Indian Overseas Bank (IOB) has launched a new savings account called IOB Trendy for the millennial population in the country.
The state-owned lender designed the new offering for customers within the age bracket of 21-38 years.
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The account can also be jointly-operated, if the primary holder is a millennial.
Moreover, it will also offer an online application submission facility and free personalised accident (death) insurance cover of INR500,000 when the quarterly average balance is INR100,000 and above.
The IOB Trendy customers will also receive a personalised cheque book, debit card, access to online banking and other value added services.
In the first month, there will no charges for non-maintenance. However, the customers are required to maintain a daily minimum balance of INR10,000 or a daily minimum balance of INR5,000 and a digital turnover of INR20,000 per month.
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By GlobalDataThe Hindu BusinessLine quoted IOB as saying in a press statement: “Millennials today heavily rely on their savings accounts to manage their finances.
“They want to carry out their banking activities with minimal hassles, and they routinely rely on technology to help them do it. IOB Trendy is a Savings Bank Account Scheme introduced by the bank towards this endeavour.”
Last year, IOB received a capital infusion of 43.6bn ($607.57m) from the union government to meet regulatory requirements.
