Bank of India NEFT: Form, Limit, Charges, Transfer Process

To transfer funds from your Bank of India (BOI) account to another bank, NEFT is a simple and safe option. NEFT or the National Electronic Funds Transfer is a system regulated by RBI. You can transfer funds via Bank of India NEFT online as well as offline.

While for online mode, you need netbanking or mobile banking activated, for offline mode, you simply need to fill the BOI NEFT form which is available free of cost at all BOI branches. 

Let’s know all about the Bank of India NEFT along with the BOI NEFT form filling.

Bank of India NEFT – Online and Offline

To transfer funds via BOI NEFT, there are two ways – offline, at the branch and online, using netbanking and mobile banking.

Online process is explained further in this post while for the offline mode, you need to visit your nearby Bank of India branch and ask for the BOI NEFT Form. You can do NEFT via cheque or cash at the branch. Again, BOI NEFT form filling is a fairly simple process.

Details required to be filled in BOI NEFT Form:

• Name of the branch
• Date of transaction
• Details of Applicant
• Details of Beneficiary
  • (name, account number, bank and branch name, branch address)
• Amount to be transferred
• Mobile number of the applicant
• Signature of the applicant

You can also download the BOI NEFT form in PDF format by clicking the button below.

How to Transfer Funds via BOI NEFT Netbanking?

Using the BOI netbanking option, you can transfer funds to third party outside BOI as explained below:

Step 1: Log into BOI netbanking.

Step 2: Click on “Transfers” from the top menu.

Step 3: Open “NEFT Payment” section and select “Add Beneficiary”.

Step 4: After adding beneficiary, wait for 30 minutes.

Step 5: Now login again and follow the same steps: ‘Transfers’ > ‘NEFT Payment’.

Step 6: Click on “Make a Payment”. (refer the above image)

Step 7: Select beneficiary from the drop-down list. (refer the above image)

Step 8: Enter payment amount, select debit account and add payment remarks (optional).

Step 9: Click on “Pay”.

Step 10: Authorise your transaction by entering the OTP (received on your regd. mobile number). (refer image above)

Step 11: Enter your BOI netbanking transaction password. (refer the image above)

After clicking on “Pay”, you will receive a pop-up message on your device screen saying that your payment is successful. It will also cite your Payment Confirmation Number.

Bank of India NEFT Charges

• NEFT Inwards Charges: NIL
• NEFT Outward Charges Online: NIL
• NEFT Outward Charges at Branch:

Bank of India NEFT Timings

• BOI NEFT timings for online mode: Anytime throughout the day

However, credits to the beneficiary’s account occur between 4:00 AM till 11:20 PM

• BOI NEFT timings for offline mode: As per the bank’s working hours

Bank of India Timings

Bank of India Fund Transfer Options

The following are the different ways in which customers can transfer funds to/from Bank of India:

Benefits of BOI NEFT

The following are some of the prime BOI NEFT advantages one can reap for third-party transfers to another bank:

• Available 24×7
• No charges for inward payments
• No charges for netbanking outwards payments
• No minimum transfer limit
• No maximum NEFT transfer limit at the branch
• Can be done via BOI mobile banking and netbanking
• RBI regulated: top-notch security

Also check NEFT processes for other banks from the table below:

Bank of India NEFT: FAQs