RTGS or Real Time Gross Settlement presents a seamless and rapid approach to transferring money without complications. Unlike NEFT, RTGS processes the funds on an individual basis, rather than in slots. Indian Overseas Bank, commonly known as IOB, has made fund transfers more convenient by offering a single RTGS form for making the payment.
In this guide, you will find every detail of the IOB RTGS form including how to fill it up, charges associated with it, and so on.
| Form Type | RTGS Form |
| Bank Name | Indian Overseas Bank |
| Official Website | Indian Overseas Bank |
| Language | English |
| Uses of Form | Online money transfer |
| Minimum Limit | ₹2 lakhs |
| Maximum Limit | NIL |
| Beneficiary | IOB account holders and non-customers |
| IOB Bank RTGS Form PDF | IOB Bank RTGS Form PDF |
What Is IOB RTGS?
Indian Overseas Bank (IOB), one of India’s major nationalised banks, offers its customers a variety of financial transfer options, including RTGS, NEFT and IMPS. Customers can make any of these fund transfers by visiting an IOB branch, using internet banking, or the IOB mobile banking app.
Real Time Gross Settlement (RTGS) is a simple internet money transfer technique. The bank has simplified RTGS payments by providing a single IOB RTGS form for starting the payment.
What Is IOB NEFT?
The abbreviation NEFT stands for National Electronic Funds Transfer. IOB NEFT is a system for electronic payments in India that enables individuals, businesses, and organisations to transfer funds from one bank account to another.
NEFT transactions are settled hourly and then handled in batches throughout the day. It is a secure and convenient method of transferring funds that is widely utilised for a variety of purposes, including paychecks, bill payments, and online transactions.
How to Download the IOB RTGS Form?
Get started with IOB RTGS form download by following these 2 easy steps.
- Step 1: On your preferred browser, search for ‘IOB RTGS Form’.
- Step 2: In the search results, choose the official website’s PDF link and download it
How to Download the IOB NEFT Form in PDF Format?
Follow these steps to download the IOB NEFT form:
- Step 1: Go to your browser and search ‘IOB NEFT Form’.
- Step 2: In the search result, if you find a PDF link from the bank’s official website, click on it and download the PDF.
- Step 3: If you cannot find the PDF in the search results, go to IOB’s official website and then go to the ‘Application Forms’ section. At the bottom of the page, you will find the form for NEFT.
How to Fill the IOB RTGS Form?
The IOB RTGS transaction enables account holders to make direct and rapid payments. To fill up the IOB RTGS form, follow these steps:
- Step 1: Start by entering the amount that is going to be remitted.
- Step 2: Enter your account details and provide your account number, bank name, and branch name.
- Step 3: Mention your name and address.
- Step 4: After completing the left side of the form, enter the beneficiary’s account information, including bank name, account number, and branch name.
- Step 5: Enter the beneficiary’s address, name, and contact information. Then write a short message for the beneficiary in the ‘Sender to Receiver Message’ section.
- Step 6: Provide your signature and full name.
Step 7: Read all the terms written in the form and submit the form.
How to Fill the IOB NEFT Form?
You can fill out the IOB NEFT form by following these steps:
- Step 1: Start by writing the amount that is going to be remitted.
- Step 2: Enter your account details such as your account number, bank name, branch name, and IFSC code.
- Step 3: Provide the beneficiary’s account details, including bank name, account number, and branch name.
- Step 4: After filling these up, sign and enter the date.
- Step 5: Read all the terms written in the form and submit the form.
Documents Required Along With IndusInd RTGS Form
The IOB RTGS form covers all of the information on the RTGS payment system, including its terms and conditions. Customers can initiate RTGS transactions at any IOB branch, which makes it more convenient.
However, even if you are not needed to provide any further paperwork for making a payment through this, you have to provide data such as:
- Account number of your beneficiary
- Beneficiary’s bank name
- Payment type and customer type
- Mobile number and email ID if a beneficiary is a non-customer
- Beneficiary’s bank branch address
- IFSC code of the beneficiary’s bank branch
- Cheque number in case of cheque deposit
IOB RTGS/NEFT Timings
Here are the timing for IOB’s RTGS and NEFT payments:
1. RTGS Timings
| Days | Timings |
| Monday to Saturday (except 2nd and 4th Saturday and bank holidays) | 8 AM to 4.30 PM |
2. NEFT Timings
| Days | Timings |
| Monday to Friday | 8 AM to 7 PM |
| Saturday (except 2nd and 4th Saturday and bank holidays) | 8 AM to 1 PM |
IOB RTGS and NEFT Charges
Here are all the NEFT charges IOB along with the RTGS charges through branches:
| RTGS Amount | Transaction Service Charges (Excluding GST) |
| ₹2 lakhs & up to ₹5 lakhs | ₹24/transaction |
| Above ₹5 lakhs | ₹49/transaction |
| NEFT Amount | Transaction Service Charges (Excluding GST) |
| Up to ₹10,000 | ₹1.50/transaction |
| Above ₹10,000 to ₹1 lakh | ₹4/transaction |
| Above ₹1 lakh to ₹2 lakhs | ₹14/transaction |
| Above ₹2 lakhs | ₹24/transaction |
What Happens if IOB RTGS Transaction Is Not Processed on Time?
A transaction may occasionally fail to proceed and be terminated, even if it began within the stated bank timings. This could happen for several reasons, including incorrect beneficiary information, a limited account, or an incorrectly spelt IFSC code.
If an RTGS transaction debits your account, the money will be returned to you within two hours or before the RTGS closure time, whichever is sooner. IOB gives consumers the option of contacting the branch manager if they have any problems with their RTGS services.
Final Word
You can therefore easily and effortlessly fill out your IOB Bank RTGS form. However, you need to be careful when providing an error-free RTGS application to make sure that your fund transfer is processed promptly.
FAQs
The lowest amount that can be transferred via RTGS each day is ₹2 lakhs. The maximum amount varies depending on whether the transaction is completed online or at a bank branch.
NEFT transactions are completed within the timeframe specified by IOB. The NEFT transaction is typically completed between 30 minutes to 4 hours of its beginning.
No, you cannot transfer or receive money on a different mobile except the one you have registered with IOB.
Yes, if the bank is unable to credit the RTGS money to the beneficiary account for whatever reason, the funds will be credited to your IOB account within one hour or before the end of the RTGS business day, whichever comes first.
Yes, NEFT can be done through IOB’s internet or mobile banking.
Disclaimer
This article is solely for educational purposes. Stable Money doesn't take any responsibility for the information or claims made in the blog.
