NEFT and RTGS are the two services which are allowed by the Indian government to carry out the process of transferring money from one account to another. Indian Overseas Bank also uses RTGS and NEFT forms to process the fund transfer activity.
Indian Overseas asks its customers to fill RTGS form to transfer amount above than 2 lakhs and use NEFT forms to transfer amount less than 2 lakhs rupees.
RTGS: Real-Time Gross Settlement & NEFT: National Electronic Fund Transfer System is used by almost all banks in India to transfer money across the whole of India. They are a safe and secure method which has proved efficient from the start.
You need the following information before filling the forms to carry out your transfer of funds. –
- Transfer Amount
- Beneficiary Account No.
- Beneficiary Bank Name
- Beneficiary Customer Name
- Beneficiary Bank Account Number
- IFSC code of Beneficiary Bank Branch
Now you need to follow the below-mentioned steps to fill the form correctly –
- Two sections are given in NEFT/RTGS forms. The customer fills the left section and the right section will be filled by Bank
- Details like Sender Account Details, Beneficiary Account Details, Beneficiary Bank IFSC Code and the amount which has to be transferred will be filled by the customer himself while the rest of the section must be left for the bank to be filled.
- The right section of the form will be filled by the employee of the Indian Overseas Bank. When the transaction is successful, the employee will fill the section with transaction id along with other details.