With Indian Overseas Bank, you have the convenience of using net banking and mobile banking services for different transactions including online money transfers as well as bill payments. For those who are on the go and require immediate fund transfer options, they can use IMPS services offered by Indian Overseas Bank to all account holders. But, every account holder should be aware of the IOB IMPS charges applicable on every transfer one completes.
What are IOB IMPS Charges?
Every transaction made with IMPS is chargeable. These rates are standard and are charged per transaction, irrespective of the amount that you transfer. With IOB, the IMPS Charges are a follows:
| Transaction Amount | IOB IMPS Charges* |
| Up to Rs.10000 | Rs.2.50 |
| Above Rs.10000 to Rs.1 lakh | Rs.5 |
| Above Rs.1 lakh up to Rs.2 lakh | Rs.15 |
*Standard GST is applicable on the charges mentioned above.
What is IMPS?
IMPS or Immediate Payment Service is a real time fund transfer facility available to all valid account holders of Indian Overseas Bank. This is the fastest fund transfer option available to you, allowing you to transfer funds to the beneficiary within 30 minutes of completing the transaction.
You can use IOB IMPS services to transfer funds to individual accounts, merchants, pay your credit card bill, shop online, etc. This is a facility that is only available through net banking and online banking accounts at Indian Overseas Bank. In order to utilize IMPS, you need to make sure that you register your account for net banking or download the IOB mobile banking application to obtain your login details.
Why use IOB IMPS?
IOB IMPS service provides several benefits and features that make it one of the most preferred modes of transactions for IOB account holders. The benefits of using IOB IMPS are:
- It is a 24/7 service that you have access to even on bank holidays.
- You can easily transfer up to Rs.2 lakh within minutes to any beneficiary of your choice.
- Besides making individual transfers, you can use IMPS even for utility bill payments and to pay any outstanding on your credit card bills.
- Nominal IOB IMPS charges for making transfers
How to use IOB IMPS?
There are two options available for those who want to use IOB IMPS services:
Through Internet Banking:
- Log into your net banking account with a username and password.
- Under Funds Transfer, choose IMPS.
- Then provide beneficiary details, which include the MMID and mobile number or the IFSC Code and the account number.
- Click on submit.
Through mobile banking app
- Log into your mobile banking account.
- Under Fund Transfer, choose ‘Other bank using IMPS’
- You can make the transfer using the IFSC code and account number or the MMID and the mobile number.
Once the transaction is complete, you will receive an alert through SMS.
How to get an MMID?
Each account registered for mobile banking will receive a special seven digit number called the Mobile Money Identifier or MMID. As soon as you register for mobile banking, you will receive the MMID via SMS. You can register for mobile banking online, at the ATM or in the nearest Indian Overseas Bank Branch to make transactions with your mobile phone.