Indian Overseas Bank

Indian Overseas Bank IFSC and MICR Codes


Indian Overseas Bank

IFSC code, MICR code and Bank Branches in India

Indian Overseas Bank IFSC Code

If you want to electronically transfer money from one bank account o another bank account, you will require an IFSC code. IFSC stands for Indian financial system code.
Indian Overseas bank IFSC code is a unique code with 11 characters. It consists of alphabets and numbers. The first four characters will give you the bank’s name. The fifth character is always a zero. The last six characters are for branch recognition. It is different for each bank’s branch.
The IFSC code is given and maintained by Reserve Bank of India.
You can find the entire list of IFSC codes for each bank’s branch on Reserve Bank of India’s website. You can also find it on Paisabazaar’s website through IFSC code locator.

When you can use NEFT service?
NEFT stands for national electronic fund transfer. There is no minimum and maximum limit of transferring money in case of NEFT. Under NEFT facility, money transfer doesn’t happen instantly. There are 12 settlement windows open between 8 am and 7 pm on weekdays while in case of weekends this facility is available till 1 pm on weekends.
While you can use RTGS (real time gross settlement service) only if you have to transfer atleast Rs 2 lakh.

About Indian Overseas Bank

The bank was founded by Chidambaram Chettyar in February 1937. The bank has achieved 100% networking status and 100 CBS status for its branches.