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Wednesday, June 19, 2024

IOB launches Savings Account Portability Online


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Kochi: Indian Overseas Bank (IOB) has introduced ‘Savings Account Portability Online’, a feature that has been designed to elevate customer convenience.

For individuals who have to shift from one location to another due to career shifts, educational pursuits, or various life transitions, the cumbersome process of relocating a bank account has been a persistent headache.

Historically, this endeavor involved endless forms, protracted queues, and days of waiting for the account transfer to materialize. With Savings Account Portability Online, the IOB has bid farewell to this arduous process.

Commenting on the feature, Ajay Kumar Srivastava, MD & CEO, IOB, said, “Indian Overseas Bank will continue to focus on creating digital differentiators with evolving technologies while keeping in mind customer needs.”

“Our focus on digitization comes from our unwavering commitment to customer-centricity. By prioritizing the convenience of our customers and leveraging digital solutions, we aim to provide a seamless, user-friendly service experience across all touch points.”

“As part of our continuous endeavours towards making our customers’ banking journey more efficient and easier, we are introducing Savings Account Portability Online. We are committed to staying at the forefront of technology with innovative solutions that cater to the evolving needs of customers in today’s digital age.”

Indian Overseas Bank’s newly introduced online account transfer process is quite effortless. Customers can execute account transfers with unprecedented ease, a release said.

To initiate an account transfer, customers simply need to log in to the IOB website (www.iob.in) and access the ‘Transfer of Savings Accounts’ section. Enter the account number and registered mobile number. A one-time password (OTP) will be sent to the registered mobile number. Once the OTP is entered, one may specify the desired branch for transfer and submit. A new page opens, revealing the account number and the name and code of the destination branch, confirming the successful transfer.

Crucially, to partake in this seamless service, customers must ensure their phone numbers are accurately registered with the bank.

Through this facility, IOB is bridging geographical distances and the inconveniences of traditional account transfers and embracing a future centered on customer convenience where simplicity and efficiency converge at one’s fingertips.

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