Indian Overseas Bank unveils Aadhaar OTP-based account opening and API banking services

Following the launch of new banking products on February 10, 2025, IOB is pleased to unveil two key innovations: Aadhaar OTP-Based Account Opening and API Banking for Seamless Transactions. 

As part of its 89th Foundation Day celebrations, Indian Overseas Bank (IOB) continues to introduce cutting-edge digital solutions aimed at enhancing customer experience and financial efficiency.

In line with its commitment to simplifying banking, IOB has introduced an Aadhaar OTP-based account opening facility, allowing customers to open a savings account effortlessly via the Bank web portal.

This digital onboarding process adheres to RBI Aadhaar OTP-based eKYC guidelines, ensuring a secure and hassle-free experience. With minimal documentation, customers can quickly open an account, subject to transaction limits as per regulatory norms.

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To further enhance flexibility, IOB enables customers to convert their limited account into a full-fledged savings account. Through the Tab Banking menu, customers can complete their full KYC verification via face-to-face interaction with banking representatives. This upgrade unlocks unrestricted transactions and a full range of banking services, reinforcing IOB's mission to make digital banking more accessible and convenient.

Recognizing the growing need for automation in corporate banking, IOB has launched API Banking, empowering businesses with seamless transaction processing. This new offering allows corporate customers to conduct transactions, including RTGS, NEFT, and intra-bank transfers, directly from their ERP or accounting systems in real time.

With API Banking, IOB provides a secure API gateway, enabling corporates to automate, optimize, and enhance financial workflows. Through Straight-Through Processing (STP), transactions initiated within corporate accounting systems are directly integrated with the Bank Core Banking System (CBS), eliminating the need for redundant data entry and manual intervention.

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On this occasion, Shri.Ajay Kumar Srivastava, Managing Director & CEO of Indian Overseas Bank, stated, “As we celebrate another milestone in IOB’s journey, our focus remains steadfast on delivering seamless, secure, and customer-centric banking solutions. The introduction of Aadhaar OTP-based account opening, and API Banking aligns with our commitment to digital transformation, making banking simpler and more efficient for both individuals and businesses.

We are dedicated to leveraging technology to enhance convenience, ensure financial inclusion, and empower our customers with innovative banking solutions. These new offerings are a testament to IOB’s vision of a digitally advanced and customer-friendly banking ecosystem.”

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