IDBI Bank, the 1st PSU Bank to Launch eIA Facility

IDBI Bank in association with NSDL Database Management Limited (NDML) has launched the ‘Electronic-Insurance Account (e-IA)’. e-IA is the portfolio of insurance policies of a policy holder held in electronic form with an insurance repository. Under this facility, customers can buy and keep insurance policies in electronic forms, rather than as a paper document. The existing policies in physical mode too can be dematerialized and held in the eIA. It not only provides policy holders a facility to keep insurance policies in electronic form but also enables them to undertake changes, modifications and revisions in the insurance policies with speed and accuracy. This would also be useful as the client would not have to undergo for fresh KYC verification in order to purchase new policies.

About the Bank:

IDBI Bank is the youngest, new generation public sector universal bank that rides on a cutting edge Core Banking platform with strong service orientation. This enables the Bank to offer personalized banking and financial solutions to its clients. The Bank offers attractive schemes for its retail customers. IDBI Bank has one of the largest housing loan portfolios amongst PSBs and offers housing loans at base rate to its existing and new customers with nil processing fees. The Bank offers very competitive rates to the MSME segment wherein it has schemes for different schemes for the specific customer segments. IDBI Bank also has a strong focus on agriculture sector and allied activities through its customized products, competitive pricing and personalized services.