Big news for bank account holder’s. Indian Overseas Bank has rolled out a new Aadhaar-OTP based account opening feature and API banking service to celebrate its 89th foundation day. These initiatives are designed to make banking easier and more convenient for both individual and corporate clients. Customers can now set up a savings account using the Aadhaar OTP-based e-KYC process directly on the bank’s website, making it a breeze.
Opening an account is as simple as using Aadhaar OTP
According to Indian Overseas Bank, this digital onboarding method complies with RBI’s eKYC guidelines, allowing customers to open accounts with minimal paperwork. You can get your account up and running quickly and access banking services just by using your Aadhaar OTP. However, keep in mind that there are some transaction limits for these types of accounts as per banking regulations.
A game changer for corporate clients
The bank has also introduced API (Application Programming Interface) banking services, enabling corporate customers to perform banking transactions straight from their accounting systems. This service facilitates real-time transactions and inter-bank fund transfers.
With API banking, corporate clients can streamline and enhance their financial processes by connecting directly to the bank’s core system. This means no more double entries and a smoother banking experience overall.
Ajay Kumar Srivastava, MD and CEO of IOB, stated, “On our 89th Foundation Day, we are committed to advancing digital transformation and offering secure, customer-focused banking services. The introduction of Aadhaar-OTP based account opening and API banking services marks a significant milestone in this journey.”
A step forward in digital banking
These new services from Indian Overseas Bank aim to make digital banking more efficient and user-friendly. With a quick and easy account opening process for individuals and an automated, real-time banking experience for corporate clients, banking just got a lot more convenient.