 "Indian Overseas Bank allows customers to use any name as account number")
Indian Overseas Bank (IOB) has introduced a scheme that lets customers choose any name as their savings account number with the Chennai-based lender.
IOB said the scheme is the first in the banking industry to let a customer choose his or her name or any name as an account number that can be used for all transaction purposes. The bank’s managing director and chief executive officer launched the scheme called ‘My Account My Name’ virtually from its Central Office in Chennai. The scheme will be available at all 49 regional offices of the IOB in India.
As per the scheme, the account name can be a combination of seven letters, or seven numbers, or seven alphanumeric only like AJIT007, PRADHAN, or 2424707 etc. Customers will not be required to remember their 15 digits account numbers. To begin with, the scheme is available for IOB SB HNI and IOB SB SALARY account customers.
IOB said its has revamped all its saving account schemes, considering the needs of all segments of the society, including salaried class, high net worth individuals (HNI), students, pensioners, and senior citizens. The state-owned bank had revamped current account schemes on its 87th foundation day in February 2023.