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Last Updated on 03/06/2019
Real Time Gross Settlement (RTGS)

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

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 from 08:00 AM to 06:00 PM

08:00 AM to 06.00 PM on All Working Saturdays

NEFT

Monday Through Friday 08:00 AM to 07:00 PM

08:00 AM to 07:00 PM on All Working Saturdays in Half - Hourly Batches.