IFSC Code of Indian Overseas Bank, Banswara Branch, Rajasthan

Use this page as a one-stop reference for everything related to Indian Overseas Bank's BANSWARA branch in BANSWARA, RAJASTHAN. The branch's IFSC code IOBA0002698 is the key identifier you need whenever a remitter, employer or biller asks for a bank routing number to send funds to an account held at this branch. We have also included the branch's postal address, telephone number, banking hours, common services, and an extensive FAQ block that should answer almost every question that comes up when you are about to add this branch as a beneficiary in your net-banking app for the first time.

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, IOBA0002698 is the IFSC of Indian Overseas Bank's BANSWARA branch. The format is fixed: IOBA = bank code, 0 = reserved, 002698 = branch identifier.

About the bank

Indian Overseas Bank serves retail and corporate customers with a full range of deposit, lending, payments and digital banking products. Its Banswara branch in Banswara, Rajasthan is part of this network and uses the IFSC code IOBA0002698 for all electronic settlement.

Branch details at a glance

Banswara branch overview

Located at MOHAN COLONY,OPP CONGRESS OFFICE,JAIPUR BANSWADA ROAD,BANSWARA 327001, the Banswara branch handles regular banking operations such as account opening, fixed and recurring deposits, locker facilities, loans, and trade finance services where applicable. The IFSC IOBA0002698 is required for all interbank electronic transfers routed through this branch.

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 BANSWARA of Indian Overseas Bank — its own 11-character IFSC. The code IOBA0002698 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 IOBA0002698 the same way you would treat your account number — verify it once and save it carefully for future use.

Products and account variants supported

Every account opened at the Banswara branch is mapped to IFSC IOBA0002698 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 IOBA0002698.

Banking services available

The Banswara branch typically offers the following services. Specific products may vary by branch size; please confirm with the branch on 44-28584896.

• 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 IOBA0002698

How to transfer money using IFSC IOBA0002698

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 IOBA0002698 across all three.

NEFT to Indian Overseas Bank, BANSWARA using IFSC IOBA0002698

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 IOBA0002698, and confirm that the system picks up Indian Overseas Bank – BANSWARA. Submit the transfer request, authenticate with OTP, and the amount will reach the beneficiary in the next clearing cycle.

Real-Time Gross Settlement to BANSWARA

If you need to transfer ₹2 lakh or more in one go to an account at Indian Overseas Bank's BANSWARA branch, RTGS is the right channel. Each transaction is settled individually in real time. Use IFSC IOBA0002698 while initiating the transfer and the credit will appear within minutes.

Send money instantly through IMPS

For a real-time, anytime transfer to Indian Overseas Bank – BANSWARA, use IMPS. With IFSC IOBA0002698 and the beneficiary's account number you can move up to ₹5 lakh per transaction with instant credit, any day of the year.

Comparing NEFT, RTGS and IMPS for transfers to Banswara

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 IOBA0002698:

• 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 BANSWARA is still linked to IFSC IOBA0002698.

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.

How UPI relates to the IFSC code

UPI lets you pay using a short Virtual Payment Address instead of typing the IFSC every time, but behind the scenes every UPI mandate is mapped to an account number plus an IFSC. For accounts at Indian Overseas Bank's BANSWARA branch, the IFSC IOBA0002698 is what the National Payments Corporation of India (NPCI) uses to route the credit when you tap Pay on a UPI app.

That is why, even in the UPI era, it is still worth knowing the IFSC of your home branch — for failed UPI mandates, e-mandate set-ups, third-party platform onboarding and salary or refund credits.

Digital banking channels

Most day-to-day work that customers used to do at the Banswara branch counter can now be completed digitally — adding a beneficiary, transferring funds, applying for a fixed deposit, raising a service request or downloading account statements. The IFSC IOBA0002698 is the link between the digital channel and the branch ledger; once a transaction is confirmed, the credit or debit is reflected in the same core banking system that the branch officers see.

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 IOBA0002698 and the account number together uniquely identify the Banswara branch and your account. The MICR for this branch is printed at the bottom of your cheque leaves.

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 – BANSWARA:

• The IFSC is exactly IOBA0002698 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 BANSWARA 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.

How to reach the Banswara branch

The branch is located at MOHAN COLONY,OPP CONGRESS OFFICE,JAIPUR BANSWADA ROAD,BANSWARA 327001, which puts it inside Banswara, the broader Banswara district, and the state of Rajasthan. To plan your visit:

1. Open Google Maps on your phone and search for “Indian Overseas Bank Banswara branch” — the verified location pin for IFSC IOBA0002698 should appear at the top of the results.
2. Confirm the branch is open by calling 44-28584896 before stepping out, especially around public holidays.
3. Carry photo ID and any account-related documents you may need for the transaction you plan to do.

Most banking work — passbook updates, fund transfers, statement downloads — can also be completed online without visiting the branch in person, as long as you know the IFSC IOBA0002698 and your account number.

Other ways to verify the IFSC code

While this page already lists the verified IFSC IOBA0002698 for Indian Overseas Bank – BANSWARA, 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.

Branch banking hours and holidays

Indian bank branches typically operate from 10:00 AM to 4:00 PM, Monday to Friday, and from 10:00 AM to 2:00 PM on working Saturdays (usually the 1st, 3rd and 5th Saturdays). The Banswara branch is closed on the 2nd and 4th Saturdays, all Sundays and on national or regional bank holidays. Online channels using IFSC IOBA0002698, however, work 24x7.

Branch address & contact

Frequently asked questions

Summary

The IFSC code IOBA0002698 belongs to Indian Overseas Bank's BANSWARA branch, located at MOHAN COLONY,OPP CONGRESS OFFICE,JAIPUR BANSWADA ROAD,BANSWARA 327001 in BANSWARA, RAJASTHAN. 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.