Money transfer considers one of the crucial banking services. Undoubtedly, the Bank of India ensures safe and secure banking services to customers. It is indeed one of the oldest commercial banks in India.
Bank of India offers a platform for electronic transfer of money. This platform has two key systems namely RTGS and NEFT. Importantly, RTGS is Real Time Gross Settlement and NEFT is the National Electronic Funds Transfer. For RTGS, the lower ceiling is INR 2 lakhs while there is no lower ceiling on the NEFT amount. However, both systems have no limit on the upper ceiling for transactions.
Download Bank of India RTGS/NEFT Pdf Form Online
- Go to Bank of India’s official website. Locate the link “Downloads” at the bottom of the page.
- Now you will get a list of different options after clicking Downloads.
- Select the option “Digital Transaction”.
- Further, select the RTGS/NEFT Remittance Application Format.
Consequently, you will get the form as a PDF file. You can either fill the form by editing it in this PDF file. Or take a print out of this file and then fill the form.
How to Fill Bank of India RTGS/NEFT form
- RTGS/NEFT form consists of different sections. These sections require the necessary information to be filled by the remitter. It involves information regarding payment, beneficiary, and remitter.
- Importantly, there should not be any mistake while filling the form. Moreover, sign the form at the bottom of the form. Also, you can edit or fill the form online.
- After that, submit the form at the bank branch for initiating transactions. Alternatively, you can submit a form online through mobile or net banking.
Charges on BOI RTGS/NEFT transactions
- Outward RTGS
- No charges – Lower than INR 2 lakhs
- INR 29 – INR 2 lakhs to 5 lakhs
- INR 49 – More than 5 lakhs
- Outward NEFT
- Approx INR 2 – Till INR 10,000
- INR 4.50 – More than INR 10,000- Till INR 1 lakh
- Up to INR 14 – More than INR 1 lakh – Up to INR 2 lakh
- INR 24 – More than 2 lakh
Through internet/mobile banking
- Outward RTGS
- INR 5 per transaction
- Outward NEFT
- No charges – Up to and above 10,000 (For saving bank account)
- INR 2 – Up to INR 10,000 (For CD/CC/OD account)
- INR 4.50 – More than INR 10,000 (For CD/CC/OD account)
(Note: These charges are excluded from GST.)
Bank of India RTGS/NEFT Timings
- BOI RTGS timings
Working days: 08:00 am-04:30 pm (Monday to Friday and 1st, 3rd & 5th Saturdays)
- BOI NEFT Timings
NEFT transactions can be undertaken at any time.
Frequently Asked Questions (FAQs)
- Is it possible to transfer money to the account of any Indian bank branch using the fund systems of RTGS/NEFT?
Funds can be transferred to the account of any Indian bank branch through RTGS/NEFT only when the bank is RTGS/NEFT enabled. You can find RTGS/NEFT enabled bank branches in India using the RBI website.
- What will happen if I fill incorrect information unintentionally in RTGS/NEFT form?
In case you filled incorrect information, there may be chances of delay in payment. Moreover, there will be no liability of the bank in case an incorrect account is entered.
- Can I fill and submit RTGS/NEFT form online instead of personally visiting the bank branch?
Bank of India offers internet and mobile banking for online filling and submission of RTGS/NEFT form. However, you need to first register yourself for the internet and mobile banking.
To sum up, you can securely transfer any amount using RTGS/NEFT system. Bank of India charges a minimal amount on every RTGS/NEFT transaction.