IOB launches new products in savings account

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Kochi, Jun 7: Public Sector Indian Overseas Bank (IOB) has launched two new products for its savings and current account customers, bank General Manager G Chandran said today. Addressing a press conference here, Mr Chandran said the new schemes 'Gold and Silver' saving accounts and 'Classic and Super' current accounts were loaded with special benefits, including free personalised accident insurance cover of Rs one lakh and Rs five lakh respectively.

'ATM' cards on day one, internet banking, monthly account statements over e-mail, SMS alerts for daily transactions, transfer of funds through NEFT free of cost, free ATM usage at any bank and online tax payment facility, were among the host of features of the silver and gold savings accounts. These accounts also had an added benefit of 'liquid facility' for automatic transfer of funds to term deposits for those maintaining average balance of more than Rs 25,000, whereby the money would earn a higher interest of six per cent instead of the savings interest of 3.5 per cent.

Mr Chandran said IOB had also launched a special nation-wide drive to mobilise Rs 2,000 crore in deposits during a two-month period from June two to July 31. He said the bank had been rated number one among public sector banks in 2006-07 in a survey conducted by KPMG and Ernst and Young.

During 2007-08, IOB's deposits grew by 22.6 per cent. Its total business during the year was Rs 145,383 crore and net profit was Rs 1,202 crore.


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