The country's central bank (RBI) has specified three ways in which we can remit money. These include the popular NEFT, RTGS and IMPS. However, to undertake these transactions, we must have the IFSC Code allotted by RBI to each bank and the specified branch.
The Indian Overseas Bank IFSC Code is an 11-digit alphanumeric code having special 4 characters, 'IOBA', stand for the name of the bank, the fifth character is always 'zero' for future use and the final six characters specify the 'exact branch address'.
If you are searching for the IFSC code of your home branch, you can use two mechanisms to search. In the offline mode you will find it written on your cheque book, which has been given to you by the Indian Overseas Bank branch. If you are looking for online IFSC Code of Indian Overseas Bank you can find here in Goodreturns.
The IFSC (Indian Financial System Code) structure is a founder of the RBI to streamline and keep track of all transactions of domestic funds.
All branches of banks in India have been issued IFSC codes to conveniently define transactions made through a single branch. IFSC codes are 11-digit, alphanumeric codes that are exclusive to a single branch and do not repeat at all. By actively entering IFSC codes or MICR codes, money transfers can be made to a certain branch. These codes always allow users to confirm that, without any complications, the transferred funds go to the ultimate customer. All banks in India have been given separate codes by the Reserve Bank of India, and they mandate their use for all digital transactions and online fund transfer. It is necessary to determine an IFSC code as bearing three separate parts. The first four alphabets reflect the name of the bank that was assigned the code with. Then follows a zero, left for future application, which is normally a control character. The next six digits of the code reflect the particular Indian Overseas Bank branch but this is always specific. The last 6 digits change over branch to branch of the bank. To understand more deeply please follow the below given instance:
IFSC code of Indian Overseas Bank Angul, Bhubaneshwar Branch is IOBA0000966. This IFSC Code can be used for online transfers of funds across Indian Overseas Bank accounts via NEFT, RTGS and IMPS.
If the bank's full name and the branch are known, IFSC codes can easily be acquired through both the online and offline modes. Users can easily locate MICR codes and IFSC codes printed on Indian Overseas Bank issued cheque books / leaves. The full list of IFSC codes available for customers is also listed on the official website of Reserve Bank of India. Either third-party financial portals or from the bank's website the best online medium to find the IFSC code of any bank branch of India. Goodreturns.in offers a detailed table for Indian Overseas Bank branches within India bearing IFSC codes. On a 24x7 basis, any customer visiting the Goodreturns site can easily and efficiently find the IFSC and MICR code of their bank branch. Follow the steps listed below to find the IFSC and MICR code of any branch of Indian Overseas Bank from your comfort.
Online fund transfers can easily be made by IOB customers using NEFT or RTGS services, accessible on the bank's website or by reaching the neighbouring bank branch.
National Electronic Funds Transfers (NEFT) are carried out in batches which have a particular timing under which the IOB settles the funds. This system operates on the basis of Deferred Net Settlements and is carried out on an hourly method. If the batch processing is within the specified time frame, the money is credited to the recipient on the same day or else on the next working day.
Transfers are rendered on an individual account basis by the Real Time Gross Settlement System (RTGS), i.e. the confirmation of funds is scheduled one by one. The IOB clears up RTGS transactions during the current working day, as per the standing instructions set out. RTGS is one of the quickest possible modes for fund transfers which can be done on entirely secure and stable systems.
The IFSC plays a crucial part in transferring money from one account to another, and there are various ways of transferring funds using the IFSC code. Here are the forms where you can locate the IFSC and the bank's MICR code.
Indian Overseas Bank Cheque Book
Cheque Book is a bank-issued document that includes pre-printed papers with account checking specifics for the account holder or customers of the bank. The IFSC is printed on a cheque book at the top, while the MICR Code is placed at the bottom.
Indian Overseas Bank Passbook
The Passbook shows a set of banking activities or transactions made by the account holder. Hence, in the passbook issued by the Indian Overseas Bank, one can look for the IFSC and the MICR code respectively from the convenience of their home or office.
Indian Overseas Bank Net Banking or Mobile app
To access banking facilities through them, customers need to register with Indian Overseas Bank net banking or mobile banking application, including searching for IFSC and MICR codes.
The IFSC plays an important role in transferring money from one account to another, and there are various methods of transferring funds using the IFSC code. Let us take a glance at India's most preferred payment solutions:
The MICR Code of the Indian Overseas Bank is a 9-digit code that was introduced to make cheque processing smoother and quicker. The Indian Overseas Bank MICR Code is shaped in such a way that the city's name can be seen in the first 3 digits, the bank's code can be seen in the next 3 digits, and the branch name can be seen in the last 3 digits.
MICR Code of Ambala City, Haryana- 133020003
Here the first three digits ‘133’ represents the name of the city, the middle three digits ‘020’ represents the bank code and the last three digits ‘003’ represents the branch code.
By following below mentioned alternatives you can locate the Indian Overseas Bank MICR Code
Indian Overseas Bank Cheque Book: Indian Overseas Bank MICR can be found printed on the Cheque Leaf of the bank.
Indian Overseas Bank Passbook: Indian Overseas Bank MICR Code can also be found at the passbook issued to you by the bank at the time account opening.
Indian Overseas Bank Net banking: By logging in into your Indian Overseas Bank net banking account you can easily the MICR code of your particular bank branch.
Indian Overseas Bank Mobile Banking: Another method that can be used to get the bank's MICR code is Indian Overseas Bank mobile banking app.
One of the simplest and fastest ways to transfer funds from one account to another is to use IMPS or Immediate Payment Service. IMPS is an instant electronic fund processing facility for interbank which millions of individuals around the nation can use to transfer money. In IMPS transfers, funds are transferred instantly, unlike NEFT transfers, irrespective of the bank’s working hours and holidays. Indian Overseas Bank is among the country's top banks that provides its customers with IMPS service. If you are a customer of the Indian Overseas Bank searching for details about their IMPS facilities, just scroll your mouse to read more.
All account holders of Indian Overseas Bank can choose for the IMPS facility. To experience this service, customers must register their mobile number with the Indian Overseas Bank. Other eligibility requirements for using the IMPS fund transfer service are:
To transfer funds using the IMPS transfer facility, please follow any of the following options:
Via Internet Banking
Via Mobile Banking
Specifics required of the beneficiary while initiating fund transfer
Indian Overseas Bank (IOB) provides multiple transfer options of funds, including facilities for National Electronic Funds Transfer (NEFT). NEFT is a simple, hassle-free and secure way for one bank account to transfer money to another. This is done electronically through a wire transfer system and is supervised by the Reserve Bank of India (RBI). All IOB customers can benefit from NEFT services via internet banking or mobile banking. It is necessary to provide the recipient's account details such as name, IFSC code and bank branch information in order to implement a NEFT transaction.
Steps to transfer funds via NEFT from IOB Bank to another bank
Steps to register a beneficiary in IOB
Steps to pay credit card bills via IOB NEFT
For all Indian Overseas Bank NEFT transactions, please be aware that GST charges may be imposed. Also, please bear in mind that with each transaction carried out, the below listed charges are applicable.
During the bank's operating hours from Monday to Saturday, all Indian Overseas Bank NEFT transfers are handled. On bank holidays, NEFT services will not be accessible. Please also remember that, as it is a holiday, NEFT transactions can not be done on the 2nd and 4th Saturdays of the month.
Indian Overseas Bank (IOB) offers the NEFT service to its customers. By filling out the IOB NEFT Form, customers can use this service either online or offline. The IOB NEFT form can be downloaded online by customers. This will allow account holders to visit the bank branch to make use of the IOB NEFT facility. Customers can render cash deposits of up to Rs.50,000/- only during offline transactions through the use of the NEFT facility.
By providing the following details, customers can fill out the IOB NEFT form online:
Customers can fill out the offline IOB NEFT form by specifying the below-listed details:
A significantly faster and hassle-free online money transfer mechanism is Real Time Gross Settlement (RTGS). Although Real Time pertains to the live transfer of money, "Gross Settlement" refers to the individual transfer of funds and not in hourly schedules such as NEFT. By having a single IOB RTGS form to trigger the transfer, the bank has made RTGS transactions easier. The IOB RTGS form can also be downloaded by an applicant by visiting the official site of Indian Overseas Bank.
Rs 2 lakhs per day is the minimum amount that can be transferred by RTGS; the maximum relies on whether the transaction is performed electronically or through the branch of the bank. The specifics that need to be addressed in the IOB RTGS form are as follows:
You have the ease of using net banking and mobile banking facilities for various transactions with the Indian Overseas Bank, including online money transfers and bill payments. They can use IMPS services provided by Indian Overseas Bank to all account holders for those who are on the go and need immediate fund transfer alternatives. Every account holder should however be mindful of the IOB IMPS charges applicable to a successful transfer.
IOB IMPS Charges
There is a fee on any deal made with IMPS. These fees, regardless of the amount you transfer, are normal and are paid per transaction. For IOB, the charges applicable for IMPS are the following:
What do you mean by IMPS?
IMPS or Immediate Payment Service is applicable to all legitimate Indian Overseas Bank account holders as a real-time fund transfer service. This is the quickest option open to you for the transfer of funds, enabling you to transfer funds to the recipient within 30 minutes from making the transaction. To transfer funds to individual accounts, retailers, pay your credit card bill, shop online, respectively., you can use IOB IMPS services. This is a service which is available at Indian Overseas Bank only via net banking and online banking accounts. You need to make sure that you enroll your account for net banking or download the IOB mobile banking application to access your login information in order to use IMPS.
The IOB IMPS service offers many advantages and functionality that make it one of the most common transaction methods for IOB account holders. The advantages of using IOB IMPS are:
Procedure to get an MMID
A unique seven-digit number called the Mobile Money Identifier or MMID, will be issued to each account registered for mobile banking. You can receive the MMID via SMS as soon as you register for mobile banking. To make transactions on your mobile phone, you can sign up for mobile banking online, at the ATM or at the nearest Indian Overseas Bank Branch.
Procedure to use IOB IMPS
For those who choose to use IOB IMPS services, there are two alternatives available:
Via Net Banking
Indian Overseas Bank provides its customers with the SMS banking service, which enables them to reach their account from offline mode, so customers can use SMS to get the latest updated details of their account. If you have disrupted your internet connection and are unable to visit the net banking site of Indian Overseas Bank, you can use the SMS service, and this is a safe procedure that only needs to be followed with your registered mobile number. Hence, customers who want to use this SMS service need to have their active mobile number linked to their Indian Overseas Bank Account, and in this column for Indian Overseas Bank customers, we offer you specific details about SMS banking.
For Balance Enquiry: Type BAL followed by your last 4 digit account number and send it to 8424022122.
For mini statement: Type MINI followed by your last 4 digit account number and send it to 8424022122.
For MMID: Type MMID and send it to 8424022122.
One of the main public sector banks is the Indian Overseas Bank. It is headquartered in Tamil Nadu, Chennai, and is operated by the Government of India. IOB was established in 1937 and has been nationalised since 1969. Also in overseas nations, it has branches, but the main activities are in India. Indian Overseas Bank offers a range of services and users of internet banking, mobile banking and debit cards have now evolved. Without reaching a bank, customers can check account balance, pay energy bills, transfer funds and many more. To allow net banking, paying anyone means you have to add Payee/Beneficiary. Users seeking to add a beneficiary must add the beneficiary's account details to their account before they are eligible to transfer money. The measures for adding beneficiaries to your account are as follows:
Indian Overseas Bank Account: This is the method of adding a beneficiary to an IOB account and receiving the consent of the beneficiary from the home branch in order to transfer funds. Follow the below-listed steps for the same:
Indian Overseas Bank is a large bank in the public sector that provides retail and corporate customers with financial and banking services. Indian Overseas Bank timetables must be known to customers who plan to visit the bank to do transactions. Indian Overseas Bank has resumed its activities for customers after the lockdown due to COVID. Every day except 2nd & 4th Saturday and bank holidays, all branches will remain open from 10:00 AM to 4:00 PM. In order to reduce the uncertainties caused by the outbreak of Coronavirus in India, the bank also provides sensible precautions and emergency loans. All banking facilities are now accessible at the bank, such as the updating and issuing of passbooks, account opening, deposit and withdrawal of cash, cheque clearance, money transfers and government transactions, and note exchange services. It is recommended that customers entering the branch offices take the requisite precautions mentioned below.
One of the leading players in the public banking sector is the Indian Overseas Bank. With around 3400 branches, it is a Chennai-based bank. It has expanded its international branches as well. As per the new technological advancements and amenities, Indian Overseas Bank has updated its banking services. If you're willing to open an IOB account, you need to know the scheduling of the bank, it's working hours, lunch schedule and holidays. It is vital for each account holder to know about the timelines so that they never have to waste their time standing in long queues at the branch.
Indian Overseas Bank (IOB) is a major bank of India headquartered in Chennai (Madras). Indian Overseas Bank has an ISO-certified in-house information technology department that has established the application to provide its customers with online banking facilities. This bank has achieved 100 percent networking status and there are almost 2500 ATMs throughout India. Mobile banking is also provided by IOB. It's very beneficial to have a net banking facility. It facilitates the quick transfer of money from your account to any other account. Money can be transferred to the same branch of the bank or to another branch of the bank or even another bank but providing accurate information, however, is important, such as the name of the account holder, bank branch and IFSC code. You must add all these details to add a beneficiary if you are making fund transfer for the first time. You can log in with your ID and password to start with, go to select remittances and enter the required details of the payee correctly.
You must enter the payee's specifics, such as the address, name, account number, account type and the other bank's IFSC code, once done click on ‘Submit’. You get an OTP on your registered mobile number, authenticate the same and click on the Approve Payee' option.
If the payee is already added, the transfer of money from IOB to another online bank is conveniently possible. This method can be used to transfer money from IOB to SBI, PNB, Canara, Bank of India, Bank of Baroda, Axis, ICICI, HDFC and any other Indian bank. You should follow the following steps if you are willing to do the same: