What is RTGS
Real Time Gross Settlement (RTGS) System is set up, operated and maintained by Reserve Bank of India to enable funds settlement on real-time basis across banks in the country. Indian Overseas Bank is a member of RTGS.
Eligibility
IOB offers InstaRemit - a remittance solution on RTGS to both corporate customers and individual customers for transfer of funds from their accounts with us to other customers of other bank branches which are RTGS enabled. Incidentally, IOB customers can also receive funds from others who are having accounts with other RTGS enabled bank branches.
Branches covered
Details of branches offering NEFT facility
Details of branches offering RTGS facility
Customer Facilitation Centres for RTGS/NEFT
Funds transfer Requirements
For Outward transactions customers are requested to provide the IFSC Code (a number allotted to each participating bank branch) of the branch where the funds are to be transferred, along with other details of the beneficiary like, name,beneficiary account number, etc. For Inward remittances Customers are advised to inform their clients to provide the IFSC Code (of the branch of IOB where their account is maintained), account number in 15 digits, Name etc. for speedy and accurate credit.
Customer Timings:
RTGS
Monday Through Friday upto 4.30 P.M
Saturday upto 01.30 P.M
NEFT
Monday Through Friday 9 A.M to 7 P.M
Saturday 9 A.M to 1 P.M in hourly batches