Indian Overseas Bank NEFT Charges

Indian Overseas Bank provides a variety of fund transfer services, including National Electronic Funds Transfer (NEFT). NEFT is a simple, hassle-free, and dependable method of transferring funds from one bank account to another. This is done electronically using a wire transfer method and is regulated by the Reserve Bank of India (RBI).

All IOB customers can use NEFT services via internet banking or mobile banking.

Indian Overseas Bank NEFT Charges

Here is the table for the IOB NEFT charges-

Amount 

Charges

Rs. 10,000

Rs. 1.50

Rs. 1 lakh

Rs. 4

Rs. 1 lakh to Rs. 2 lakh

Rs. 14

More than Rs. 2 lakh

Rs. 24

How to Make NEFT Transfers through Indian Overseas Banks?

Step 1: Go to the IOB portal and enter your username and password to access the internet banking interface.

Step 2: Select 'Remittances.'

Step 3: Select 'Fund Transfer,' then select 'Other Bank-NEFT' and press the 'Proceed' button.

Step 4: Fill in the details in the columns 'Pay from,' 'Transfer amount to, ''sender information,' and 'amount.' After entering the above information, click the 'Proceed' button.

Step 5: Enter the 'Transfer Pin' and select 'Transfer Funds.'

Step 6: Enter the OPT, and the transaction will be completed.

How to Pay a Credit Card Bill through NEFT?

Step 1: Access the IOB portal.

Step 2: Make your credit card a beneficiary.

Step 3: Navigate to the transfer funds area and select NEFT.

Step 4: Fill out the form below.

Step 5: Confirm specifics

Step 6: A confirmation notification will be sent to the consumer.

NEFT Timings

All Indian Overseas Bank NEFT transactions are completed during the bank's regular business hours, which are Monday through Saturday.

On bank holidays, NEFT services will be unavailable. Please keep in mind that NEFT transfers are not available on the second and fourth Saturdays of the month because they are holidays.

  • Weekdays - 9 am to 7 pm
  • Saturday - 9 am to 1 pm

How to Enroll a Beneficiary in the Indian Overseas Bank NEFT?

Step 1: Access the IOB portal.

Step 2: Enter your username and password.

Step 3: Navigate to the 'Remittances' page and select 'Add Payee.'

Step 4: Select 'Other Bank Account.'

Step 5: Enter the payee/name, beneficiary's address, account type, account number, and IFSC code. Once the details have been entered, select 'Confirm.'

Step 6: Enter OPT and press the 'Approve Payee' button. 

Step 7: Within a 24-hour period, the payee will be enabled.

What are the Benefits of Indian Overseas Bank NEFT?

  • Less danger: When compared to other sorts of fund transfer procedures, this type of money transfer process carries little risk.
  • Reliable: This is a very reliable strategy, and there is no risk of making an error or losing money if something goes wrong.
  • Glitch-free: If money is not transmitted owing to technical issues, the bank will automatically credit them back to the account holder. This is normally completed within a 24-hour period.
  • Economical: Affordably priced transaction fee
  • RBI Guarantee: Because NEFT is backed by the Reserve Bank of India (RBI), it provides its customers with a guarantee at every stage of the transaction.
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