Indian Overseas Bank launches IOB-Connect Card for Gen-X

TARGETING the youngsters, public sector lender Indian Overseas Bank (IOB) on Friday launched a new ATM-cum- Debit card in association with VISA called ‘Connect Card’. Connect Card can be used for e-commerce across five lakh merchant outlets. Connect Card is targeted at the younger generation aged between 10 and 28 years, the Chennai-based public sector bank said in a statement.The bank also offers...
five percent cash back offer till the end of this financial year on e-payments, it said. The PSU lender also launched Channel Financing for its corporate, institutional and SME credit customers.
“IOB Channel Financing is a facility for financing supply chain partners. All activities under Channel Financing are digitally signed and electronically exchanged for speedy disposal and effective management,” it added.
In another development, Indian Overseas Bank and Indian Bank are offering home loans at interest rates of 10.20 and 10.25 percent, respectively. "Indian Bank is offering home loans at 10.20 per cent across various slabs irrespective of the tenure for people looking forward to build homes," the bank said in a statement. Likewise, Indian Overseas Bank is offering housing loan at 10.25 percent, irrespective of the tenure and loan amount under the banks' Subha Gruha scheme. The scheme is targeting the female customers. For other borrowers, the interest rates have been fixed at 10.25 percent for loans up to Rs 75 lakh and 10.50 per cent for loans above Rs 75 lakh, it said. The offers from the two PSU banks are valid up till the end of this financial year.