Indian Overseas Bank is a well-known public sector bank in India offering reliable digital banking services. Among these, NEFT (National Electronic Funds Transfer) is one of the most widely used options for transferring money securely across bank accounts.
In this article, we will explain Indian Overseas Bank NEFT charges, timings, limits, and how to transfer money step-by-step in simple language.
What is NEFT in Indian Overseas Bank?
NEFT is an electronic fund transfer system regulated by the Reserve Bank of India. It allows customers to transfer funds from one bank account to another anywhere in India.
Transactions are processed in hourly or half-hourly batches, and the amount is usually credited within 30 minutes to a few hours, depending on the time of transfer.
Indian Overseas Bank NEFT Charges
NEFT charges in Indian Overseas Bank depend on whether you use online banking or branch services:
1. Online NEFT Charges
- Internet Banking / Mobile Banking: FREE
- No charges are applied for digital transactions as per RBI guidelines
2. Branch NEFT Charges
| Transaction Amount | Charges (Approx.) |
| Up to ₹10,000 | ₹1.50 – ₹2 + GST |
| ₹10,001 – ₹1 lakh | ₹4 + GST |
| ₹1 lakh – ₹2 lakh | ₹14 + GST |
| Above ₹2 lakh | ₹24 + GST |
These charges apply only when you initiate NEFT from a bank branch.
Indian Overseas Bank NEFT Timings
Online NEFT Timings
- Available 24×7, 365 days
- Works even on Sundays and bank holidays
Branch NEFT Timings
- Monday to Friday: 8:00 AM to 7:00 PM
- Saturday: 8:00 AM to 1:00 PM
- Not available on 2nd & 4th Saturdays and bank holidays
Since NEFT works in batches, the credit time depends on when the transaction is initiated.
Indian Overseas Bank NEFT Limit
NEFT limits vary depending on the mode of transaction:
| Mode | Minimum | Maximum Limit |
| Branch | ₹1 | No upper limit |
| Internet Banking | ₹1 | ₹2 lakh default (can be increased) |
| Mobile Banking | ₹1 | Up to ₹2 lakh per transaction |
| Walk-in (Cash) | — | ₹50,000 per transaction |
As per RBI guidelines, NEFT has no maximum limit, but banks may set daily limits for security purposes.
How To Transfer Money via NEFT in Indian Overseas Bank
You can transfer funds using internet banking, mobile banking, or by visiting a branch. Here’s the most common online method:
Step-by-Step (Internet Banking)
1. Visit the official website: https://iob.bank.in/
2. Login to IOB Net Banking (IOBNet)
3. Go to Funds Transfer → NEFT
4. Add beneficiary details:
- Name
- Account Number
- IFSC Code
5. Wait for beneficiary activation (cooling period may apply)
6. Enter transfer amount
7. Confirm transaction using OTP
8. Save the receipt (UTR number)
The amount will be credited in the next NEFT processing cycle.
Key Benefits of IOB NEFT
- Zero charges for online transfers
- 24×7 availability
- Safe and RBI-regulated system
- Suitable for small and large transactions
- Nationwide bank coverage
Important Tips for Users
- Always verify account number and IFSC code before transfer
- Add beneficiaries in advance to avoid delays
- Online transfers are faster and free compared to branch transactions
- Failed transactions are usually reversed within 1–2 working days
Conclusion
Indian Overseas Bank NEFT service is a secure, cost-effective, and convenient way to transfer money across India. With free online transactions, flexible limits, and 24×7 availability, it is ideal for everyday banking needs.
To save time and avoid extra charges, customers should prefer internet or mobile banking instead of visiting a branch.
