Indian Overseas Bank Launches ‘Trendy IOB’ Savings Account for Millennials
Indian Overseas Bank (IOB) on Wednesday launched âIOB Trendy,â a personalized savings account for the country’s growing Millennial population with their banking preferences in mind.
âMillennials today rely heavily on their savings accounts to manage their finances. They want to conduct their banking business with a minimum of fuss, and they regularly rely on technology to help them do so. IOB Trendy is a savings account program put in place by the bank as part of this effort, âthe bank said in a press release.
To open a Trendy IOB account, a client must be between 21 and 38 years old. The account can be stand-alone or jointly managed. In the case of a joint account, the primary holder must be a millennial at the time of opening the account.
There is no âopening balanceâ requirement for IOB Trendy. Thus, no fees will be charged the first month for failure to maintain the balance. However, Trendy IOB customers must maintain a daily minimum balance of 10,000 or a daily minimum balance of 5,000 and digital turnover (transactions using IOB ATM / CDM / IOB Mobile Banking or Internet Banking fund transfer / IOB UPI transactions or IOB Debit (POS transactions by card) of a minimum of 20,000 per month.
The millennium focused account also offers features like the ability to submit an online application, free personalized accident (death) insurance coverage of 5 lakh if ââthe average quarterly balance is â¹ 1 lakh and above, a function automatic sweep, when the balance exceeds 50,000 among others.