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Digitization across streams, coupled with the ongoing Covid-19 crisis, have made people more online savvy for undertaking their daily activities like shopping, internet banking etc. A convenient and quick way of managing banking transactions for individuals and businesses alike are NEFT, RTGS and IMPS. These transactions are always safe and secure.
Indian Overseas Bank (IOB), one of the leading nationalized banks in India with headquarters in Chennai offers its customers various fund transfer choices including National Electronic Funds Transfer (NEFT), Real Time Gross Settlement (RTGS) and Immediate Payment Service (IMPS). Customers can do any of these fund transfers by visiting IOB’s branch, internet banking or IOB mobile banking app.
Let us understand the various key features of NEFT/RTGS/IMPS at IOB to help us make the right choice for our fund transfers.
About Indian Overseas Bank NEFT RTGS IMPS
IOB Home Branch
Transaction Limit and Charges
NEFT Charges (excluding GST)
Up to Rs 10,000
Rs. 10,000 – Rs. 1 lakh
Rs. Rs. 1 lakh – Rs. 2 lakh
Above Rs. 2 lakhs
NEFT Charges for SB Account
Rs. Rs. 1 lakh – Rs. 1=2 lakh
Monday - Friday
8.00 am to 7.00 pm
8.00 am to 1.00 pm
NEFT services not available on bank holidays, including, 2nd and 4th Saturday
RTGS Charges (excluding GST)
Rs. 2 lakhs – Rs. 5 lakhs
Above Rs. 5 lakhs
Monday – Saturday
8.00 am to 4.30 pm
RTGS services not available on 2nd and 4th Saturday
Internet Banking/Mobile Banking
IMPS Charges (excluding GST)
Rs. 10,000 - Rs. 1 lakh
Rs. 1 lakh – Rs. 2 lakhs
Timings: 24/7 service including bank holiday
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
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.
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,
Steps to transfer funds via IMPS at IOB
1. Can NEFT be done online at IOB?
Yes, NEFT is can be done through internet banking or mobile banking at IOB.
2. Is NEFT chargeable at IOB?
NEFT is only free for IOB savings account holders if done through internet banking. Otherwise, it is chargeable.
3. Is NEFT available 24 hours?
NEFT transactions are undertaken within the time prescribed by IOB. The NEFT transaction is normally completed within 30 mins to 4 hours from its initiation.
4. Will I get back my money for a failed RTGS transaction?
Yes, if it is not possible for the bank to credit the RTGS funds to the beneficiary account for any reason, then the same gets credited to your IOB account within 1 hour or before the end of the RTGS business day, whichever is earlier.
5. How can I get the IFSC Code of the beneficiary bank for initiating NEFT/RTGS/IMPS transaction?
The simplest way to get the beneficiary’s bank IFSC code is by searching on CreditMantri or directly on the bank website. You can also check the same by directly calling the beneficiary.
6. Is the RTGS facility available with all banks in India?
No, only select banks in India are RTGS enabled. You can get all the RTGS enabled bank details on the RBI website.
7. Is IMPS transfer available through the home branch?
IMPS transfer is available only through mobile banking and internet banking
Axis Bank NEFT RTGS IMPS
Bank Of Baroda NEFT RTGS IMPS
Canara Bank NEFT RTGS IMPS
HDFC Bank Neft RTGS IMPS
ICICI Bank Neft RTGS IMPS
IndusInd Bank NEFT RTGS IMPS
Kotak Mahindra Bank NEFT RTGS IMPS
Punjab National Bank NEFT RTGS IMPS
SBI Neft RTGS IMPS
Union Bank Of India NEFT RTGS IMPS
YES Bank Neft RTGS IMPS
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