Payment Through Bank of India

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THROUGH BANK OF INDIA

IMT:

You may send money through IMT which is an innovative, safe and simple domestic money transfer with cash out facility. It allows Banks customer to send money to a beneficiary/ receiver only by using the beneficiary / receiver’s mobile number and secret code; from either BOI IMT enabled ATMs or BOI Retail Internet Banking facility. The beneficiary/ receiver can withdraw money from Bank of India IMT enabled ATM without using a card, i.e. card less withdrawal. The beneficiary/ receiver need not be the customer of Bank of India / any Bank. The withdrawal details including secret code are partially communicated to the beneficiary/ receiver on his/ her mobile phone and partially by the sender. The unique feature of this facility, IMT is as under:-

1. Self Service – Bank’s customer can him/ herself initiates the transaction.
2. 24 * 7 * 365, facility can be availed 24*7, both by initiator and beneficiary/ receiver.
3. Simple, safe and hassle-free.
4. Useful when the beneficiary/ receiver -

1. Prefers cash.
2. Needs money instantly / needs emergency cash.
3. Don’t have a bank account.
4. Bank account details are not known.

IMT through ATM: Bank’s customer can  initiate IMT from Bank’s IMT enabled ATM, by providing following details – Beneficiary/ Receivers Mobile number The IMT amount Sender Code (This code should be kept secret and shared ONLY with receiver/ beneficiary, as the same shall be required by receiver/ beneficiary to withdraw cash form the ATM) Beneficiary/ receiver registration by the sender, as a one-time activity is mandatory. This receiver/ beneficiary’s registration can be done by either through SMS or Bank’s Retail Internet Banking. Once the IMT is successfully issued, sender receives an SMS on his or her mobile number containing the details of the IMT. The details present in the SMS are: Beneficiary/ Receiver Mobile number The IMT amount IMT Validity Date (In case beneficiary/ receiver omit to withdraw IMT by this date, IMT shall be cancelled by the system and amount shall be credited back to sender’s account. Charges for the IMT shall not be reversed. ) IMT ID (a unique code which can be used to refer IMT transaction) Instances, wherein Beneficiary/ Receiver registration is not done, IMT shall be kept on hold, and sender is expected to provide the Beneficiary/ Receiver, within 24 hours, omitting which IMT shall be cancelled. In case of hold IMT, a SMS shall be sent to the sender.

IMT Beneficiary/ Receiver Registration: Bank Customer, as a one-time activity has to register receiver/ beneficiary details with the Bank. This receiver/ beneficiary’s registration can be done by either through SMS or Bank’s Retail Internet Banking. Internet Banking Bank customers can login to Bank’s Retail Internet Banking facility register receiver/ beneficiaries by entering the beneficiary's name, mobile number, address and his/her Pin code, which is a one-time process. These details can be subsequently deleted. SMS Bank customers can send an SMS to +919223009988 from their registered mobile number.

IMT Limits: The present limits for IMT transactions are as under: Sender limit: Rs. 10,000 per transaction Beneficiary / Receiver limit: Rs. 25,000 per month The minimum amount for which an IMT can be initiated is Rs. 100 and thereafter in multiples of Rs. 100.00. The maximum limit for an IMT is Rs. 10,000.00

IMT Charges: The sender will be charged an IMT fee of Rs. 25.00 (inclusive of taxes) for every IMT transaction, he or she issues to a receiver/ beneficiary. This charge shall not be reversed, in case the IMT expires or is cancelled or beneficiary/ receiver details are not provided to the Bank, as per the prescribed process. However, there shall not be any additional charges for cancellation of an IMT. For details click here.