Below are the complete branch details for Indian Overseas Bank, PARBHANI branch, located in ADGAONKHANDALE, MAHARASHTRA. The IFSC assigned by the Reserve Bank of India to this branch is IOBA0002242. Whether you want to transfer money, add a beneficiary, verify a cheque or simply confirm the branch address, you will find authentic, up-to-date information on this page that has been cross-checked against the bank's branch directory and the RBI's master list of participants in the National Electronic Funds Transfer system.
The IFSC code is one of the most frequently asked-for pieces of information when somebody wants to send you money or set up a recurring credit such as a salary, EMI auto-debit or supplier payment. Knowing exactly which IFSC belongs to your branch — in this case IOBA0002242 for Indian Overseas Bank – PARBHANI — saves you from rejected transfers, returned credits and the back-and-forth that follows them.
IFSC stands for Indian Financial System Code. It is an 11-character code that pinpoints a particular bank branch on the RBI's real-time payment rails. Every NEFT, RTGS or IMPS instruction must carry the destination branch's IFSC for the credit to land in the correct account.
In our case, IOBA0002242 is the IFSC of Indian Overseas Bank's PARBHANI branch. The format is fixed: IOBA = bank code, 0 = reserved, 002242 = branch identifier.
Branch details at a glance
| Bank Name | Indian Overseas Bank |
|---|---|
| Branch | Parbhani |
| IFSC Code | IOBA0002242 |
| MICR Code | Refer to cheque leaf |
| Branch Address | HOUSE 324,WARD 8,SESSION ROAD,NEAR SHIVAJI STATUE,PARBHANI 431401 |
| City | Adgaonkhandale |
| District | Parbhani |
| State | Maharashtra |
| STD Code | 2452 |
| Phone | 221979 |
Bank profile
Indian Overseas Bank is among the recognised banks listed on the Reserve Bank of India's payments network. The Parbhani branch — IFSC IOBA0002242 — extends the bank's services to customers in and around Adgaonkhandale, Maharashtra.
About the Parbhani branch
The Parbhani branch of Indian Overseas Bank is situated at HOUSE 324,WARD 8,SESSION ROAD,NEAR SHIVAJI STATUE,PARBHANI 431401. Customers visiting this branch can complete cash deposits, withdrawals, demand draft requests, cheque clearing, passbook updates and KYC formalities. For online transactions to or from this branch, the IFSC code IOBA0002242 is used.
Why every Indian Overseas Bank branch has a unique IFSC
Before electronic settlement systems went live in India, money transfers between banks relied heavily on demand drafts, mail transfers and telegraphic transfers. These older instruments routinely took days to clear and were prone to misrouting because there was no single machine-readable identifier for a branch. The Reserve Bank of India solved this by issuing each participating branch — including PARBHANI of Indian Overseas Bank — its own 11-character IFSC. The code IOBA0002242 is therefore not just an internal reference; it is the digital postcode that lets the RBI's NEFT, RTGS and IMPS rails route funds straight to the right branch ledger without any human intervention.
Today, almost every salary credit, vendor payment, refund and EMI deduction in the country flows through this network, which is exactly why a correct IFSC matters so much. A wrong character can either bounce the transfer or send it to the wrong branch, and reversing such a credit is a manual, time-consuming process. Treat IFSC IOBA0002242 the same way you would treat your account number — verify it once and save it carefully for future use.
How to transfer money using IFSC IOBA0002242
Online transfers in India are powered by three major channels — NEFT, RTGS and IMPS — and each one requires a destination IFSC. Below is a quick guide for using IFSC IOBA0002242 across all three.
NEFT to Indian Overseas Bank, PARBHANI using IFSC IOBA0002242
National Electronic Funds Transfer is the simplest way to move money into an account at this branch. NEFT works around the clock, including Sundays and public holidays, and settles in half-hourly batches.
To send funds, add the recipient as a beneficiary in your bank's online portal, key in the account number, paste the IFSC IOBA0002242, and confirm that the system picks up Indian Overseas Bank – PARBHANI. Submit the transfer request, authenticate with OTP, and the amount will reach the beneficiary in the next clearing cycle.
RTGS transfers via IFSC IOBA0002242
RTGS (Real-Time Gross Settlement) is the fastest high-value transfer mechanism in India. It is meant for transfers of ₹2 lakh and above and settles each transaction individually and instantly. To remit through RTGS to Indian Overseas Bank – PARBHANI, ensure your bank's portal accepts IFSC IOBA0002242 while registering the beneficiary. RTGS is also available 24x7.
IMPS to Indian Overseas Bank PARBHANI (IFSC IOBA0002242)
IMPS (Immediate Payment Service) offers instant, 24x7 fund transfers up to ₹5 lakh per transaction. Provide the beneficiary's account number along with IFSC IOBA0002242 in your mobile or internet banking app, and the money is credited to the PARBHANI branch account within seconds.
Comparing NEFT, RTGS and IMPS for transfers to Parbhani
The right transfer rail depends on how urgent the payment is, how large it is, and whether the receiving bank participates in the chosen scheme. Every option below works with the IFSC IOBA0002242:
- NEFT — best for everyday transfers of any amount; settles in half-hourly batches around the clock.
- RTGS — best for transfers of ₹2 lakh and above; settles each transaction individually in real time.
- IMPS — best when speed matters more than batch scheduling; instant credit up to ₹5 lakh.
- UPI — best for small peer-to-peer payments using a VPA; the underlying account at PARBHANI is still linked to IFSC IOBA0002242.
For salary credits, vendor payouts and refunds, employers and merchants usually default to NEFT because of its zero per-transaction cost for retail customers and its 24x7 availability.
UPI payments and IFSC IOBA0002242
UPI (Unified Payments Interface) has become the default way for individuals to send money in India. While most UPI transactions are addressed using a Virtual Payment Address (VPA) like name@bank, the underlying account at Indian Overseas Bank – PARBHANI is still mapped to IFSC IOBA0002242. When a customer links a savings or current account to a UPI app for the first time, the app silently looks up this IFSC against the account number to verify the account exists. The VPA acts as a friendly alias on top of the same plumbing.
If a UPI transfer to or from this branch fails, the most common reasons are an inactive UPI handle, a daily limit breach or a temporary outage at one of the participating banks — not the IFSC. You can always fall back to NEFT or IMPS using the IFSC IOBA0002242 and the beneficiary's account number to complete the transfer.
Products and account variants supported
Every account opened at the Parbhani branch is mapped to IFSC IOBA0002242 on the RBI payments network. The branch generally supports the full retail product catalogue of Indian Overseas Bank, including:
- Resident savings accounts and salary accounts
- Current accounts for businesses and professionals
- Fixed deposits, recurring deposits and tax-saver deposits
- Demand drafts, banker's cheques and pay orders
- Retail loans — personal, vehicle, education, gold and home
- Credit cards and overdraft facilities (subject to eligibility)
- Third-party investment products such as mutual funds and insurance (through tie-ups)
Whichever product you choose, the IFSC for incoming credits remains IOBA0002242.
Banking services available
The Parbhani branch typically offers the following services. Specific products may vary by branch size; please confirm with the branch on 2452-221979.
- Savings, current and salary accounts
- Fixed deposits and recurring deposits
- Personal, vehicle and home loans
- Demat and investment products (where supported)
- Internet banking and mobile banking enrolment
- Debit and credit card issuance
- Locker facilities (subject to availability)
- Foreign exchange services (at authorised branches)
- Bill payments, demand drafts and pay orders
- NEFT / RTGS / IMPS / UPI fund transfers using IFSC IOBA0002242
MICR code & cheque clearing
Apart from IFSC, every cheque book issued by Indian Overseas Bank carries a 9-digit MICR (Magnetic Ink Character Recognition) code that is read by cheque-sorting machines. The MICR code, the IFSC IOBA0002242 and the account number together uniquely identify the Parbhani branch and your account. The MICR for this branch is printed at the bottom of your cheque leaves.
Online banking and IFSC IOBA0002242
Indian Overseas Bank customers can register for net banking and the bank's official mobile app once their account at the PARBHANI branch is active. Net banking lets you view balances, download statements, open fixed deposits, request cheque books and initiate NEFT/RTGS/IMPS transfers — all without setting foot in the branch. The IFSC IOBA0002242 is pre-filled by the bank for transfers originating from your own account, and you only need to enter it manually when adding an external beneficiary or sharing your account details with a third party.
Things to verify before sending money
Banking errors are usually small typos that snowball into delayed credits and customer-care follow-ups. Use this short checklist before you confirm any transfer to Indian Overseas Bank – PARBHANI:
- The IFSC is exactly IOBA0002242 with no extra spaces.
- The beneficiary's account number matches what they shared, digit for digit.
- The portal auto-fills Indian Overseas Bank as the bank name and PARBHANI as the branch.
- The amount and the purpose of payment are correct.
- You have a valid OTP-verifying mobile number on hand.
A 30-second review here saves hours of reconciliation later.
Reaching the branch
The Parbhani branch sits at HOUSE 324,WARD 8,SESSION ROAD,NEAR SHIVAJI STATUE,PARBHANI 431401. If you are travelling from outside Adgaonkhandale, search for the branch on a maps application using the bank name and locality, or call 2452-221979 to ask for landmarks. Many customers find it easier to skip the trip altogether: net banking, mobile apps, NEFT, RTGS, IMPS and UPI all work using the IFSC IOBA0002242 and your account number.
Other ways to verify the IFSC code
While this page already lists the verified IFSC IOBA0002242 for Indian Overseas Bank – PARBHANI, you can cross-check the code from any of these sources before initiating a high-value transfer:
- The front of the cheque book issued by the branch – the IFSC is printed at the top of every leaf.
- The first page of your passbook.
- The bank's official website under the branch locator.
- The Reserve Bank of India's IFSC search portal.
- Net banking dashboards usually display the home-branch IFSC under account details.
Working hours
Branch counters at Parbhani are usually open from 10 AM to 4 PM on weekdays. Saturdays follow the RBI's alternate-Saturday rule. Even when the branch is closed, NEFT, RTGS, IMPS and UPI transfers addressed to IOBA0002242 continue to work without interruption.
Branch address & contact
Indian Overseas BankParbhani Branch
HOUSE 324,WARD 8,SESSION ROAD,NEAR SHIVAJI STATUE,PARBHANI 431401
Adgaonkhandale, Maharashtra
Phone: 2452-221979
IFSC: IOBA0002242
Frequently asked questions
How quickly will an NEFT transfer using IOBA0002242 be credited?
NEFT settles in half-hourly batches around the clock. Most transfers to Indian Overseas Bank – Parbhani reflect within 30 minutes.
What is the difference between IFSC and MICR code?
IFSC is an 11-character alphanumeric code used for online transfers, while MICR is a 9-digit numeric code printed on cheques and used by cheque-clearing machines. Both identify the Parbhani branch but serve different purposes.
Where is Indian Overseas Bank Parbhani branch located?
Indian Overseas Bank's Parbhani branch is located at HOUSE 324,WARD 8,SESSION ROAD,NEAR SHIVAJI STATUE,PARBHANI 431401, Adgaonkhandale, Maharashtra.
What is the IFSC code of Indian Overseas Bank Parbhani branch?
The IFSC code of Indian Overseas Bank, Parbhani branch is IOBA0002242. It is used for NEFT, RTGS and IMPS fund transfers to this branch.
Is IFSC IOBA0002242 the same for all accounts at Parbhani branch?
Yes. The IFSC IOBA0002242 is shared by every account held at Indian Overseas Bank's Parbhani branch. Only the account number changes from customer to customer.
How do I add Indian Overseas Bank Parbhani as a beneficiary?
Log in to your internet or mobile banking app, go to Add Beneficiary, enter the account number and IFSC IOBA0002242, and complete OTP verification. Once activated, you can transfer funds at any time.
Can I use IFSC IOBA0002242 for IMPS transfers?
Yes. IMPS works 24x7 and you only need the beneficiary's account number plus IFSC IOBA0002242 to send funds instantly.
Summary
The IFSC code IOBA0002242 belongs to Indian Overseas Bank's PARBHANI branch, located at HOUSE 324,WARD 8,SESSION ROAD,NEAR SHIVAJI STATUE,PARBHANI 431401 in ADGAONKHANDALE, MAHARASHTRA. Use this code along with the beneficiary's account number for any NEFT, RTGS or IMPS transfer to this branch. Bookmark this page for quick reference whenever you need the branch's banking details.
