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.
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 5: Confirm details
Step 6: The customer will receive a confirmation message.
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.
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.
Day | Timing |
Monday to Friday | At present from 9.00 a.m. to 7.00 p.m. |
Saturday | At present from 9.00 a.m. to 1.00 p.m. |
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.
Tracking your NEFT transaction in IOB is simple and can be done through multiple channels:
If you face issues with your NEFT transfer, reach out to IOB support:
Keep your UTR number ready while contacting support.
The RBI manages and governs the NEFT process of all NEFT-enabled banks in the country.
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.
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.
There is no maximum limit for NEFT in IOB.
Yes, NEFT is available 24x7 in IOB. You can send money anytime - even on Sundays and holidays - using internet banking or mobile banking. However, transfers made late at night may get processed in the next time slot.
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.
The customer should immediately contact the Indian Overseas Bank customer care center. If the issue is not resolved the RBI can be approached.
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.
Yes, one can remit money to all NRE/NRI accounts through NEFT without any hassle.
Yes, this can be done without any hassle.
No.
Yes.
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.
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.
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.
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.
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.
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.
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