Are you planning to open a bank account? Then there is important news for you. Indian Overseas Bank (IOB) has introduced a new way to open accounts using Aadhaar OTP, along with API banking, to make banking easier and quicker for customers.
With this initiative, customers can set up a savings account online with just a few documents, following the eKYC guidelines from the Reserve Bank of India. This basic savings account comes with some limitations, like transaction caps, but customers can upgrade to a full account by completing an in-person KYC verification.
To simplify the in-person KYC process, IOB has launched Tab Banking, where banking staff help customers finish their full KYC verification through face-to-face meetings.
Additionally, IOB has integrated API banking into its operations, allowing businesses to manage transactions more effectively, speeding up processing times and enhancing transaction accuracy.
This feature enables corporate clients to perform real-time transactions, such as intrabank transfers, RTGS, and NEFT, directly within their accounting or ERP systems.
Transactions are processed through Straight-Through Processing (STP), which ensures smooth integration with the Bank’s Core Banking System (CBS), eliminating manual processing, reducing errors, and minimizing the risk of duplicate entries for a better customer experience.
IOB also offers attractive interest rates for its customers. The savings account provides a 2.75% interest rate, while fixed deposits for 444 days yield 7.3%. For fixed deposits with a term of over one year but less than two years, the interest rate is 7.1%.
