Indian Overseas Bank unveils savings account portability facility

Chennai: Public sector undertaking Indian Overseas Bank has introduced savings account portability online, an initiative aimed at catering to customers who move to different locations for their career or education and find it cumbersome to relocate their home bank accounts to their current location.

The facility, being available online, helps customers avoid the laborious process of filling up endless forms manually and cuts short the days of waiting for the account transfer to take place.

"As part of our continuous endeavours toward making our customers' banking journey more efficient and easier, we are introducing Savings Account Portability Online." the bank's Managing Director and CEO Ajay Kumar Srivastava said, in a release issued here.

"We are committed to staying at the forefront of technology with innovative solutions that cater to the evolving needs of the customers in today's digital age," he added.

To initiate an account transfer, customers need to log into the bank's website (www.iob.in) and access the 'Transfer of Savings Account' section. After providing the account number, a one-time password will be sent to the customer's registered mobile number. The customer may specify the desired branch for the transfer of funds.

A new page then opens, revealing the account number and the code of the destination branch, confirming the successful transfer, the release added.