Indian Overseas Bank (IOB) offers various fund transfer options, including National Electronic Funds Transfer (NEFT) services. NEFT is an easy, hassle-free and reliable mode of sending money from one bank account to another. This is done through electronically through a wire transfer mechanism and is governed by the Reserve Bank of India (RBI). NEFT services can be availed by all IOB customers through internet banking or mobile banking. To carry out a NEFT transaction it is important to have the beneficiary account details such as name, IFSC code and bank branch information.
Process to Transfer Funds Through NEFT from Indian Overseas Bank to any Bank
- Step 1: Go to the IOB website and log in to the internet banking portal with the respective username and password
- Step 2: Click on ‘Remittances’
- Step 3: Choose ‘Fund Transfer’, click on the ‘Other Bank-NEFT’ option and hit the ‘Proceed’ button
- Step 4: Fill in details in columns such as ‘Pay from’, Transfer amount to’, ‘sender information’ and ‘amount’. Click the ‘Proceed’ button after keying in the above details
- Step 5: Key in the ‘Transfer Pin’ and choose the ‘Transfer Funds’ option
- Step 6: Enter the OPT, after which the transaction will be processed
How to Register a Beneficiary in Indian Overseas Bank
- Login to the IOB portal
- Provide username and password
- Go to the ‘Remittances’ tab and choose ‘Add Payee’
- Click on ‘Other Bank Account’
- Fill in the payee/beneficiary details such as name, address, account type, account number, IFSC code. Choose ‘Confirm’ once the details are filled
- Enter OPT and click ‘Approve Payee’. The payee will be activated within a 24-hour window
How to Pay Credit Card Bill through Indian Overseas Bank NEFT
- Step 1: Login to the IOB portal
- Step 2: Add the credit card as a beneficiary
- Step 3: Go to the transfer funds section and choose NEFT
- Step 4: Fill in the below information
|Name of Destination Bank|
|Name of Destination Branch|
|Destination Account Number (16-digit credit card number)|
- Step 5: Confirm details
- Step 6: The customer will receive a confirmation message
Details Required to Carry Out a NEFT Transaction
- The 16-digit beneficiary account number
- Payee name
- IFSC code
Indian Overseas Bank NEFT Fees and Charges
|Transaction amount||Transaction fee|
|Up to Rs.5,000||Rs.25|
|Above Rs.5,000 to Rs.10,000||Rs.60|
|Above Rs.10,000 to Rs.1 lakh||Rs.5 per Rs.1000|
|Above Rs.2 lakh||Rs.4.5 per Rs.1000|
*Please note that GST charges may be levied for all Indian Overseas Bank NEFT transactions. Also, please keep in mind that the above rates are for each transaction carried out.
Timing for Indian Overseas Bank NEFT
All Indian Overseas Bank NEFT transactions are processed during the working hours of the bank from Monday to Saturday. NEFT services will not be available on bank holidays. Also, please note that NEFT transfers cannot be made on 2nd and 4th Saturdays of the month as it is a holiday.
|Monday to Friday||9.00 a.m. to 7.00 p.m.|
|Saturday||9.00 a.m. to 1.00 p.m.|
Benefits of Indian Overseas Bank NEFT
- Less risk: Comparatively no risk involved in this type of money transfer process when compared to other types of fund transfer methods
- Reliable: This is a very reliable method and there is no chance of making an error or losing out on the money in case of any glitches.
- RBI guarantee: NEFT is backed by the Reserve Bank of India (RBI) and thus it offers a guarantee to its customers at every stage of the transaction.
- Glitches taken care of: In case funds do not get transferred due to any kind of technical problems, the bank will automatically credit it back to the account holder. This is usually done within a 24-hour window
- Economical: Affordable transaction fee
Limitations of Indian Overseas Bank NEFT
- Not as fast as IMPS: NEFT is not a fast process and does not happen in real-time like IMPS. Therefore, it is a comparatively slow process when compared to IMPS and other types of fund transfer methods
- Bank holidays: NEFT services are not available during bank holidays
- Batch wise processing: Usually, NEFT transactions are settled in batches and therefore it will take much longer for the money to be credited to the beneficiary’s account
- Not for emergency use: Since NEFT transfer is a slow process, it will not be possible to send funds through this method during an emergency situation
FAQs of IOB NEFT
- Define NEFT? Expand it.
NEFT is expanded as National Electronic Funds Transfer. NEFT is a countrywide electronic funds transfer method using which customers can transfer funds from one bank account to another bank account through wire transfer.
- Is a must to provide IFSC details for NEFT?
The Indian Financial System Code, abbreviated as IFSC is a prerequisite to carry out a NEFT transfer. One cannot process a NEFT transaction without providing this piece of information. IFSC is nothing but an alphanumerical code that is branch-specific. T is issued to all account holders and one must have this code along with other beneficiary details for NEFT transactions.
- Who governs the NEFT process?
The RBI manages and governs the NEFT process of all NEFT-enabled banks in the country.
- How does Indian Overseas Bank settle NEFT transactions?
Indian Overseas Bank settles its NEFT fund transfers every day on hourly batches and not on a real time basis. This system is maintained by the RBI and are processed in the respective NEFT processing centres. These centres work in coordination with the RBI to settle and process NEFT payments in a smooth and efficient manner.
- Are all banks in the country NEFT enabled?
No. RBI publishes the list of banks that are NEFT enables on its website. To verify this, one can contact an Overseas Bank customer care executive by making a call or visit the RBI website to check the list of banks that are NEFT-enabled.
- What is the minimum and maximum limit for NEFT transactions in Indian Overseas Bank?
As such, there is no maximum limit for NEFT transactions in Indian Overseas Bank. However, if more than is Rs.2 lakh needs to be transferred, it can be made but it will fall under the RTGS payment method.
- After the NEFT transfer has been made, how long will it take for the money to be credited to the beneficiary’s account?
Indian Overseas Bank NEFT transfers are settled in hourly batches and the beneficiary will receive the funds within an hour. The maximum time limit is 24 hours.
- What is the eligibility criteria for NEFT transfer?
NEFT can be used even by those who do not have an account with Indian Overseas Bank but only to send funds below Rs.50, 000. This facility will be available to all account holders.
- Can NEFT transfer be done to any bank in India?
This will not be possible. NEFT transfer can only be done with NEFT-enabled banks in India. At present, there are 45,000 NEFT-enabled banks.
- In case funds are not transferred on time or not been credited, what can the customer do?
The customer should immediately contact the Indian Overseas Bank customer care center. If the issue is not resolved the RBI can be approached.
- Can a remitter stop the payment at any point in time?
Generally, the remitter will not be able to stop NEFT payment. Once the customer hits submit button, the wire transfer would have already been initiated.
- How can a remitter receive a status update about the fund transfer? How can he/she track it I?
It is possible for the remitter to track his/her transaction. Also, a confirmation message will be displayed once the transfer has been made. One can also contact the bank branch to receive confirmation.
- Is it possible to transfer funds to NRE/NRI accounts through NEFT?
Yes, one can remit money to all NRE/NRI accounts through NEFT without any hassle.
- Can NEFT be used to send funds to NRE/NRI accounts?
Yes, this can be done without any hassle.
- Is it possible for an account holder to send money to a foreign bank through NEFT?
- Is it possible for an account holder to receive money from a foreign bank through NEFT?
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