Indian Overseas Bank (IOB) on Wednesday launched “IOB Trendy,” a personalized savings account for the country’s growing millennial population with banking preferences in mind.
“Millennials today rely heavily on their savings accounts to manage their finances. They want to conduct their banking business with a minimum of fuss, and they regularly rely on technology to help them do so. IOB Trendy is a savings bank account system put in place by the bank as part of this effort, ”the bank said in a press release.
To open a Trendy IOB account, a client must be between 21 and 38 years old. The account can be stand-alone or jointly managed. In the case of a joint account, the primary holder must be a millennial at the time of opening the account.
There is no “opening balance” requirement for IOB Trendy. Thus, no fees will be charged the first month for non-maintenance of the balance. However, Trendy IOB customers must maintain a daily minimum balance of ₹ 10,000 or a daily minimum balance of ₹ 5,000 and digital turnover (transactions using IOB ATM / CDM / IOB Mobile Banking or Internet Banking / IOB UPI funds transfer point-of-sale card transactions or IOB Debit card transactions) of at least ₹ 20,000 per month.
The millennial-focused account also offers features like online application submission functionality, free personalized accident (death) insurance coverage of 5 lakh if the average quarterly balance is 1 lakh and above, a function automatic sweep, when the balance exceeds ₹ 50,000 other.