On March 24, 2021, Indian Overseas Bank (IOB) launched a savings account named ‘IOB Trendy’ which is customised for the millennial population of the country to meet their banking preferences.
The millennial population comprises the people born during the period 1981-1996. In India, their population is estimated at 426 million, which is approximately 34 per cent of the total Indian population.
Features of ‘IOB Trendy’ account:
i.Age Limit: 21-38 years.
ii.Mode of operation: It can be both a Self or Joint account. For a Joint account the Primary holder has to be a millennial at the time of account opening)
iii.Minimum Balance:
- There is no ‘Opening Balance’ requirement hence, no charges will be levied for the first month for non-maintenance of balance but,
- Customers have to maintain a daily minimum balance of ₹10,000 or
- A daily minimum balance of ₹5,000 and a Digital turnover of a minimum of ₹20,000 per month (Transactions using IOB ATM / CDM / IOB Mobile Banking or Internet Banking fund transfer / IOB UPI transactions or IOB Debit card POS transactions)
iv.Insurance cover: The account provides free personalised accident (death) insurance cover of ₹5 lakhs if the quarterly average balance is ₹1 lakh and above.
v.Auto-sweep facility: It is falilitated when the Balance exceeds Rs 50000 in the Savings Account, the remaining (in units of Rs 2000) amount is kept as Short term deposits.
Auto-sweep facility – It is a combination of a savings account and a fixed deposit(FD)account. Whenever the amount in the savings account crosses that defined limit, the excess money is transferred automatically into the fixed deposit.
Recent Related News:
On February 3, 2021, Federal Bank Ltd launched FedFirst, a special savings account for children up to the age of 18 years (both Resident and Non-Resident Indians-NRIs). The account is designed to help children learn about the importance of money management. FedFirst contactless Debit Card is given to this account holder.
About IOB Bank:
Establishment – 10th February 1937
Headquarters – Chennai, Tamil Nadu
Tagline – Good people to grow with
MD&CEO -Shri Partha Pratim Sengupta
