Indian Overseas Bank (IOB) on Wednesday launched ‘IOB Trendy’, a savings account customised for the growing millennial population in the country by keeping their banking preferences in mind.
“Millennials today heavily rely on their savings accounts to manage their finances. They want to carry out their banking activities with minimal hassles, and they routinely rely on technology to help them do it. IOB Trendy is a Savings Bank Account Scheme introduced by the bank towards this endeavour,” the bank said in a press statement.
For opening an IOB Trendy account, a customer needs to be within the age bracket of 21 – 38 years. The account may be self or jointly operated. In case of a joint account, the primary holder has to be a millennial at the time of account opening.
There is no ‘Opening Balance’ requirement for IOB Trendy. So, no charges will be levied for the first month for non-maintenance of balance. However, IOB Trendy customers need to maintain a daily minimum balance of ₹10,000 or a daily minimum balance of ₹5,000 and a digital turnover (transactions using IOB ATM / CDM / IOB Mobile Banking or Internet Banking fund transfer / IOB UPI transactions or IOB Debit card POS transactions) of minimum of ₹20,000 per month.
The millennial-focused account also offers features like online application submission facility, free personalised accident (death) insurance cover of ₹5 lakh if the quarterly average balance is ₹1 lakh and above, auto-sweep facility, when the balance exceeds ₹50,000 among others.