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.
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.
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 |
| 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) | |
| 444 Days | 7.3 |
| 2 Years to 3 Years | 6.8 |
| 3 Years and Above | 6.5 |
