Indian Overseas Bank IFSC code is an alphanumeric code which stands for Indian Financial Systems Code. Each IOB IFSC Code is aligned to one branch of the bank which differentiates the branch identity from other branches. For example, the IFSC code for Adoni Branch, Kurnool, Andhra Pradesh is IOBA0002601 whereas for Aspari branch, Kurnool, Andhra Pradesh it is IOBA0003390.
Indian Overseas Bank IFSC code Format
IFSC helps in identifying banks and its respective branches. The 11 alphanumeric code of IFSC is structured in a pattern where the first 4 characters denote the name of the bank, while the last 6 characters represent the branch of the bank. The 5th character is generally 0 (zero).
|Bank code||Zero||Branch code|
The IFSC Code of Indian Overseas Bank Sector 46 Chandigarh branch is IOBA001810.
How does IFSC Code of Indian Overseas Bank works?
When a customer adds a beneficiary to transfer money, he/she has to give the IFSC code and account number of the beneficiary. The Reserve Bank of India identify, monitor and authenticate the transactions and fund exchanges through IFSC codes and this is how IFSC code works.
How to search for Indian Overseas Bank IFSC Code & MICR Code?
There are numerous ways to look for IOB IFSC Code & MICR Code:
Paisabazaar IFSC Code locator
- Visit Paisabazaar IFSC Code locator
- Provide details like Bank name, State and City
- Select the Branch to get the IFSC code
IFSC and MICR codes for any Indian Overseas Bank branch can be found on the bank cheque. As seen from the image -
- IFSC code is placed at the top of the cheque
- Cheque number and MICR code are placed at the bottom of the cheque
MICR (Magnetic Ink Character Recognition) Code written in a thin strip at the bottom of the cheque, right next to the cheque number helps the RBI to identify the bank branch and process the transactions faster.
IFSC Code of Indian Overseas Bank is also mentioned on the front page of the passbook.
Reserve Bank of India
The Reserve Bank of India or RBI’s official website also mentions a list of banks with their respective IFSC codes participating in NEFT / RTGS transactions.
Netbanking / Mobile Banking
IFSC Code of Indian Overseas Bank can also be found on various digital banking platforms like mobile banking app and net banking portal. Customers just need to do login using the credentials.
What are the different modes of fund transfer using the Indian Overseas Bank IFSC Code?
Nowadays, most of the people are opting for an online process to transfer funds as it is easy and hassle-free. Following are the different ways of fund transfer using Indian Overseas Bank IFSC Code -
NEFT(National Electronic Funds Transfer) is a nation-wide payment system whereby individuals, firms and corporates can electronically transfer funds from any bank branch to any individual, firm or corporate having an account with any other bank branch in the country participating in the scheme.
In RTGS (Real Time Gross Settlement) the transactions are processed continuously on a one-to-one basis throughout the RTGS business hours. RGTS is most used for high-value transactions and is managed by the Reserve Bank of India.
Immediate Payment Service (IMPS) is a service introduced by NPCI empowering customers to transfer money instantly within any of the IMPS enabled member banks across India. This service is available 24x7, even on Sundays and bank holidays through Mobile Banking and internet banking portal.
About Indian Overseas Bank
Indian Overseas Bank is a major public sector bank established on 10th February 1937. Headquartered in Chennai, the bank has its branch in 5 other countries. The bank offers various banking and financial services such as investments, deposit accounts, credit cards, debit cards, loans, etc.