Indian Overseas Bank

IIPM MANAGEMENT INSTITUTE

Brief Details of new products launched during the year 2006-07:

1. IOB-NRI Shield: Scheme for Non-resident Indians covering travel related risks during their visit to India. Cover provided for Personal Accident, loss of baggage, loss of passport, delay in receiving checked in baggage. Additionally, fire and allied perils cover is also provided for house property in India in the name of insured. The NRI can also opt for Health Insurance cover under IOB-Health Care plus. Cover provided for amounts ranging from 1.00 lac to Rs.50 lacs. Bank gets commission of 15% on premium collected and Rs. 55 is collected as service charges from customer.

2. IOB-Alankar: Loan scheme for purchase of jewellery to women who are employed or professionals or housewives with a monthly income of Rs.5,000/- (for housewives husbands income will be reckoned). Maximum loan is restricted to 10 times monthly income or Rs.2.00 lac whichever is lower with a margin of 20%. Loan is repayable in 24 EMI. Tie-up arrangement can be entered into with local reputed jewellers for marketing the scheme.

3. IOB-SHG Family Insurance: In tie-up with LIC of India, the scheme provides for life insurance cover to members of Self Help Groups and their spouses for a very low premium of Rs.100/-p.a.. An identical amount of premium is paid by Central Government from the Social Security Fund of India. The spouse is covered for Rs.10,000 for a premium of Rs.40 p.a. The cover to the members of SHG is up to Rs.30,000 for death and Rs.75,000 for death due to accident. Additionally, 2 children of SHG members who are studying 9th to 12th Standard are paid scholarship of Rs.300/- per quarter.

4. IOB Insta Invest: The scheme is launched in tie-up with Mann Financial and securities India Pvt. Ltd for providing online trading platform to our customers for trading in Shares and Commodities. The customers of our bank having S.B. account can open trading account with Mann Financial and whenever trading takes place the S.B. account is credited or debited online as the case may be.

5. IOB-Tax Saver Deposit: In view of the amendments to Section 80 C of Income Tax Act to include bank deposits for exemptions under the section, a scheme to attract deposits was launched. There is a lock-in period of 5 years for the deposit. The deposit can not be closed before maturity and no loan is allowed before completion of 5 years from the date of deposit. The maximum amount of deposit is restricted to Rs.1.00 lac.

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Source : IIPM Editorial, 2007

An IIPM and Professor Arindam Chaudhuri (Renowned Management Guru and Economist) Initiative

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