Bank of India enables its customers to perform banking transactions easily through various kinds of banking facilities such as RTGS, NEFT, and so on. Applicants can start the RTGS or NEFT transaction by downloading, printing, and submitting the hard copy to the bank branch. The form can also be submitted online to start the RTGS transaction through net banking or mobile banking.
Below is a table showing a brief overview of the Bank of India RTGS form:
| Type of Form | Bank of India RTGS/NEFT Application Form |
| Name of Bank | Bank of India |
| Official Website | http://bankofindia.co.in |
| Uses of Form | Online Transfer of Funds |
| Minimum Limit | For RTGS – ₹2 lakh |
| Maximum Limit | NIL |
| Beneficiary | Bank Customers and Non-customers |
| Form Language | English |
| Bank of India RTGS Form PDF | Bank of India RTGS Form PDF |
What Is the Bank of India RTGS?
The Bank of India’s RTGS, or Real Time Gross Settlement, is an electronic method for transferring cash across the country’s financial systems. This fund transfer option is only available at bank branches for amounts of ₹2 lakhs or more.
What is the Bank of India NEFT?
The Bank of India NEFT, or National Electronic Funds Transfer, is a simple, cost-effective, and rapid way of transferring funds to other bank accounts across the country. These financial transfers are issued at regular intervals and are particularly useful for retail transactions.
How to Download the Bank of India RTGS Form?
Here is a step-by-step on how to download the Bank of India RTGS form.
- Step 1: Visit the official website of the Bank of India.
- Step 2: Navigate to the bank form on the website.
- Step 3: Click on the ‘Download’ tab.
How to Download Bank of India NEFT Form in PDF Format?
You can proceed with a few simple steps to download the Bank of India RTGS form which include the following:
- Step 1: Visit the official website of the Bank of India.
- Step 2: Navigate to the NEFT form and click on ‘Download’.
How to Fill the Bank of India RTGS Form?
Given below are the steps that you can follow to fill out the Bank of India RTGS form easily:
- Step 1: Download the RTGS form from the website.
- Step 2: Fill in the required details one by one starting with the beneficiary bank name, branch name, amount to be remitted, your bank branch name, beneficiary bank IFSC code, etc.
- Step 3: Preview and double-check all the details given in the form.
- Step 4: Sign the form in the place of the authorised signature.
You can submit the duly filled RTGS form to the nearest Bank of India branch.
How to Fill the Bank of India NEFT Form?
Given below is a step-by-step process on how to fill up a Bank of India of India NEFT form easily:
- Step 1: Visit the official website of the Bank of India.
- Step 2: Download the NEFT form from the website.
- Step 3: Fill in the required details one by one starting from the current date, IFSC code, sender’s details, beneficiary’s details, and amount to be transferred.
- Step 4: Preview and double-check all the information given in the form.
You can submit the duly filled NEFT form to the nearest Bank of India branch.
Bank of India RTGS/NEFT Timings
The following table shows the Bank of India RTGS timings:
| Days | Timings |
| Monday to Saturday (except 2nd and 4th Saturday and bank holidays) | 8 AM to 4.30 PM |
Here are the NEFT timings of the Bank of India that you must know.
| Days | Timings |
| Monday to Friday | 8 AM to 4.30 PM |
| Saturday (except 2nd and 4th Saturday and bank holidays) | 8 AM to 4.30 PM |
Bank of India RTGS and NEFT Charges
Here are all the NEFT charges IOB along with the RTGS charges through branches:
| RTGS Amount | Transaction Service Charges (Excluding GST) |
| ₹2 lakhs & up to ₹5 lakhs | ₹25/transaction |
| Above ₹5 lakhs | ₹49/transaction |
| NEFT Amount | Transaction Service Charges (Excluding GST) |
| Up to ₹10,000 | ₹2.50/transaction |
| Above ₹10,000 to ₹1 lakh | ₹5/transaction |
What Happens if Bank of India RTGS Transaction is Not Processed on Time?
If your RTGS transaction is not executed on time, the money will be returned to the beneficiary’s account within an hour, according to a mandate by the Reserve Bank of India. Once the remitting bank receives the payment back, the original debit entry will be reversed.
Final Word
Filling out the Bank of India RTGS and NEFT forms is a simple process. You can just fill out the required information and then submit it along with the other documents specified by the bank representative. However, for your RTGS or NEFT transaction to be processed successfully, you have to ensure that the form is free of errors.
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FAQs
NEFT can only be used to send money to banks on the RBI’s NEFT network. To find out if a bank is part of this network, visit the RBI website.
The main advantage of the RTGS service is that it is the most rapid and secure way to transfer funds from one bank account to another using a real-time fund transfer system.
In this situation, the money will be reimbursed back to the payee’s account within 24 hours. However, if the sender provided incorrect information, the money may have been accidentally transferred to another person’s account. In this scenario, you should call the bank to see what can be done.
Disclaimer
This article is solely for educational purposes. Stable Money doesn't take any responsibility for the information or claims made in the blog.
