IOB Internet Banking

IOB Internet Banking

Indian Overseas Bank offer the internet banking service called E-See banking to their customers. Let us look at the product features and benefits.

A) The Services Offered and Accessibility

Access to the money

Under this service, IOB is able to offer their account holders accessibility to their accounts 24×7 through the year without any break. The service is extremely user friendly and is also free of any charges. You would also be able to transfer your money to either other IOB accounts or even non IOB accounts easily.

Customers can check the balance in their accounts, check out the most recent transactions and transfer money to other accounts within IOB or to any other bank.

The IOB internet banking service also enables their account holders to make tax payments, settle education fees, and adhere to mortgage payments.Number of linked accounts

IOB Internet Banking

IOB Internet Banking

This internet banking facility would also be available for joint accounts provided the operation of the account indicated is “either or survivor” or “anyone or survivor”. While all requests pertaining to instantaneous transactions will be executed promptly, those that are non-instantaneous such as opening a new fixed deposit account or making a demand draft request would be handled on a first in – first out basis subject to the required funds available in the account.

Safety And Security

Top security and safety is assured when you make any transactions online using your IOB credit or debit card through the “Verified by VISA” service. There is also total safety provided from any phishing attacks since they have put in place an array of security features such as a robust firewall, 128-bit Secure Socket Layer (SSL) encryption, as well as VeriSign Digital Certificate. They also follow a process of authentication that is done at two levels – at the password as well as at the pin levels for all financial transactions.

IOB is a nationalized bank in India and is owned by the government. The Central Bank or Reserve Bank of India, as it is called plays a similar role as that of the Federal Deposits Insurance Corporation for USA. They will ensure that your money is absolutely safe and secure.

Customer Service Options

You can get your queries resolved through the online grievance redressal service that IOB has put in place. All you need to do is login through your ID, submit your email address and select the subject under which your particular complaint can be placed. You will get your resolution within a week of placing the complaint. Alternatively, you can also contact the branch manager either personally or through phone.

B) Banking and Monetary Services

 Annual percentage yield

There is no specific percentage yield that can be mentioned for this internet banking service. It all depends upon the different Certificates of Deposit schemes or fixed deposit schemes that the bank offers from time to time and is calculated using compound interest as the basis. The condition for Certificates of Deposit schemes is that you must keep your money for that fixed tenure and withdrawing it prematurely would not be in your interest as you would get a much lower rate of interest.

So you can open an internet banking account with say an interest rate of 8% for which the APY would be different as opposed to somebody else who might choose a different option.

Additional products and services

You can pay your utility bills with just a click of the mouse. IOB is also one of the banks that have been approved by the Government of India to accept payment of taxes.

If you do have an IOB credit card, you can make the payment for that card online too on time and avoid any late fee problems. You can also suspend your card account online if you wish to. The IOB debit card is issued to account holders if they are able to maintain the required balance in their account and also satisfies the eligibility norms laid down by the bank.

Automatic savings plan

The return you would get from this plan is referred to as the APR (annual percentage rate) that is calculated on simple interest on savings accounts maintained with the bank. This varies between 3-4%.

The question then is about who can register for the online service?

C) The Registration Process

Well, this service is open for registration to all account as well as fixed deposit holders with the bank, including partnership firms, proprietary companies, and limited companies and also Trusts.

The registration process is an easy one where you only have to login to and click on the required option. Once you are registered, you may then fill the relevant application forms and submit them to the branch for the account activation that is informed to you through email. You will then receive the login password as well as the PIN that you need to use for carrying out your transactions.

IOB Internet Banking services is a good choice.

To visit the official IOB Internet Banking click here

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