State wise list of Indian Overseas Bank IFSC code, MICR code and addresses of all branches in India
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The system of IFSC (Indian Financial System Code) is a brainchild of RBI’s to standardize and keep track of all domestic fund transactions. IFSC codes have been allotted to all the branches of banks in India to easily identify transactions done through a particular branch. IFSC codes are alphanumeric, 11-digit codes, which are unique to a single branch and do not ever repeat. Money transfers can be done to a particular branch by compulsorily entering IFSC codes or MICR codes. These codes also helps users ensure that the transferred funds go to the right person, without any hassles. The Reserve Bank of India has assigned separate codes to all banks in India and mandates their usage for all online transactions. An IFSC code can be explained as carrying three different segments. The first four alphabets represent the name of the bank to which the code has been assigned. Then comes a zero which is generally a control character, left for future use. The next six digits of the code signify the specific branch of Indian Overseas Bank and this is always unique. The last six digits change with every branch available.
Given below is an example of an Indian Overseas Bank IFSC code:
“IOBA0000136” - IFSC Code for an Indian Overseas Bank branch in Shantinagar, Bangalore: The above can be used for online funds transactions via NEFT, RTGS amd IMPS to Indian Overseas Bank account.
IFSC codes can be easily procured if the bank’s full name and the branch is known. Users can conveniently find MICR codes and IFSC codes printed on cheque books/leaves issued by Indian Overseas Bank. The Reserve Bank of India site also offers the complete list of IFSC codes required for customers. The other sources available for getting IFSC codes are either third party financial websites or from the bank’s website.
BankBazaar gives a comprehensive table carrying IFSC codes for Indian Overseas Bank’s branches within India. Any user visiting the BankBazaar website has to select the Bank IFSC code link present at the bottom of the main page. Customers clicking on this link will be taken to a second page carrying four dropdowns. Customers have to enter certain details like state, bank, branch and district in order to get IFSC codes or MICR codes for Indian Overseas Bank. The generated table also contains the phone number, address of the branch, name, branch code etc.
IOB clients can conveniently make online fund transfers by using NEFT or RTGS services, available on the bank’s website or by visiting the nearest bank branch.
National Electronic Funds Transfer (NEFT):
National Electronic Funds Transfers (NEFT) are done in batches and have a specific timing within which the funds are settled by IOB. This process works based on Deferred Net Settlements and is done on an hourly schedule. The money is credited to the beneficiary on the same day, if the batch clearance is within the stipulated time frame. Otherwise the money is credited on the next working day.
Real Time Gross Settlement System (RTGS):
Real Time Gross Settlement System (RTGS) transfers are done on an individual transaction basis, i.e., the clearance of funds are schedules one by one. As per the standing instructions set, IOB settles RTGS transactions within the current working day. RTGS is one of the fastest modes of fund transfers available and can be performed on completely secure platforms.
Information required for Funds Transfer using any payment mode:
While making a NEFT or RTGS transaction with Indian Overseas Bank, customers need to provide the below information:
Indian Overseas Bank (IOB) is one of the foremost public sector bank, headquartered in the Tamil capital of Chennai. The name IOB swags a nation-wide network of more than 3700 regional branches plus 3300 ATM counters. Out of this Tamil Nadu houses 1150 branches alone. They also have three extra counters, and eight overseas branches in South East Asian countries such as China, Thailand, Singapore, Hong Kong, South Korea and Sri Lanka excluding representative offices in Guangzhou (China), Vietnam, and United Arab Emirates. IOB also has shares in a joint-venture bank in Malaysia. With a slew of financial products, amenities and services on its platter, IOB leaves no stone unturned in ensuring maximum customer satisfaction, which is made possible thanks to its ISO-stamped internal Information Technology department.
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The issue of Equity Shares to QIP (Qualified Institutional buyers Pursuant) was discussed at a meeting conducted by the Committee of Directors of the Indian Overseas Bank. The bank passed certain resolutions that authorized the issue’s closure on 20th May, 2016 and approved and adopted Rs.28.55 as the issue price per equity share. The issue price also included Rs.18.55 per equity share as premium, offering a 5% discount on the floor price, when being allotted to qualified institutional buyers who are eligible. The meeting also passed a resolution that authorized the approval of the placement document and CAN (Confirmation of Allocation Note) by the CFO, MD and ED/CEO/GM.
Indian Overseas Bank enables its customers to make fund transfers electronically using IFSC codes of the bank branches via NEFT and RTGS.
21st May 2016
The Indian Overseas Bank announced that it will be looking to raise approximately Rs 261 crore through the issue of more than 9 crore equity shares. These equity shares will be issued to qualified international buyers (QIBs) in a bid to raise the targeted amount. The decision to issue the shares was taken by the committee of directors at a meeting held on Friday. Indian Overseas Bank stated through a regulatory filing that in order to raise the required aggregate amount of Rs 261,94,18,190.40, a proposed qualified institutions placement of 9,17,48,448 equity shares with a face value of Rs 10 would be issued, with each of these shares going at an issue price of Rs 28.55, which includes premium as well. While the stock of the bank closed at Rs 29 apiece, showing a dip of 0.68%, bank customers continued to conduct money transfers as usual using the bank’s IFSC code as well as other details.
21st May 2016
Indian Overseas Bank (IOB) has executed Infosys’ Finacle 10 core banking set with distribution handled by Hewlett-Packard (HP) Company. As a premiere public sector lender in the country, IOB has come to this decision on its latest system and provider in spring 2015, after a tender meted out in 2014. This execution is part of a key IT renovation and the bank’s Sybase-based Crown platform has been scrapped after two decades, owing to immense pressure from the central bank. IOB had initially wanted to package it as a separate contribution and trade to other banks in the country. But sadly, this inventiveness couldn’t be launched. IOB offers electronic money transfer (NEFT/ RTGS using IFSC Code) which is inexpensive and quick among others.
10th February 2016
Indian Overseas Bank (IOB) is a renowned state-owned Indian Overseas Bank and it suggests to raise funds of up to INR 1570 crore at the present market price from the public offer to sponsor its development plan. In a declaration to the BSE, IOB said that the bank might continue, based on the support of stockholders, at the yearly general meeting conducted on 30th June 2015, to raise resources by issue of equity stakes to the public that doesn’t exceed 51.79 crore stakes of face value of INR 10 each at suitable premium. Stakes of the bank closed at INR 30.45 per each unit, down 0.33 percent on the BSE last week. Hence IOB would be able to raise funds of INR 1577 crore as per the Friday's closing cost. One can also perform online money transfer easily via NEFT and RTGS using IFSC Code to any account.
4th January 2016
A part of Pradhan Mantri MUDRA Yojana scheme, Indian Overseas Bank has launched the Rupay MUDRA card. This card is targeted towards the small & medium enterprises (SMEs) and also micro enterprises. The scheme will enable the micro units to use the card for requirements on working capital. Rupay MUDRA cards can be used for online transactions, point of sale (PoS) transactions and also at ATMs. Over the current financial year, Indian Overseas Bank has also given out loans worth Rs.266.15 crores as compared to the annual target of Rs.1495 crores. The bank has also achieved around 26% under the MUDRA Yojana scheme. Indian Overseas Bank has also disbursed loans worth Rs.50 crores to SMEs and micro enterprises in the state.
A forerunner in banking technology, Indian Overseas Bank offers Net Banking facilities to its customers where they can make fund transfers by mentioning the IFSC code of beneficiary bank. Customers can also use the Net Banking platform to manage their accounts, cards and transaction details.
10th September 2015
After Indian Overseas Bank (IOB) made a preferential issue of equity shares to the government for capital infusion, the bank’s share value is on the rise. It is important to note that 73.8% of the bank is owned by government and IOB has recently allotted 48.56 crores worth shares to the government at 41.37 rupees each to get a capital of Rs.2008.99 crores. Indian Overseas Bank rose 5.9% to Rs.37.55 and over 1 crore shares were exchanged. The stocks of Indian Overseas Bank even made it to the list of top volume buzzers on NSE. The bank is trading at around Rs.113 rupees per share at one third of book value as on August end.
Indian Overseas Bank (IOB) offers an array of financial products including facilities like internet banking via which they can do an instant fund transfer by mentioning the IFSC code of the beneficiary bank and beneficiary’s name.
3rd September 2015
Indian Overseas Bank has set aside Rs. 300 Crore in its budget towards the up gradation of its technological framework. The Bank, with the help of its IT consultant firm Ernst & Young, intends to implement its Core Banking Solution platform before the end of the year. IOB intends to be a part of the digitalization process undertaken by several mainstream banks in India, and thereby increase its net profits. By enhancing its recovery performance and reducing the costs involved in IFSC code enabled net banking transactions and by undertaking other cost-efficient methods, IOB has witnessed an astounding net profit of Rs 35.50 crore in Q4 of the financial year 2014-15.
28th August, 2015
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