Indian Overseas Bank Introduces Savings Account Portability Option

Indian Overseas Bank has launched online savings account portability to assist customers relocating for work or education, aiming to ease the hassle of transferring their home bank accounts.

This online facility aims to streamline the process, eliminating the tedious manual paperwork and reducing the waiting period for account transfers.

Ajay Kumar Srivastava, the bank's Managing Director and CEO, stated, "In our commitment to enhancing customer banking experiences, we introduce Savings Account Portability Online, reflecting our dedication to innovative digital solutions."

To initiate the transfer, customers can access the 'Transfer of Savings Account' section on the bank's website (www.iob.in), entering their account number and receiving a one-time password on their registered mobile number. They can then specify the desired branch for the fund transfer.

Upon successful transfer, a new page will display the account number and destination branch code, confirming the completion of the process.