Instant Money Transfer - BOI (2024)

IMT 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 our IMT enabled ATMs or our 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:-

• Self Service – Bank’s customer can him/ herself initiates the transaction.
• 24 * 7 * 365, facility can be availed 24*7, both by initiator and beneficiary/ receiver.
• Simple, safe and hassle-free.
• The beneficiary/ receiver -
• Prefers cash.
• Needs money instantly / needs emergency cash.
• Don’t have a bank account.
• Bank account details are not known.

• IMT can be sent to receiver/ beneficiary by simply using our Retail Internet Banking facility (with fund transfer facility), as under. Our Bank customers can login to Bank’s Retail Internet Banking facility and initiate IMT. Customer first register receiver/ beneficiaries by entering the beneficiary's name, mobile number, address and his/her Pin code, which is a one-time process. Post Registration of a receiver/ beneficiary, sender can initiate IMT by mentioning the IMT Amount and Sender Code (This code should be kept and shared ONLY with receiver/ beneficiary, as the same shall be required by receiver/ beneficiary to withdraw cash from the ATM and authenticating the transfer.
• 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) Once the IMT is successfully issued, receiver/ beneficiary receive an SMS on his or her mobile number containing the details of the IMT. The details present in the SMS are:
• 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. SMS Pin (System generated code, required for IMT withdrawal IMT ID (a unique code which can be used to refer IMT transaction

• Bank’s customer can also 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. The details of the same are provided in section - IMT Beneficiary/ Receiver Registration.
• 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)
• Once the IMT is successfully issued, receiver/ beneficiary receive an SMS on his or her mobile number containing the details of the IMT. The details present in the SMS are: 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. for the IMT shall not be reversed. ) SMS Pin (System generated code, required for IMT withdrawal) 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.

Our Customer, as a one-time activity has to register receiver/ beneficiary details with the Bank. In absence of receiver/ beneficiaries details from the customer to the Bank, the IMT shall be in hold status for a maximum of 24 hours, post which it shall be cancelled by the system. Bank shall endeavour to confirm the receiver/ beneficiary’s registration to the sender over SMS. This receiver/ beneficiary’s registration can be done by either through SMS or Bank’s Retail Internet Banking.

Internet Banking

• Our 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

• Our Bank customers can send an SMS to +919223009988 from their registered mobile number, with following details/ format – IMT ###

The receiver/ beneficiary’s registration already done; can be deleted by either through SMS or Bank’s Retail Internet Banking. Importantly note that the deletion described here in does not have any impact on already initiated IMT, but will impact future IMT by sender.

Internet Banking

• Login to Bank’s Retail Internet Banking facility and delete receivers/ beneficiary’s registration under option - View/ delete beneficiary.

SMS

• Our Bank customers can send an SMS to +91 9223009988 from their registered mobile number, with following details / format to delete any beneficiary / receiver added for IMT transactions –IMT BENC #

• Click here for IMT Introduction
• Click here for IMT ATM
• Click here for IMT Internet Banking
• Click here for IMT Withdrawal

List of IMT enabled ATMs is as under – (as on 08.05.2014)

The following words and phrases shall have the meanings set out herein below in this document unless repugnant to the context:

• "Account" shall mean BOI's Operative bank account held by a User.
• "BOI" shall mean Bank of India, a body corporate constituted under the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 and having its Head Office at Star House, C - 5, "G" Block, Bandra-Kurla Complex, Bandra (East), Mumbai-400 051,
• "Beneficiary" shall mean BOI's customer OR a NON BOI’s customer including an individual not having any existing banking relationship, as the case may be.
• "Facility" shall mean the IMT facility provided by BOI to the User(s), by the use of which the Users can remit funds to the Beneficiary from their Account through the modes specified by BOI
• "IMT" shall mean instant Money Transfer
• "Mobile Phone Number" shall mean the number specified by the User during the initiation of IMT.
• "Remitter" or "User" shall mean a customer of BOI holding an Account and availing of the Facility.
• "Sender Code" shall mean a secret code that remitter shall be providing while availing the facility and shall be used by Beneficiary during the course of fund withdrawal or by remitter for cancelling the remittance.
• "SMS Pin" shall mean a secret code that system shall communicate over SMS to the beneficiary, which shall be used by Beneficiary during the course of fund withdrawal.

By availing the Facility, the User can transfer amounts in the multiples of Rs. 100, subject to a minimum of Rs. 100 and maximum of Rs 10,000.

• On submission of a request from the User for transfer of funds to the Beneficiary, the same shall be processed by BOI. The Remitter shall communicate the Sender Code to the Beneficiary in order to enable him/her to receive the funds being transferred to him/her. On receipt of instruction from the Remitter in the manner and through any of the eligible modes as are specified BOI, for funds transfer by use of the Facility, the Beneficiary shall be sent an SMS containing a four (4) digit numeric code ("SMS Pin") on such mobile number as may be intimated by the Remitter at the time of placing the request for funds transfer ("Beneficiary Mobile Number"). The User shall have to communicate the Sender Code to the Beneficiary, in order to enable him to receive the funds transferred by use of the Facility. The User will need to provide the Beneficiary's Name, Address and Mobile Number, electronically, as are specified by BOI The channels for providing this information are multiple. Currently, the enabled channels for providing this information are through Internet Banking and via SMS. By doing this, the User certifies that he knows the Beneficiary and if requested by the BOI or RBI, he would need to provide more details about the beneficiary and the transactions. If the Beneficiary details are not received from the sender within a window of 24 hours, the transaction is cancelled, and the amount is credited back to the User’s account.
• Consideration:- As towards consideration for providing the IMT facility BOI is entitled to charge a non-refundable fee per transaction to the Remitter and the Beneficiary for using this facility. This fee can be a flat amount or variable sum as per the transaction amount / mode. This fee will be charged to the sender upfront at the time of initiation of the transaction. In case of cancellation / expiry / blocking of an IMT transaction, this fee will not be reversed to the Remitter or the beneficiary. Presently the fee per each transaction would be Rs.25.00 which will be directly debited from the account of the USER at the time of initiation of the transaction. BOI reserves the rights to charge any fee from the beneficiary as and when the same is notified in its Website and upon notifications of such charges. Even In the event of the amount transferred by use of the Facility is not withdrawn by the Beneficiary within the period as prescribed by BOI and such monies are consequently credited back into the Account or the user himself/herself cancelling the IMT the fees charged to the user will not be reversed back.
• BOI shall have the discretion to charge such fees as it may deem fit from time to time and may at its sole discretion, revise the fees for use of any or all of the Facility, by notifying the User of such revision through BOI’s website or in any manner as may be specified by BOI from time to time. The User shall be required to refer to the schedule of fees put up on BOI’s website from time to time.
• The amount of Rs 25.00 stated in para II(c) shall not be reversed at any circ*mstances despite the transaction was not completed and BOI reserves the right to obtain further details of the beneficiary if BOI considers that the same are required for the compliance of any Law/Rules/Regulations in force from time to time and/or for internal compliances
• The Beneficiary shall be entitled to receive the funds transferred by the Remitter by using the Facility only on submission of the Beneficiary Mobile Number, Sender Code, SMS Pin and the amount transferred and following of such steps/ processes as may be prescribed by BOI to such of the ATMs of BOI as may be specified in this respect. BOI shall be entitled not to provide the funds to the Beneficiary in the event the details submitted by the Beneficiary are wrong/ erroneous or the Beneficiary is unable to ascertain his/her true identity for any other reason and in such event BOI shall not be liable in any manner to the Beneficiary or the Remitter. The Beneficiary shall approach any of the specified BOI ATM to withdraw the cash transferred within the time frame of the transfer being made by the User or such other time as may be prescribed by BOI from time to time, failing which the transaction will be deemed to be cancelled and the amount will be credited back into the user Account. The entire amount transferred to the Beneficiary shall be withdrawn by the Beneficiary at once and no part withdrawals shall be permitted.
• The User shall be entitled to transfer fund by use of the Facility to each Beneficiary upto such limit in such period, as may be prescribed by BOI , from time to time.
• There will be no other charges for withdrawal or cancellation or status enquiry of IMT in any of the channels enabled by the BOI.

The user takes the responsibility for the correctness of the information supplied by USER to the BOI through the use of the said facility or through any other means such as electronic mail or written communication.

• The user herein accepts that in case of any discrepancy in the information provided by him with regard to this facility the onus shall lie upon the user only and thus agrees to furnish accurate information at all times to the BOI. If the User suspects that there is an error in the information supplied by BOI to him, he shall inform the BOI immediately. The BOI will endeavour to correct the error promptly wherever possible on a best effort basis.
• BOI shall also not be responsible for any incidental error which occurs in spite of necessary steps being taken by the BOI to ensure the accuracy of the information provided to the user and the user shall not have any claim against boi in an event of any loss/damage suffered by the user as a consequence of the inaccurate information provided by the bank.

BOI shall not be liable in any manner to the User in connection with the use of the Facility.

• BOI shall not be liable for
• Acting in good faith on any instructions received by BOI from or on behalf of the User in relation to the Facility; Error, default, delay or inability of BOI to act on all or any of the instructions given by the User Loss of any information/instructions in transmission; Unauthorized access by any other person to any information /instructions given by the User or breach of confidentiality;
• Error, default, delay or inability of BOI to act on all or any of the instructions given by the User
• Loss of any information/instructions in transmission;
• Unauthorized access by any other person to any information /instructions given by the User or breach of confidentiality;
• Notwithstanding anything in the contrary provided in this terms and conditions and/or in the disclaimer clause BOI shall not be involved in or in any way liable to the User for any dispute between the User and the Beneficiary.

Without limitation to the other provisions of this terms and conditions BOI and its affiliates, subsidiaries, employees, officers, directors and agents, Expressly disclaim any liability /loss if :-

• The User has breached any of the terms and conditions contained herein or
• The User has contributed to or the loss is a result of failure on part of the User to advise BOI within a reasonable time about unauthorized access of or erroneous transactions in the Account by use of the Facility;
• Shall not be liable for and in respect of any loss or damage whether direct, indirect or consequential, including but not limited to loss of revenue, profit, business, contracts, anticipated savings or goodwill, loss of use or value of any equipment including software, whether foreseeable or not, suffered by the User or any person howsoever arising from or relating to any delay, interruption, suspension, resolution or error of BOI in receiving and processing the request or any failure, delay, interruption, suspension, restriction, or error in BOI’ system and/or any third party who provides such services as is necessary to provide the Facility
• Shall not be liable for non-availability of the Facility or non-performance by service providers if any if any, engaged by BOI or any loss or damage caused to the User as a result of use of the Facility for causes which are not attributable to BOI.