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IOB Fund Transfer

IOB transfer money service is available to all customers who have an account with the bank. Using this facility customers of IOB can instantly transfer money to anyone in India. Fund transfer can be directly initiated on mobile phone and money will be deposited in beneficiary’s account in real-time.


With the help of online IOB fund transfer service you can send money to anyone without writing a cheque. Just by downloading our mobile app, you can add your IOB account and generate a secure mobile banking PIN. Using this PIN you can transfer funds to anyone in India from your IOB account.


Fund transfer can be initiated without adding beneficiary in your IOB account. All transactions are 100% safe and secure and you will instantly get SMS from Indian Overseas Bank about the transaction. Recipients will also receive SMS from their bank after money is credited in their bank account.


Following are the features of online IOB transfer money service:
  1. Real-time money transfer from bank account
  2. Transfer money without adding beneficiary
  3. Transfer money between your own IOB accounts - from one account to another account
  4. Transfer money between your own accounts in other banks - from IOB account to other bank account
  5. Online IOB money transfer can be done 24x7, 365 days a year
  6. Funds can be transferred on all Saturdays, Sundays and even bank & public holidays
  7. Money transfer from Indian Overseas Bank to all banks in India supported
  8. Transfer upto Rs. 1,00,000 per day from your IOB account. This is the maximum limit as set by Indian Overseas Bank
  9. Upto 10 transfers per day allowed from your account. This is the maximum limit as set by your bank
  10. No charges for online IOB money transfer service
  11. Instantly receive SMS from IOB once transfer is initiated
  12. Recipient receives SMS from their bank once funds are credited in their account
  13. Funds are transferred in real-time from your Indian Overseas Bank account to recipient’s account via BHIM UPI

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How to transfer money from IOB account online:

  1. Download Cointab app for Android or iPhone
  2. Install app using mobile number which is registered in your IOB account
  3. Please choose IOB for bank account registration
  4. All your IOB accounts will be registered and activated for mobile banking
  5. Generate Indian Overseas Bank banking PIN
  6. Select Transfer Money
  7. Enter beneficiary’s name
  8. Enter beneficiary’s bank account number & IFSC code
  9. Enter amount
  10. Enter your banking PIN (which you generated in the previous step)
  11. Money will be transferred from your IOB account and credited in recipient’s bank account in real-time
  12. You’ll get an SMS from Indian Overseas Bank about the transaction. Recipient will also receive an SMS from their bank

From your IOB account, transferring money online to anyone’s account in India is a very simple and quick process and you can use the fund transfer service whenever required. Please keep in mind that the maximum transfer limit is Rs. 1,00,000 per day and 10 transactions per day.

Features of Online Money Transfer Service


Real-time fund transfer from bank account to anyone in India

IOB offers an online money transfer facility using which you can transfer money to anyone in India. Using IOB fund transfer service you can transfer money even if the beneficiary doesn’t have an account with your bank. On a real-time basis, money gets credited in beneficiary’s bank account.

Transfer funds without adding beneficiary

Online fund transfers typically require you to add and activate beneficiary and you can do money transfers only after that. But using our app you can transfer money without adding beneficiaries. You just have to specify the beneficiary’s account number and IFSC code and money will be credited in their bank account in real-time, directly from your IOB account.

Self account money transfer

Using IOB online money transfer service you can transfer money between your own accounts as well. This is a very useful service if you hold multiple accounts with the bank as at a click of a button you can do fund transfer between your own accounts. This service also works if you hold accounts with other banks - you can debit money from your Indian Overseas Bank account and credit money into any of your account with other banks.

BHIM UPI ID transfer money

Online IOB fund transfer service also allows you to transfer money to a BHIM UPI ID. This is particularly useful if the beneficiary also uses a BHIM UPI app wherein without requesting for beneficiary’s account details you can directly transfer money to their BHIM UPI ID. In such cases, money gets credited in the account which is linked with their BHIM UPI ID.

Transfer money to mobile number

Another way to transfer money is via mobile number. With the help of our app you can easily transfer money to your friends and family without requesting for their account number + IFSC code or BHIM UPI ID. When you transfer money to a mobile number, money gets credited in beneficiary’s bank account which is linked to their mobile number in our app.

Transaction limit

Online money transfer service is being offered by IOB to all its customers free of cost. You don’t have to pay any charges for using the online money transfer service and can transfer money from your bank account as and when required.

No charges for using online money transfer service

Due to some reason if you want to change your IOB BHIM PIN then you can use our mobile app for instantly changing your Indian Overseas Bank UPI PIN. Your new PIN will be immediately registered in your IOB account and you can use it for performing financial transactions.

24x7 service

Online money transfer service works 24x7 and enables you to transfer money whenever required so that you don’t have to visit the branch or ATM and can initiate fund transfer directly from your mobile. You can even do fund transfer on weekends, bank holidays and public holidays.

Benefits of online transfer money service


Time saving: You can save a lot of time by using online IOB transfer money service instead of visiting the branch or ATM or writing a cheque. You can use it to transfer money to beneficiary in real-time.

Easy access: Money transfer service is available online 24x7, 365 days a year so you can use it whenever required.

Cost saving: IOB provides online fund transfer service to its customers free of cost hence there are no charges for transactions you perform.

Security: All Indian Overseas Bank mobile banking transactions are 100% secure due to linking of your account on your mobile number and your banking PIN

Multi Purpose: You can not only use Indian Overseas Bank money transfer service to transfer money to beneficiary, but also to recharge your mobile / DTH, pay electricity / gas / credit card bill, buy insurance, book fixed deposit, buy mutual fund, etc.

IOB Online Money Transfer security

100% security for IOB Online Transfer Money is ensured in the following ways:

  1. IOB UPI registration for your bank accounts can only be done on your mobile due to linking of your mobile number with your account
  2. Before using BHIM services, you must create a new secure UPI PIN using your debit card
  3. While performing transactions on your mobile you have to use your IOB UPI PIN. No transaction will go through without this secure UPI PIN
  4. App password can be created so that no one can even open the app without knowing your app password
  5. PIN or pattern lock can be created for your phone so that no one can open your mobile

IOB Online Money Transfer Timing

  • As banking is extremely crucial in day to day life, IOB UPI services can be used on all days, including Saturday and Sunday
  • Main benefit of BHIM is that you can use it at night as well
  • For your convenience, UPI facility is available even on bank holidays and public holidays
  • BHIM services are available throughout the year

Online Money Transfer Service Eligibility

To use IOB Online Fund Transfer service you have to meet the following requirements:

  • You should have a savings or current account with IOB
  • Your mobile number should be registered with your bank
  • You should have Android or iPhone mobile phone
  • You should have an internet connection either via SIM card or WiFi

Limitations of Online Transfer Money Service

Please keep in mind the following limitations of IOB online fund transfer service:

  • It will not work if your mobile number is not registered in IOB
  • Without Android or iPhone mobile phone, it will not work
  • Without internet connection, it will not work
  • One can only transfer upto Rs. 1,00,000 per day per bank account
  • One can transfer upto 10 times per day per bank account

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