Targetting young individuals, public sector Indian Overseas Bank today launched 'Connect Card', a new ATM cum Debit card in association with VISA that can be used for e-commerce across five lakh merchant outlets.
Though all IOB customers have been provided ATM cum Debit card, Connect Card is targeted at the younger generation aged between 10 and 28 years, the city-based bank said in a statement.
IOB Connect cards can be used at over five lakh outlets as well as for online shopping. Encouraging e-payments, the bank offers five per cent cash back offer till the end of this financial year, it said.
Besides, the bank 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.