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
