarterly common steadiness is ₹1 lakh and above, auto-sweep facility when the steadiness exceeds ₹50,000 amongst others.

Important takeaways for all aggressive exams:

  • Indian Overseas Bank CEO: Partha Pratim Sengupta;
  • Indian Overseas Bank Headquarters: Chennai;
  • Indian Overseas Bank Founded: 10 February 1937, Chennai.

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