This bank introduces Aadhaar OTP-based account opening & API banking services Customers can open savings accounts with minimal paperwork and upgrade to full accounts through in-person verification
Indian Overseas Bank (IOB) has introduced Aadhaar OTP-based account opening, and transaction processing with Application Programming Interfaces (API) banking simplifying the banking experience for users.#sr_widget.onDemand p, #stock_pro.onDemand p{font-size: 14px;line-height: 1.28;} .onDemand .live_stock{left:17px;padding:1px 3px 1px 5px;font-size:12px;font-weight:600;line-height:18px;top:9px} #sr_widget.onDemand .sr_desc{margin:0 auto 0;} #sr_widget.onDemand .sr_desc{color: #024d99;margin-top:10px;} #sr_widget.onDemand .crypto .live_stock .lb-icon{8px 6px 5px 3px !important} #sr_widget.crypto.onDemand a.text{border-bottom:1px solid #ccc;padding-bottom:5px;display:block;width:100%} #sr_widget.onDemand .sr_desc .text p, #stock_pro.onDemand .sr_desc .text p{font-size:12px;font-weight:400;}
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Aadhaar OTP based account opening allows customers to open a savings account online with minimal paperwork, adhering to RBI’s eKYC guidelines. This is a basic savings account with limited features. While initially subject to transaction limits, users can upgrade to a full-fledged savings account through in-person KYC verification.
Also read: RBI’s rate cut triggers concern for FD investors: Penalty charges for account holders looking to rebook FDs for higher interest income
Aadhaar OTP-based account opening with easy conversion
The digital onboarding process adheres to RBI Aadhaar OTP-based eKYC regulations. Customers can open an account quickly and with minimal documentation.
Indian Overseas Bank allows users to upgrade their limited account to a full-fledged savings account in order to further increase flexibility. Customers can complete their full KYC verification through in-person interactions with banking professionals using the Tab Banking option.
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Seamless transaction processing with API banking
Indian Overseas Bank introduced API banking, giving companies the ability to handle transactions with ease. Corporate clients can now do real-time transactions, such as intrabank transfers, RTGS, and NEFT, straight from their accounting or Enterprise resource planning (ERP) systems thanks to this new feature.
Transactions started in corporate accounting systems are directly integrated with the Bank Core Banking System (CBS) via Straight-Through Processing (STP), which removes the need for manual intervention and duplicate data entry.
Indian Overseas Bank savings account interest rates
DetailsBalance Upto Rs. 25 LacsBalance Above Rs. 25 Lacs upto Rs. 1 CroreBalance Above Rs. 1 CroreRuralSemi UrbanUrbanOther BranchesPensioners' SB Account1. Savings Bank A/c--------A. Domestic--------i. With cheque book facility2.752.752.950050010001000250ii. Without cheque book facility2.752.752.91001005005005iii. No Frills Account2.752.752.955---B. Non Resident2.752.752.9-----i. NRO2.752.752.9 -ii. NRE2.752.752.9-----
Indian Overseas Bank FD interest rates
Period of DepositRevised Rates for Deposits belowRs. 3 Crore w.e.f. 15.07.2024 (in %)7-14 Days*415-29 Days4.530-45 Days4.546-60 Days4.561-90 Days4.2591-120 Days4.75121-179 Days4.25180-269 Days5.75270 Days to 5.751 Year to 7.1(Except 444 Days)444 Days7.32 Years to 6.83 Years and Above6.5 #sr_widget.onDemand p, #stock_pro.onDemand p{font-size: 14px;line-height: 1.28;} .onDemand .live_stock{left:17px;padding:1px 3px 1px 5px;font-size:12px;font-weight:600;line-height:18px;top:9px} #sr_widget.onDemand .sr_desc{margin:0 auto 0;} #sr_widget.onDemand .sr_desc{color: #024d99;margin-top:10px;} #sr_widget.onDemand .crypto .live_stock .lb-icon{8px 6px 5px 3px !important} #sr_widget.crypto.onDemand a.text{border-bottom:1px solid #ccc;padding-bottom:5px;display:block;width:100%} #sr_widget.onDemand .sr_desc .text p, #stock_pro.onDemand .sr_desc .text p{font-size:12px;font-weight:400;}This story originally appeared on: India Times - Author:Faqs of Insurances
