The Indian Overseas Bank has urged people to open savings bank account and derive benefit from the Finance Inclusion Scheme.

The public sector bank said that Reserve Bank of India has advised all banks to ensure that banking facilities were provide at the doorstep of people in all villages with a population of above 2,000 by March 2011. The objective was to provide account for all households, micro-credit, micro-insurance and remittance facilities to all.

The apex bank had directed banks to adopt measures such as opening new branches, extension counters, collection centres, or appointing business correspondents or business facilitators to achieve the objectives.

In an official note, the bank has said that it would open no-frills account without any pre-conditions and a minimum balance of Rs. 5 would suffice.

Further, the Assistant General Manager of IOB, D.P. Balasubramanian, launched smart card banking facility at Arittapatti recently. The bank said that it would have provided smart card banking facilities to 27 villages in Madurai district 21 villages in Virudhunagar district by December-end.

The minimum amount of transaction was Rs. 50 with the maximum being Rs. 2,000. Beneficiaries of National Rural Employment Generation Programme, pensioners, daily wage earners, recipients of government welfare schemes would benefit from this project.

Keywords: IOBsavings account