Customers having account in the Indian Overseas Bank or IOB can transfer funds using the NEFT services provided by the bank – online and at the branch. When using the at the branch option, you are required to submit an IOB NEFT form, properly filled and duly signed. This form is also available at all the IOB branches.
Details to be Filled in IOB NEFT Form
The below-mentioned details are to be filled in an IOB NEFT Form:
- Branch Name and IFSC of the branch where form is to be submitted
- Applicant or remitter’s details (name, account type, account number, IFSC)
- Beneficiary’s details (name, bank and branch name, IFSC, account type and account number)
- Amount to be remitted (in words and figures, both)
- Signature of the remitter
Please check the IOB bank timings before heading to the bank for NEFT.
IOB NEFT: Limit
There is no limit on IOB NEFT when done at the branch, as per the RBI guidelines. However, the bank has kept a ceiling of Rs 2 lakhs per day on online NEFT transfers. That said, customers wishing to enhance this IOB NEFT limit for online mode may contact the bank.
What are the IOB NEFT Timings?
Online transfers using the IOB NEFT via netbanking or mobile banking can be done at any time. This is as per the RBI guidelines. However, there are time limitations for IOB NEFT timings at the branch, viz.:
9:30 AM to 5:00 PM – Monday to Friday
10:00 AM to 5:00 PM – 1st, 3rd and 5th Saturday
Suggested: IOB Bank Timings
How to do IOB NEFT Online?
To do an IOB NEFT (National Electronic Funds Transfer) online, follow the below steps:
Step 1: Log in to IOB (Indian Overseas Bank) net banking portal using your User ID and password.
Step 2: Click on the ‘Fund Transfer’ tab.
Step 3: Select ‘NEFT’ from the options available.
Step 4: Add the beneficiary by providing the required details such as beneficiary name, account number, bank name, and branch name, IFSC code, etc.
Step 5: Once the beneficiary is added, select the beneficiary from the list and enter the amount you want to transfer.
Step 6: Verify the details of the transaction and click on ‘Submit’.
Step 7: You will receive an OTP (One Time Password) on your registered mobile number. Enter the OTP to complete the transaction.
Step 8: Your IOB NEFT transaction will be initiated, and the funds will be transferred to the beneficiary’s account as per the NEFT time schedule.
How does NEFT work?
NEFT (National Electronic Funds Transfer) works on a deferred net settlement basis, which means that the transactions are settled in batches at specific intervals throughout the day. Here is how the NEFT system works:
- Initiation of NEFT transaction: The sender, i.e. customer, initiates an NEFT transaction by providing the beneficiary’s name, bank name, bank account number, and IFSC code to their bank.
- Transfer to RBI: The sender’s bank forwards the transaction to the RBI (Reserve Bank of India), which acts as the clearinghouse for NEFT transactions.
- Batch Processing: The RBI processes NEFT transactions in batches at pre-determined times throughout the day. Currently, NEFT operates in 23 half-hourly batches starting from 8:00 AM to 7:00 PM on weekdays and from 8:00 AM to 1:00 PM on Saturdays.
- Transfer to Beneficiary Bank: The RBI transfers the funds to the beneficiary’s bank in the same batch. The beneficiary’s bank then credits the funds to the beneficiary’s account.
- Confirmation to Sender: Once the funds are credited, the beneficiary’s bank sends a confirmation message to the sender’s bank, which then notifies the sender of the successful transaction.
- The NEFT system operates on a highly secure network and is regulated by the RBI to ensure the safety and security of funds transferred through the system.
Also, check other bank’s NEFT Form in the below table:
IOB NEFT Form: FAQs
IOB NEFT form is required when you’re doing the NEFT transfer at the branch.
Yes, you can do IOB NEFT in cash at the branch. This service is not available via ATMs.
Yes, for this you need to provide your PAN, ID proof, address proof and the purpose of transfer. Also, you can transfer up to Rs 50,000 only.
IOB NEFT form is not required for online mode via netbanking or mobile banking.
For online transactions, Rs 2 lakhs per day is the limit set by IOB for NEFT requests.