Public sector bank Indian Overseas Bank has introduced ‘Savings Account Portability Online’, a scheme that is aimed at offering an easier savings account portability process for customers who move to different locations.
For individuals, who have to shift from one location to another due to career shifts, educational pursuits, or various life transitions, the new scheme will help avoid the cumbersome process of relocating bank accounts. With the new online scheme, customers don’t have to fill out those endless forms and wait for days and weeks for the account transfer to materialise.
To initiate an account transfer, customers need to log in to the IOB website (www.iob.in) and access the ‘Transfer of Savings Accounts’ section. Enter the account number and registered mobile number. A one-time password (OTP) will be sent to the registered mobile number. Once the OTP is entered, one may specify the desired branch for transfer and submit. A new page opens, revealing the account number and the name and code of the destination branch, confirming the successful transfer, according to a statement.
To partake in this seamless service, customers must ensure their phone numbers are accurately registered with the bank.
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“As part of our continuous endeavours towards making our customers’ banking journey more efficient and easier, we are introducing Savings Account Portability Online,” said Ajay Kumar Srivastava, Managing Director & CEO, Indian Overseas Bank.