Indian Overseas Bank NEFT RTGS IMPS - Charges & Timing

NEFT

IOB Home Branch

Internet Banking

RTGS 

IOB Home Branch

Internet Banking

IMPS

Internet Banking/Mobile Banking

IOB Fund Transfer

IOB allows quick, secure and hassle-free fund transfer from bank to bank. This process is undertaken through electronic mode through wire transfer technique which is under the purview of the Reserve Bank of India (RBI)

IOB Bank NEFT

NEFT is an electronic one-to-one payment facility regulated by the Reserve Bank of India to allow money transfer from bank to bank. Money can be transferred from an individual/business account in IOB to another bank account through branch visit, internet banking or IOB mobile app.

Steps to Initiate IOB NEFT Fund Transfer

• Login on IOB portal with respective username and password
• Go to the ‘Remittances’ tab and click on ‘Add Payee’
• Click on ‘Other Bank Account’
• Key in the payee/beneficiary particulars correctly like name, account type etc
• Enter OTP provided
• Click ‘Approve Payee’
• Payee account gets activated within 24 hours after which funds can be transferred to their account
• Now, click on ’Remittances’
• Click ‘Fund Transfer’,
• Click the ‘Other Bank-NEFT’ tab
• Click the ‘Proceed’ button
• Key in particulars like ‘Pay from’, ‘Sender information’ amount etc. Click the ‘Proceed’ button
• Key the ‘Transfer Pin’ 
• Click the ‘Transfer Funds’ tab
• Enter OTP received 
• After OTP confirmation, the transaction is complete

IOB RTGS

RTGS System refers to a real-time settlement of funds from an individual account to the beneficiary account. This mechanism is totally governed by the Reserve Bank of India of which  IOB is a member. Under RTGS, you get an immediate transfer of funds. IOB has InstaRemit – its RTGS facility for both individual and corporate customers for the purpose of transferring their money from their accounts with IOB to other bank customers. IOB also has the facility to receive RTGS transactions for its customers from other RTGS enabled branches of banks.

IOB has enabled its customers to make RTGS by having a single IOB RTGS form for making the transaction. IOB customer can also have the IOB RTGS form downloaded from the bank’s online portal.

IOB RTGS Form

IOB RTGS form can be filled through branch visit or the same can be downloaded from the bank portal. Below particulars are required to be filled.

• Amount to be transferred
• IOB branch name and code
• RTGS charges
• Account holder name and contact details 
• Beneficiary particulars like name, bank, branch address, account type, account number, IFSC code and mobile number
• Enter how the transfer to be made, i.e. through cash, cheque or direct debit from the bank account with relevant particulars
• Option to send a brief message by the IOB account holder to the beneficiary through the IOB RTGS form is available
• Once particulars are filled, form to be submitted

IOB IMPS

IMPS is an instant and fast mode of money transfer from one account to another, with the service being available 24/7 365 days. IMP is one of the leading Indian banks which offer IMPS facility to its customers, which is available to all the bank customers. IMPS facility at IOB is available only on internet banking and mobile banking.

To avail of this facility, 

• IOB customers should first register their mobile numbers with the bank
• Customers should have valid MMID linked to their primary IOB bank account
• Valid MPIN to transfer funds from one account to another

Steps to transfer funds via IMPS at IOB

Internet Banking

• Log in to the IOB bank portal with username and password  
• Click on the “Fund Transfer” tab
• Click the ‘IMPS Funds Transfer’ tab
• Select beneficiary from the drop-down beneficiary list to whom funds to be transferred
• Key in the amount and confirm the transaction
• On successful inhiation of transfer, confirmation will be received from IOB via SMS and email

Mobile Banking

• Download the IOB app on your mobile 
•  Log in to the IOB bank website with username and password 
•  Click the ‘Fund Transfer’ option and select ‘Other Bank using IMPS’.
•  Click ‘Using IFSC/AC No.’ to transfer funds through the IFSC code
•  Select beneficiary to whom funds to be transferred
•  Key in the amount and confirm the transaction
• On successful inhiation of transfer, confirmation will be received from IOB via SMS and email

FAQs