If you want to transfer money from your Bank of India (BOI) account to other bank accounts, then you first need to add other bank accounts as a beneficiary. After adding the beneficiary, you will be able to send money to his/her account.
Bank of India Mobile Banking is the best online platform for money transfer. You can transfer money to any bank account using IMPS, NEFT, and RTGS. You can add beneficiary through BOI Mobile banking and start money transfer to any bank account.
- Read also: How to Activate Bank of India Mobile Banking
So how to add beneficiary in Bank of India (BOI) through Mobile Banking? Here is the step by step guide:
Add Beneficiary in Bank of India (BOI) using Mobile Banking
So let’s assume, you want to transfer money to the someone bank account through BOI Mobile Banking. Follow these steps and add beneficiary:
First of all, open the BOI Mobile Banking application and log in.
Step 1: Now tap and open the Beneficiary Management section.
Step 2: Next screen, to add the new beneficiary account, tap on the + button.
Step 3: And now you can add beneficiary for different payment modes like BOI – third party, NEFT, IMPS, and RTGS. Here we will add beneficiary for IMPS fund transfer, if you want to transfer money above 2 lac then select NEFT or RTGS option.
- Select IMPS – Account +IFSC and enter the account holder name, account number, and IFSC code and submit. (If you are going to add other BOI accounts then select BOI -third party option, you don’t need to add ISFC code when you add other BOI accounts as beneficiary)
Step 4: Next screen review your beneficiary account details and confirm your request.
Enter OTP received on your registered mobile number and transaction password.
Congrats you have successfully added beneficiary. Now you can send money to the beneficiary account through IMPS. The amount will be transferred instantly and credited to the beneficiary account within seconds when you transfer money through IMPS.
Please note, if you want to transfer a higher amount above 2 lac then you need to select NEFT or RTGS option during the beneficiary adding process and if you want to transfer money under 2 lac then select IMPS – Account +ISFC option to send money instantly.
After adding a beneficiary, now you can open the Fund Transfer section and select added beneficiary for money transfer.
Enter the amount and submit.
Q.1: How to add beneficiary in BOI for fund transfer?
Ans: Bank of India Mobile Banking is the best way to send money from your account to other bank accounts. You can add beneficiary through Bank of India Mobile Banking instantly and transfer money to the added beneficiary account. Please follow the above steps and add a beneficiary.
Q.2: What is Payment mode (NEFT, IMPS, RTGS, BOI – third party) when you add beneficiary through BOI Mobile Banking?
Ans: When you add beneficiary in Bank of India through Mobile Banking, you can see different payment modes.
- BOI – Third party: You need to select this option when you add other BOI accounts as a beneficiary.
- NEFT: If you want to transfer money through NEFT then you need to select this option.
- IMPS – Account+IFSC: IMPS is the best payment mode option to send money instantly online. You can select this option if you want to transfer money up to 2 lac.
- RTGS: If you want to transfer money using RTGS then select this option to add a beneficiary.
Q.3: When my added beneficiary will be activated?
Ans: It will be activated instantly, however you can send money up to 25,000 for the next 24 hours and then you can transfer full amount.