IOB STARS(SPEEDY TRANSFER AND REALISATION SERVICES)
We are committed to disseminate the benefits of IT revolution among the banking public. In this direction, we have launched IOB Stars at 14 Centres covering 397 branches and extension counters, to bring outward collection very close to local clearing. The services are extended to any long standing customer at the discretion of Regional Managers without prescribing minimum turnover.
Under this scheme, cheques drawn on any bank in places where our Star Centres are located are accepted for star customer under S4 category (Proceeds are collected within 4 working days where collection is undertaken on places where couriers can reach ovrnight) and S6 category (Proceeds are collected within 6 working days where collection is undertaken on places where couriers cannot reach overnight),
Cheques received from other centres are lodged on the same day in clearing and on realisation the message is conveyed by the fastest mode via telephone/telex/fax/e-mail by a tested mesage to STAR CONCTROL CENTER, CENTRAL OFFICE without waiting for returns. In the event of any returns subsequently the same is conveyed by the fastest mode.