Indian Overseas Bank (IOB) has introduced a new scheme that allows customers to choose any name as their savings account number. This scheme, called ‘My Account My Name,’ is the first of its kind in the banking industry. Customers can select their own name or any other name as their account number, which can be used for all transactions.
The scheme was launched virtually by the bank’s managing director and chief executive officer from its Central Office in Chennai. It will be available at all 49 regional offices of IOB in India.
Under this scheme, the account name can be a combination of seven letters, seven numbers, or seven alphanumeric characters. For example, names like AJIT007, PRADHAN, or 2424707 can be used as account numbers.
Customers will no longer need to remember their 15-digit account numbers. Initially, the scheme is available for IOB SB HNI (High Net Worth Individuals) and IOB SB SALARY account customers.
IOB has redesigned all its savings account schemes to cater to the diverse needs of different segments of society, including salaried individuals, high net worth individuals, students, pensioners, and senior citizens.
The bank previously revamped its current account schemes on its 87th foundation day in February 2023.