IOB introduces enhanced savings account options

New Delhi: Indian Overseas Bank (IOB), one of India's prominent public sector banks, has launched an initiative allowing customers to upgrade their existing savings account schemes to higher variants through the bank's website. The new savings account options, such as SB Max and SB HNI, offer enhanced facilities and features, including concessions and fee waivers, providing customers with increased value and flexibility.

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Customers can initiate the upgrade process by logging into the IOB website, navigating to the Online Services section, entering their account number and OTP, and selecting the desired savings scheme from the available options. The details of the new scheme will be displayed for review, and customers can complete the switch by clicking the submit button, with an acknowledgment generated upon successful completion.

Ajay Kumar Srivastava, MD & CEO of Indian Overseas Bank, stated, “We are committed to offering a comprehensive self-service model that enhances our customers' banking experience. By leveraging the latest technology, we aim to simplify banking processes and introduce innovative solutions to enhance banking convenience.”

In addition, to promote paperless banking, IOB has introduced a new service enabling customers to access their loan account statements directly through the Digilocker app or web portal. Building on its existing suite of Digilocker offerings, which includes savings account statement generation and Form 16A issuance, IOB continues to expand its customer-centric digital initiatives. The bank also plans to further extend its range of services available through Digilocker, simplifying and enriching the banking experience for its customers.

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