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Indian Overseas Bank launches unique feature
June 16, 2023
In a first-of-its-kind move in the banking sector, Indian Overseas Bank (IOB) has launched a feature that allows customers to choose any name as their account number. This ‘My Account My Name’ feature has been introduced by the public sector bank for savings bank account customers.
The account name can only be a numeric, alphabetic, or alphanumeric combination of seven characters. For instance, a customer’s account number can be “Jackson” or “1234567” or “Jack123”.
According to a report by Times of India, the bank, in a press release, said that the chosen name can be used for all transactions linked to the account. Customers will not have to remember their 15-digit account numbers. IOB has made the facility available for IOB SB HNI and IOB SB MAX account holders.
The bank, headquartered in Chennai, took to Twitter to announce that it was thanks to the vision of IOB’s Managing Director (MD) and Chief Executive Officer (CEO), Shri Ajay Kumar Srivastava, that the scheme was launched.
The bank also explained how the feature can be availed in the same tweet. It said that after opening an IOB SB HNI or IOB SB MAX account and getting their account number, a customer could choose their account name online through the bank’s official website.
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