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Introduction

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.

NEFT

Indian Overseas Bank Neft Rtgs Imps

IOB Home Branch

Transaction Limit and Charges

Transaction Amount 

NEFT Charges (excluding GST)

Up to Rs 10,000

Rs. 1.50

Rs. 10,000 – Rs. 1 lakh

Rs. 4

Rs. Rs. 1 lakh – Rs. 2 lakh

Rs. 14

Above Rs. 2 lakhs

Rs. 24

Internet Banking

Transaction Limit and Charges

Transaction Amount 

NEFT Charges for SB Account

NEFT Charges (excluding GST)

Up to Rs 10,000

Free

Rs. 1

Rs. 10,000 – Rs. 1 lakh

Free

Rs. 3

Rs. Rs. 1 lakh – Rs. 1=2 lakh

Free

Rs. 11

Above Rs. 2 lakhs

Free

Rs. 19

Timings

Days

Time Slot

Monday - Friday

8.00 am to 7.00 pm

Saturday

8.00 am to 1.00 pm

NEFT services not available on bank holidays, including, 2nd and 4th Saturday

RTGS 

IOB Home Branch

Transaction Amount

RTGS Charges (excluding GST)

Rs. 2 lakhs – Rs. 5 lakhs

Rs. 24

Above Rs. 5 lakhs

Rs. 49

Internet Banking

Transaction Amount

RTGS Charges (excluding GST)

Rs. 2 lakhs – Rs. 5 lakhs

Rs. 24

Above Rs. 5 lakhs

Rs. 49

Timings

Days

Time Slot

Monday – Saturday

8.00 am to 4.30 pm

RTGS services not available on 2nd and 4th Saturday

IMPS

Internet Banking/Mobile Banking

Transaction Amount

IMPS Charges  (excluding GST)

Up to Rs 10,000

Rs. 2.50

Rs. 10,000 - Rs. 1 lakh

Rs. 5

Rs. 1 lakh – Rs. 2 lakhs

Rs. 15

Timings: 24/7 service including bank holiday

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

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

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