On the 88th Foundation Day, Indian Overseas Bank announces opening of 88 New Branches

Indian Overseas Bank (IOB,) a premier public sector financial institution in the nation, celebrated its 88th annual Foundation Day in Chennai on February tenth, commemorating the legacy of its founder, Shri. M. Ct. M. Chidambaram Chettyar who based the Bank on this present day in 1937.

The 88th Foundation Day festivities commenced with the ceremonial garlanding of the Founder’s Statue by Managing Director & CEO Shri Ajay Kumar Srivastava alongside Executive Director Smt. S. Srimathy accompanied by members of the founder’s household. The occasion was graced by the presence of esteemed financial institution executives, rendering it a memorable event.

Year of Advancement: Plans to open 88 new Branches throughout the yr

Speaking on the momentous event, IOB Managing Director & CEO Shri Ajay Kumar Srivastava, introduced Bank’s plan to open 88 new branches throughout the Indian panorama throughout the yr as a component of Bank’s strategic endeavour to broaden its outreach and elevate its service spectrum. This daring growth initiative underscores the financial institution’s unwavering dedication to providing complete monetary companies, thereby fostering financial vibrancy and inclusivity in communities spanning the size and breadth of the nation.

On the event of Bank’s 88 th basis day IOB launched the following three unique merchandise:

1. Unveiling of Three New RuPay Credit Card Variants

IOB introduces three new bank card variants designed to cater to a spectrum of preferences: IOB RuPay Classic, IOB RuPay Platinum, and IOB RuPay Select. Each variant gives attractive reward factors and encompasses a vary of advantages, together with service provider gives, gasoline surcharge waivers, lounge entry, and EMI services for cardholders. Furthermore, the premium variant supplies private accident protection of as much as Rs 10 lakhs. Banks can also be launching a brand new bank card administration platform, making certain clients a seamless digital journey from software to card issuance.

2. IOB FREEDOM Savings and Current Account variant

IOB heralds a brand new period with the launch of IOB Freedom Savings and Current Account variants The product’s nomenclature aptly conveys the notable hallmark of this modern providing i.e., “FREEDOM” from all kinds of fees, coupled with the liberation from the obligation to keep up a minimal stability, all in trade for a modest annual payment. Designed to cater to the wants of as we speak’s digitally astute clientele, these variants provide a versatile and seamless banking expertise. With options like limitless ATM entry nationwide and the choice to keep up any stability with out additional fees, clients can take pleasure in hassle-free banking. Account opening is simplified by Video KYC or department visits, with a nominal becoming a member of payment making certain computerized renewal. Key options embrace private accident insurance coverage protection of Rs 10 lakh financial savings and present accounts.no home fees, flexibility in stability upkeep, the “My Account My (*88*)” facility in Savings accounts, and the Flexi deposit facility.

3. Digital Documents Execution (DDE) for seamless on-line locker agreements

IOB proudly unveils the introduction of Digital Document Execution (DDE), facilitating seamless on-line locker agreements. Acknowledging the challenges confronted by clients adhering to revised locker agreements mandated by the Reserve Bank of India (RBI), IOB addresses points associated to non-residency and logistical constraints. The DDE facility permits on-line execution of agreements by the Digital Document Execution platform by the National E-Governance Services Limited (NeSL). IOB’s customer-centric strategy eliminates the want for bodily department visits, queueing for stamp paper, and geographical inconveniences. The 24/7 availability of on-line locker agreements enhances buyer comfort, lowering the execution turnaround time to only two to 3 minutes.

Functioning as a completely automated contract execution platform, DDE integrates paperless e-stamp and digital signature (e-Sign). Through the implementation of this facility, IOB successfully addresses the geographical and logistical inconveniences cited by clients. This underscores the financial institution’s unwavering dedication to introducing customer-centric services prioritizing buyer comfort at its core.

4. Introduction of Green Deposit Scheme

IOB has launched Green Deposit Scheme below Retail Term Deposits (Less than Rs.2 Crore) to advertise Green Finance Eco System I India. Tenor of the deposit shall be 999 days with rate of interest of 6.85%, 5 bps greater than the common time period deposit. w.e.f 10.02.2024. Senior Citizens (aged 60 Years and above) will get further rate of interest of 0.50% and Super Senior Citizens (aged 80 years and above) will get further rate of interest of 0.75% above the card charges

As IOB embarks on its 88th yr, it stays a vanguard of progress and repair, steadfast in its dedication to the well-being of its clients and the nation at giant. The commemoration of the 88th Foundation Day served not merely as a nostalgic reflection on the financial institution’s illustrious previous, however as a forward-looking imaginative and prescient for the future. Rooted in timeless values and pushed by a spirit of innovation and inclusivity, IOB pledges to stay a trusted companion in its clients’ monetary journeys, and a catalyst for constructive societal transformation. Embarking on the journey forward, IOB is resolutely dedicated to shaping a future the place banking serves as a conduit for progress, prosperity, and constructive societal transformation.