Indian Overseas Bank (IOB) has launched ‘IOB Trendy’, a savings account customised for the growing millennial population in the country by keeping their banking preferences in mind. IOB Trendy is a Savings Bank Account Scheme introduced by the bank towards this endeavour.
About the IOB Trendy account
- For opening an IOB Trendy account, a customer needs to be within the age bracket of 21 – 38 years.
- The account may be self or jointly operated. In the case of a joint account, the primary holder has to be a millennial at the time of account opening.
- There is no ‘Opening Balance’ requirement for IOB Trendy. So, no charges will be levied for the first month for non-maintenance of balance.
- However, IOB Trendy customers need to maintain a daily minimum balance of ₹10,000 or a daily minimum balance of ₹5,000 and a digital turnover (transactions using IOB ATM / CDM / IOB Mobile Banking or Internet Banking fund transfer / IOB UPI transactions or IOB Debit card POS transactions) of a minimum of ₹20,000 per month.
- The millennial-focused account also offers features like an online application submission facility, free personalised accident (death) insurance cover of ₹5 lakh if the quarterly average balance is ₹1 lakh and above, auto-sweep facility when the balance exceeds ₹50,000 among others.
Important takeaways for all competitive exams:
- Indian Overseas Bank CEO: Partha Pratim Sengupta;
- Indian Overseas Bank Headquarters: Chennai;
- Indian Overseas Bank Founded: 10 February 1937, Chennai.