IOB RTGS Form - How to Download IOB RTGS Form?

NEFT, IMPS, and RTGS are the main electronic payment options used in India to transfer funds from one bank account to another. NEFT (National Electronics Fund Transfer) transfers funds in batches, while IMPS transfers funds instantly in real time. However, these modes are preferred for low-value transactions. For high-value transactions, RTGS is the better choice.

Indian Overseas Bank (IOB) offers a variety of electronic fund transfer modes, including UPI, NEFT, IMPS, and RTGS, to cater to diverse customer needs. In this blog, we will showcase how to download and fill out the IOB RTGS form to transfer funds from your IOB account.

What is the IOB RTGS Form?

Before we understand the function of an RTGS form, let us first understand what RTGS is. Real-time Gross Settlement, or RTGS, is a payment process where funds are transferred in real time from one bank account to another. It is meant for bulk transfers, as the minimum amount you can transfer is Rs. 2 lakh in a single transaction. 

RTGS is perfect for transactions where the large amount must be cleared immediately. As the payment system is operated by the RBI (Reserve Bank of India), there are also few chances of counterparty default and no threat of fraud or forgery. Users can opt for RTGS on any day of the year, making it a very accessible transaction mode. 

Indian Overseas Bank's RTGS service can be accessed online and offline. It is available to customers and non-customers, as well as individual and corporate customers. To make transferring funds easy, IOB allows people to transact offline using the IOB RTGS form.

You can get this form from the bank branch or download it online from its official website. The form must be submitted to your bank with payment. 

How to Download the IOB RTGS Form?

If you cannot visit the nearest IOB branch to get an RTGS form, you can download one online and print a copy. Here's how to do it:

• Go to IOB’s official website and navigate to the “Application Form” section.
• Search for the “RTGS Application Form” and click the “PDF” icon beside it. 
• The IOB RTGS form PDF will be displayed on the next page. Click on “Print” to download a hard copy to submit to the bank. 

How to Fill the IOB RTGS Form?

Once you have the RTGS form, whether from the bank or printed, it’s time to fill it out; here’s the IOB RTGS form filing process:

• Write the amount to be remitted in numbers and words, select the method of payment, and write the branch name.
• Write down the details of payments, including a breakup of the remitted amount, charges, and total amount.
• Please enter your account details, including the type of account, account number, name, address, and contact details. If you are paying via cheque, please enter the cheque number and date. 
• Enter the beneficiary details, such as name, bank, branch name, IFSC code, and account number. Also, select the type of account and write down the beneficiary's address and mobile number. 
• Add a message to the beneficiary (optional) and provide your signature and date.

To finalise the money transfer, submit the duly filled form with payment (cheque or cash) at the nearest IOB branch. You will be provided with a 22-digit UTR number, which you should keep as a reference. 

IOB RTGS Form PDF Download

All customers opting for IOB RTGS fund transfers must download the IOB RTGS form online from their official website to initiate the process.

Documents Required

The Indian Overseas Bank usually does not require additional documents for RTGS transactions. However, the bank may request certain documents for transfers exceeding specific limits. While no paperwork is generally needed, providing accurate details such as the beneficiary’s bank branch, IFSC code, account number, and registered mobile number is important. To ensure correctness, referring to a copy of the beneficiary’s bank passbook or cheque book is recommended.

Documents that will be required:

• Beneficiary’s bank passbook or cheque leaf for verifying account details
• Duly filled RTGS form along with necessary details 
• Sender's bank passbook for account information
• Identification documents as requested by the bank staff (PAN, Aadhaar, etc.)

IOB RTGS Form Filling Sample

Here is a sample IOB RTGS form you can download from the bank’s official website:

Things to Remember When Filing the IOB RTGS Form

Here are the most important things you should remember when filing the Indian Overseas Bank’s RTGS form:

• Write everything in clear handwriting and block letters, and place the tick symbol wherever applicable. 
• For successful RTGS transfers, you will need to ensure that both your and the beneficiary’s bank support RTGS. You can verify this on the RBI’s website.
• You need to be aware of IOB’s RTGS timings. While you can place transfer transaction orders outside this time, they will be cleared during these times.
• You must have sufficient balance in your bank account to ensure a successful transfer of funds.
• As a customer, you must verify the account number and IFSC code, as RTGS payments are final and irreversible.
• While RBI has waived off charges for RTGS, IBO levies service charges for outward remittances; your account must have sufficient balance to pay these charges.

IOB RTGS Form Signature

Your signature on the IOB RTGS form is crucial for processing the transaction. It authorizes the bank to debit the specified amount from your account. Ensure your signature matches the one registered with the bank to avoid delays or rejections.

IOB RTGS Form Download in Excel

IOB Bank does not provide the IOB RTGS form in an Excel format. However, you can download the official RTGS form in PDF format from the IOB Bank website and print it for offline use.

IBO RTGS Charges 

Indian Bank does not charge any fees for inward RTGS remittances, making it free for recipients. However, for outward RTGS remittances, the charges vary based on the transaction amount and mode of transfer:

• Inward Remittances: Free
• Outward Remittances:
  • For transactions between ₹2 lakh and ₹5 lakh: ₹24 per transaction (excluding GST)
  • For transactions above ₹5 lakh: ₹49 per transaction (excluding GST)

These charges apply to both internet banking and transactions conducted at home branches or through the Core Banking Solution (CBS). 

Final Word

Like all other Indian banks, the Indian Overseas Bank allows customers to carry out transactions via RTGS through both online and offline modes. Customers can get an IOB RTGS form from any bank branch or download and print one from the official portal. RTGS provides a lot of benefits, including quick processing time, increased security and higher flexibility over other payment modes. 

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