Financial institutions in India continuously innovate fund transfer methods to meet the evolving needs of individuals and businesses. Over time, digital payment modes like UPI, net banking, mobile banking, and NEFT have gained widespread popularity in India. However, RTGS (Real Time Gross Settlement) remains a preferred choice for high-value transactions due to its speed and security.
In this blog, we will guide you through the process of carrying out offline RTGS transactions with the Bank of India. Learn how to download, fill out, and submit the Bank of India RTGS form to transfer funds seamlessly through a bank branch.
The Bank of India RTGS form is a mandatory document for initiating high-value offline fund transfers via RTGS from a BOI branch. Customers can obtain it at the branch or download it from the bank’s website, fill in the required details, and submit it along with the payment to complete the transaction.
You can get a physical RTGS form by visiting your nearest bank branch and requesting a remit application form. Alternatively, you can go to the bank's official website and download this form by following these steps:
Start by downloading the BOI RTGS form from the bank’s official website and getting a clear printout of the form with clear and legible text. Then, follow the given steps to fill out this form:
Remember to fill all details in block letters and avoid writing on other parts of the form without consulting the bank representative. Ensure to double-check all details and submit the Bank of India RTGS form along with any required documentation and payment.
To initiate the process, all customers opting for RTGS fund transfers must download the Bank of India RTGS form online. You can refer to the link given below:
Bank Of India RTGS Application Form
As the remitting customer, you need to furnish the following details accurately:
While banks usually don't require any documents from customers, you may need to furnish your PAN card for transactions above a certain threshold. Moreover, you need to ensure that all beneficiary details are precise or risk loss of funds. You may want a cheque leaf from the beneficiary's bank.
Here is a sample of an unfilled BOI RTGS form taken from the official website:
Signatures play a crucial role in authenticating the transaction. Ensure your signature matches the one registered with your Bank of India account. Any discrepancy may result in the rejection of your form.
While the standard RTGS form is in PDF format, you may not find an Excel version. However, you can create an Excel template based on the PDF form to streamline the filling process.
Bank of India offers RTGS money transfers with specific charges based on the transaction mode. Both inward remittances and transactions on outward remittances made via the internet and mobile banking are free for both savings account holders and CD, OD, or CC account holders. However, for transactions conducted through a bank branch, a fee of Rs. 25 is applicable for amounts ranging from Rs. 2 lakh to Rs. 5 lakh, while transactions exceeding Rs. 5 lakh are charged Rs. 49 per transaction.
The Reserve Bank of India allows RTGS transactions 24x7x365. However, individual banks, including the Bank of India, have fixed their timings for RTGS transactions. The following are the applicable timings for BOI RTGS transfers:
Transfer requests sent outside the working hours are settled on the next working day.
If you are transferring funds via Bank of India’s RTGS service, remember to go through the following points:
For offline money transfers of Rs. 2 lakh and above, you can use Real Time Gross Settlement (RTGS) to transfer funds instantly and seamlessly. To make a payment, you can visit the nearest bank branch and ask for a Bank of India RTGS form. Alternatively, you can download this form from the bank's official portal and get a printout. Then, file it at the bank branch to finalise your payment.
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