OB Introduced Savings Account Portability Online Scheme to Transfer Savings Account Online

Current Context: The Indian Overseas Bank (IOB) has introduced a scheme called 'Savings Account Portability Online’. This scheme is designed to simplify the process of transferring savings accounts for customers who frequently move locations due to various reasons such as career shifts or educational pursuits.

• Here’s how it works:
• Customers need to log in to the IOB website and access the ‘Transfer of Savings Accounts’ section.
• They then enter their account number and registered mobile number.
• A one-time password (OTP) is sent to the registered mobile number.
• After entering the OTP, customers can specify the desired branch for transfer and submit.
• A new page opens, revealing the account number and the name and code of the destination branch, confirming the successful transfer.
• This scheme aims to eliminate the need for filling out numerous forms and waiting for weeks for the account transfer to materialize.

Question:

Q.1 What is the name of the scheme introduced by the Indian Overseas Bank (IOB) to simplify the process of transferring savings accounts?
a. Online Savings Account Transfer
b. Savings Account Portability Online
c. Easy Account Transfer Online
d. IOB Account Transfer Scheme