TheBank of India is known for its efficient and secure money transfer services. Whether you need to make a standard NEFT transfer, pay your credit card bills, or add a beneficiary, BOI’s Internet banking platform simplifies the process. This article provides a comprehensive guide on Bank of India NEFT charges and information aboutBOI’s NEFT services, complete with step-by-step instructions for various transactions, essential details required for NEFT, transaction limits, and associated charges. Whether you’re a BOI customer or exploring options, this article will empower you with the knowledge needed for seamless financial transactions.
About Bank of India
Bank of India, founded on September 7, 1906, originated in an association of prominent Mumbai-based entrepreneurs. For over six decades, it operated as a privately owned entity until the turning point in July 1969 when it, along with 13 other banks, underwent nationalisation. Commencing its journey with a single office in Mumbai, boasting a paid-up capital of Rs. 50 lakh, and a workforce of 50 employees, the bank has experienced rapid and significant growth. It has become a formidable institution with a formidable national presence and substantial international operations. With a vast network of 5100+ branches across India, spanning all states and union territories, including specialised branches, these operations are overseen through 69 Zonal Offices and 13 NBG Offices. Furthermore, the bank extends its reach globally with 45 branches/offices overseas.
The Process to Transfer Money Using BOI NEFT
Transferring money via Bank of India NEFT is a straightforward process.
Follow these detailed steps to ensure a smooth and secure transaction:
- Access BOI Website: Begin by visiting the official Bank of India website. Locate and click on the ‘Retail’ option within the Internet banking tab. This action will lead you to the ‘Star Connect’ page, where you can initiate your NEFT transaction.
- User ID and Password: On the ‘Star Connect’ page, enter your user ID and password using the provided virtual keyboard. This ensures the security of your login credentials.
- Accessing the Transfer Menu: Once you log in, hit ‘Submit’ to open your account. Then, pick the ‘Transfer’ button from the menu.
- Opt for NEFT Payment: To select the NEFT payment option, you must first register the beneficiary. Once the beneficiary is registered, choose ‘NEFT Payment’ to proceed with the transaction.
- Input Beneficiary Details: Provide the necessary details of the beneficiary, including their name, the amount you intend to transfer, any remarks or notes related to the transaction, and Choose the bank account from which amounts will be deducted.
- Verification and Authorization: Give all details a final check and press ‘Pay’. This starts the money move. You need to enter your user ID and password again for approval. Hit ‘Pay’ again to give the transaction permission’.
- Confirmation: Following the successful completion of the transaction, a confirmation message will be displayed on your screen, providing you with the assurance that the NEFT transfer has been successfully initiated.
Process to Pay Credit Card Bill through BOI NEFT
To facilitate the process of adding your credit card as a payee using Bank of India internet banking, follow these systematic steps for a seamless experience:
- Log into BOI Internet Banking: Begin by logging into your BOI Internet banking account using your valid login credentials.
- Add Credit Card as a Payee: Next, add your credit card as a payee by selecting the ‘Third Party Fund Transfer’ option.
- Enter Credit Card Details: To add your credit card as a payee, input the required details following the specified format, which includes:
- Account Number: This field should contain your credit card number, typically comprising 16 digits as printed on the front of your card.
- Credit Card IFSC Code: This code is assigned to you when your credit card is issued. It uniquely identifies your credit card account.
- Bank Name: Specify the bank’s name that issued your credit card.
- Activation of Beneficiary: You should know there’s a short wait for the beneficiary to get ready. After this, you’re all set to move on with the money transfer. This is done through the NEFT method, like usual money transfers.
- Payment Processing: Remember, once you kick off the NEFT transfer, it might roughly need a 48-hour timeline for the paid amount to appear completely in both your banking and your credit card accounts. You can count on being alerted with a confirmation message after the payment goes through without a hitch.
How to Add Beneficiary/ Payee Using BOI Internet Banking
- Secure Login: Begin the process by accessing your BOI Internet banking account. This necessitates entering all the required login credentials to ensure the security of your transaction.
- Select Transaction Type: After you’ve log in correctly, choose what kind of fund transfer you want to do. Find the ‘Add Beneficiary’ option and select it.
- Fill in Beneficiary Details: A crucial step is filling in the necessary information for the beneficiary, as outlined below:
This information includes:
- Nick Name: Assign a nickname for the beneficiary for your reference.
- Beneficiary Name: Input the full name of the payee.
- Beneficiary Address: Provide the complete address of the beneficiary.
- City: Specify the city in which the beneficiary is located.
- State: Mention the state where the beneficiary’s account is held.
- Country: Indicate the country in which the payee resides.
- Pin Code: Input the postal code of the beneficiary’s location.
- Beneficiary Phone Number: Provide the contact phone number of the beneficiary.
- IFSC Code: Enter the unique Indian Financial System Code specific to the beneficiary’s bank branch.
- Beneficiary Account Type: Select the type of account held by the payee.
- Beneficiary Account Number: Input the beneficiary’s complete account number.
- Verify and Add: After entering all the requisite details, you must re-enter the beneficiary’s account number to ensure accuracy. Once you’ve verified the details, click ‘Add Beneficiary’ to confirm the addition.
- Transaction Authentication: Proceed to authenticate the transaction by entering your account credentials, including your username and password.
- Phone Verification: A code will be sent to your phone number. Make sure you enter the code correctly and submit it for verification.
- Activation Time Frame: Remember that it may take at least one day for the added beneficiary to be fully activated. During this activation period, no fund transfers to the payee can be initiated. It is essential to factor in this waiting period when planning your transactions.
Bank of India NEFT Charges
Regarding inward settlements, your branch will not levy any charges. Additionally, the bank does not impose fees for NEFT transactions initiated online through internet banking and mobile banking.
Regarding NEFT charges Bank of India, please note that the following standard fees are applicable for outward settlements:
- For transactions up to Rs. 10,000: A charge of Rs. 2.50 plus GST is incurred.
- For transactions exceeding Rs. 10,000: A charge of Rs. 5.00 plus GST is applicable.
Upon completing the Bank of India NEFT form, you authorise the bank to deduct the associated charges from your account automatically. These charges are aggregated for all transactions completed within a single day.
What Details are Required to Proceed with NEFT Transaction?
To complete the Bank of India NEFT form, it’s crucial to provide the following requisite details. You can either download the NEFT form or refer to the list below for the information you’ll need to furnish:
- Branch Name: Identify the specific branch where you are initiating the NEFT transaction.
- Date: Mention the date on which you are initiating the NEFT transfer.
- Remitter Details: Share your personal information, like your account title, the type of account, and your account number.
- Beneficiary Details: Fill in the details for the receiver. This includes their name, their bank, their specific bank branch, their branch’s IFSC, their account number, their account type, and the transfer sum you have in mind.
- Phone Number of the Remitter: Include your contact phone number for reference.
- Signature of the Remitter: Sign the form as a confirmation of the initiation of the NEFT transaction.
Bank of India NEFT Timings
It’s crucial to note that your submission of the Bank of India NEFT form should align with the NEFT timings of the branch, which depends on the branch’s operational hours. As per the guidelines by the Reserve Bank of India, fund transfer requests within the NEFT system are processed at half-hour intervals. There are 48 half-hour settlement batches, commencing at 00:30 hours and concluding at 00:00 hours. Remarkably, the NEFT system remains operational every day of the year, including holidays. Even on officially designated bank holidays, you can conduct NEFT transactions. Furthermore, NEFT transfers are accessible on both Sundays and Saturdays.
Bank of India NEFT Transaction Limit
Bank of India offers flexibility in NEFT transactions by not specifying a minimum or maximum prescribed amount for these transfers. However, it’s important to note that when using their Internet Banking platform, the maximum transaction amount is capped at Rs. 50,000. This enables customers to carry out NEFT transactions within this specified limit using the convenience of Bank of India’s Internet Banking services.
Conclusion
In conclusion, The Bank of India’s NEFT gives you a simple yet effective way to handle your money movements. Whether you’re already a Bank of India customer or considering joining. The Bank of India’s commitment to accessibility, with NEFT transactions available every day of the year, further enhances the convenience of their services. However, it’s crucial to remember that NEFT is designed for domestic transfers within India. With the information provided in this article about Bank of India charges of NEFT, you can make the most of BOI’s Internet banking platform and enjoy transparent, secure, and hassle-free fund transfers. Whether you’re a frequent user or a first-time explorer, Bank of India’s NEFT services empower you to manage your finances quickly and confidently.
Bank of India NEFT Charges FAQ’s:-
No, there are no charges involved. This service is entirely free when it comes to receiving money.
Both you and the payee will receive text messages confirming the successful transaction processing.
Yes, NEFT is designed for domestic fund transfers within India. For international transfers, alternative methods and services are available to facilitate cross-border transactions.
To initiate NEFT funds transfer, you’ll need to provide the following essential information about the payee or beneficiary:
Payee/Recipient’s Name
Payee/Recipient’s Address
Payee/Recipient’s Account Number
Payee/Recipient’s IFSC Code and Branch
NEFT exclusively applies to fund transfers to banks integrated into the NEFT network regulated by the RBI. To determine whether a specific bank is part of this network, refer to the RBI’s official webpage for verification.