Indian Overseas Bank offers Aadhaar OTP-based online account opening and API banking for seamless transactions

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.

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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

Details	Balance Upto Rs. 25 Lacs	Balance Above Rs. 25 Lacs upto Rs. 1 Crore	Balance Above Rs. 1 Crore	Rural	Semi Urban	Urban	Other Branches	Pensioners' SB Account
1. Savings Bank A/c	-	-	-	-	-	-	-	-
A. Domestic	-	-	-	-	-	-	-	-
i. With cheque book facility	2.75	2.75	2.9	500	500	1000	1000	250
ii. Without cheque book facility	2.75	2.75	2.9	100	100	500	500	5
iii. No Frills Account	2.75	2.75	2.9	5	5	-	-	-
B. Non Resident	2.75	2.75	2.9	-	-	-	-	-
i. NRO	2.75	2.75	2.9					-
ii. NRE	2.75	2.75	2.9	-	-	-	-	-

Indian Overseas Bank FD interest rates

Period of Deposit	Revised Rates for Deposits below
Period of Deposit	Rs. 3 Crore w.e.f. 15.07.2024 (in %)
7-14 Days*	4
15-29 Days	4.5
30-45 Days	4.5
46-60 Days	4.5
61-90 Days	4.25
91-120 Days	4.75
121-179 Days	4.25
180-269 Days	5.75
270 Days to < 1 Year	5.75
1 Year to < 2 Years	7.1
(Except 444 Days)	7.1
444 Days	7.3
2 Years to < 3 Years	6.8
3 Years and Above	6.5