Providing “e-OD” an Online Product to Term Deposit Customers

In order to facilitate the customers, a New Online Product – “e-OD” facility (similar to that of OD against Deposits) to our Term Deposit customers has been introduced in Net Banking and Mobile Banking (Ind Oasis).  This facility can be availed by the customers, at their convenience, without visiting the Branch.

Features of the Product:

• e-OD is available for the customers, who have Term Deposit accounts.
• The applicable Rate of Interest for this e-OD Product is 1% over the TD rate.  For Indian Bank Staff (including Retirees), it is 0.50% over the deposit rate.
• A customer can avail e-OD limit upto Rs.10 lakhs against Online Term Deposits (e-TDs) and upto Rs.5 lakhs against Physical Term Deposits.
• Separate e-OD account will be opened for each TD account.
• Customers can remit money to the e-OD account.
• The expiry date of e-OD will be the maturity date of the TD Account.
• Currently, closing of e-OD account can be done only at the branch.