How to Add Payee to your IOB Bank Account

How to Add Payee to your IOB Bank Account

With 3700 domestic branches and 3300 ATMs in India Indian Overseas Bank is one of the major bank in India. IOB is public sector bank owned by Government of India and its headquarters are located in Chennai, Tamil Nadu. It is also having branches and extension counters in foreign countries for its non-residential Indians (NRI). IOB started in the year 1937 in Madras and in 1969 IOB is nationalised by the Government of India and since then its main operations are targeted towards India.

IOB-Bank-Add-Payee

Indian Overseas Bank provides a lot of services for its customers like saving account which is a basic requirement to be a IOB customers, Loans like Gold loans, car loans, home loans etc, Insurance, Visa Cards, and Internet and Mobile Banking.

Now every bank is providing its users a debit card, internet banking account, mobile banking account when they open an account in it. Internet banking will make many banking tasks simple, users can check balance, transfer funds pay bills, insurance and much more directly from your computer without ever going to a bank.

How to add payee to your IOB Account?

Users need to add payee account details to their account before they can send money to others. Follow the steps below to learn how to add payee to your account.

  1. A) IOB Account:

This process is to add a payee with IOB account, when you add a payee to your account it need to get approval from the home branch of the account to transfer funds using IOB Net Banking.

Step 1: Login to your internet banking account with login ID and password.

Step 2: Go to remittances then to Add payee. After clicking on Add payee select IOB Account.

Step 3: Fill all the details Name, Account, Number of the person and click submit.

Step 4: After clicking Submit the bank will send a OTP number to your mobile number registered with the account. This is to verify and confirm your actions, now click on “Approve payee”

After this your request will be sent to the Home branch of the person where the employees of the branch will give you permissions. This process will take one working day. After they approved you can transfer money at any time on any day and they will be deposited instantly.

  1. B) Other Bank Account

The process to add payee of other branch is almost similar to the adding an account of IOB. However, there are minor changes which are quiet simple to do.

Step 1: Open the internet banking website and login using Login ID and password.

Step 2: Select Remittances and go to add payee option. Their click on other bank account.

Step 3: Now you need to fill more details about the payee like Name, Address, account type, account number and IFSC code for the bank branch of payee. After entering the details click add payee.

Step 4: Now your mobile number will be sent a OTP which you need to enter and click on “Approve Payee.”

These are the two ways to add payee to your internet banking account.

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