Government owned Indian Overseas Bank (IOB) has announced the launch of Aadhaar-OTP based account opening and API banking services on its 89th foundation day. This initiative has been taken to make banking services easier, faster and more accessible.

Now bank account will be opened with Aadhaar OTP

Indian Overseas Bank has launched Aadhaar OTP based digital account opening facility. Now customers can easily open a savings account by completing the e-KYC process through the bank’s official website. The bank said, “This digital process follows the Reserve Bank of India (RBI) ‘Aadhaar’ OTP-based e-KYC guidelines, which will provide a secure and hassle-free experience to the customers.”

Minimal documents required

Now customers can avail instant banking services by opening an account with minimum documents. However, certain transaction limits have been set after opening the account, which can be removed after completing full KYC.

API Banking Service for Corporate Customers

To make corporate banking more convenient, Indian Overseas Bank has also launched API banking service. Under this service, corporate customers will be able to do transactions and inter-bank transfers in real-time by connecting their accounting systems directly to the bank.

Benefits of new banking facilities

• Fast and easy account opening process
• Facility to open bank account through Aadhaar OTP from anywhere
• Activate your account within minutes
• Automated Banking Solutions for Corporate Customers
• Secure and transparent transactions as per RBI guidelines

Digital banking will get a boost

This new initiative of Indian Overseas Bank will promote digital banking and customers will not need to visit bank branches. Now one can avail instant banking services by opening a bank account through Aadhaar OTP from mobile or computer. If you are also planning to open a bank account, then this new facility of Indian Overseas Bank can be beneficial for you.

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