Home   »   Banking Current Affairs 2023   »   Indian Overseas Bank Introduces Innovative Scheme...

Indian Overseas Bank Introduces Innovative Scheme Allowing Customers to Use Any Name as Account Number

Indian Overseas Bank (IOB), a public sector lender based in Chennai, has launched a groundbreaking scheme called ‘My Account My Name,’ which enables customers to select any name as their savings account number. This initiative, the first of its kind in the banking industry, allows individuals to choose a personalized account number that can be used for all transaction purposes. The scheme was officially launched by the bank’s Managing Director and Chief Executive Officer during a virtual event at the IOB Central Office in Chennai. This article provides an overview of the scheme and its potential benefits for customers.

Revamping Saving Account Schemes for All Segments of Society:

Recognizing the diverse needs of its customer base, IOB has recently revamped all its saving account schemes to cater to various segments of society. Whether an individual belongs to the salaried class, is a high net worth individual (HNI), a student, a pensioner, or a senior citizen, IOB aims to provide tailored account options to suit their requirements. This comprehensive approach showcases the bank’s commitment to inclusivity and customer-centricity.

Buy Prime Test Series for all Banking, SSC, Insurance & other exams

The ‘My Account My Name’ Scheme:

Under the ‘My Account My Name’ scheme, IOB customers can now choose their account number using any combination of seven letters, seven numbers, or seven alphanumeric characters. This innovative feature eliminates the need for customers to remember their traditional 15-digit account numbers. For example, customers could select account names such as AJIT007, PRADHAN, or 2424707. The scheme initially targets customers with IOB SB HNI and IOB SB SALARY accounts, offering them greater convenience and personalization options.

Benefits for Customers:

By allowing customers to choose their account numbers, IOB aims to enhance the banking experience and simplify transactions. The scheme offers several benefits:

  1. Personalization: Customers can personalize their banking experience by selecting an account number that holds significance for them, such as incorporating their name, lucky number, or other memorable combinations.

  2. Easy Recall: With the traditional 15-digit account numbers being replaced by shorter, customized options, customers will find it easier to recall and use their account details during transactions, reducing the chances of errors or confusion.
  3. Enhanced Security: While customers can choose any name as their account number, the bank’s robust security measures ensure the protection of sensitive information. IOB remains committed to maintaining the privacy and security of customer data.

Availability and Expansion:

The ‘My Account My Name’ scheme is currently available at all 49 regional offices of IOB across India. However, IOB may consider expanding the scheme to other account categories and branches based on customer demand and feedback. The bank is committed to continuously improving its services and offerings to meet the evolving needs of its diverse customer base.

Find More News Related to Banking


Federal Bank Launches 'I am Adyar, Adyar is Me' Campaign in Chennai_100.1