Now, you can choose your savings account number

So, what’s your savings account number? Chances are, you may not remember. Which is perfectly okay. After all, who wants to remember some random string of numbers which run into more than 10 digits? But, what if you could actually choose your own savings account number? IndusInd Bank launched a facility called My Account, My Number, where customers can choose the bank account number of his choice for the account he opens with the bank.

In the bank’s press release, Sumant Kathpalia, Head - Consumer Banking, said, “This service is an outcome of extensive consumer research and a clear need-gap that was identified over a period of time.”

What numbers: This facility is available for both savings as well as current accounts with the bank. The account number will be 12 digits out of which the customer can choose a maximum 10 digits of his choice or the desired sum of digits. You won’t be allowed to choose the first two digits of the account numbers. Alternately, the bank also allows you to choose a premium number available with the bank.

What’s the benefit: Choosing your own account number means you won’t forget it. So, it will save you the trouble of looking for it on your bank statement or cheque book, when you need the number. You need to know the account number while doing RTGS, NEFT transactions, or blocking debit card in case of loss. If you want to open a group of account for yourself and your family members, the bank will allow you to choose the consecutive numbers for the various accounts.

Who can get this facility: Currently the bank is offering this facility only to new customers, which means existing customers are pretty much stuck with their old numbers. Unless, of course, you don’t mind opening a new account or being a joint account holder with a relative who wants to open a new account with the bank.

Other details: The bank’s saving account interest rate is 5.5 percent per annum for balances less than Rs 1,00,000 and 6 percent per annum for balances above Rs 1,00,000.

Firstpost take: On the face of it, it does not look like a big deal. But, if you think of it practically, this is not a bad idea. After all, you aren’t paying anything extra for the number of your choice. May be this facility might work for senior citizens or anyone, who would like to have an easy account number. Even for those who don’t do net banking and prefer visiting the branch (which means filling multiple slips with the account number), this facility might work. We are not saying that you should open an account, just to get an account number of your choice. But, if you are looking to opening an account with the bank, no harm in choosing this.