Money & Banking

IOB Madurai opens 10,100 no-frills accounts

Our Correspondent Madurai | Updated on January 26, 2011




Indian Overseas Bank (IOB) Madurai opened 10,100 savings bank no-frills accounts in Madurai and Virudhunagar districts on Sunday.

Addressing a press meet, the Chief Regional Manager, Mr K.V.Krishnan, said the programme was part of the bank's national “Walk-in-campaign” to increase the number of no-frills savings bank accounts. Bank officials and Business Correspondents (BCs) went to 48 villages – 27 in Madurai and 21 in Virudhunagar – explaining various savings and insurance schemes and collected applications under Reserve Bank of India's financial inclusion programme to cover villages with population of 2,000 and above.

He further said the bank started implementing smart card banking through BCs by end-August and completed the process including the 48 villages and account holders can carry out five transactions a day with Rs 2,000 being the maximum. Temporary overdraft is permitted subject to compliance of KYC norms, he added

Published on January 26, 2011

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