Bank of India (BoI), in a first of its kind initiative has launched card-less cash withdrawal service at its IMT (Instant Money Transfer) enabled ATMs. The service allows Bank of India consumers to any person by using the receiver’s mobile number and a secret code via a text message.
The service can be availed either through Internet Banking or through IMT enabled ATMs.
It is a 24X7X365 facility and can be availed at any time of the day by both - sender and receiver.
The service can be of special use where the receiver needs emergency cash, doesn't hold a bank account or the bank account details are not available at the moment.
Process:
1. Receiver/Beneficiary Registration
It is mandatory to register the beneficiary/receiver before sending the money. Beneficiary registration by the sender, is a one-time activity. Registration can be done either through SMS or through BoI’s Retail Internet Banking.
Registration over SMS:
Bank of India customers can send an SMS to +919223009988 from their registered mobile number in following format:
IMT <Receiver's Mobile Number>#<Receiver's name>#<Receiver's Address>#<Receiver's Address Pin Code>
Registration through internet banking:
BoI customers can login to Bank’s Retail Internet Banking facility to easily register the receiver/ beneficiary by entering the receiver's name, mobile no., address and Pin code. It is a one-time procedure. If the sender wants he/she can subsequently delete these details.
2. Initiating the transaction
After successful registration of the receiver, customer's can initiate the transaction through Retail Banking facility or at an IMT enabled ATM. The following details need to be provided to initiate the transaction:
1. Receiver's Mobile Number
2. IMT Amount
3. Secret Code (To be shared only and only with the receiver)
Once the IMT has been issued successfully, sender receives an SMS on his or her mobile number containing the following details:
3. Money Withdrawal
Once the above mentioned steps have been completed successfully the receiver can easily withdraw money from an IMT enabled ATM by providing following details:
Note: The above details have been provided on the basis of details available at Bank of India (BoI) website and a few other websites. The terms and condition of the service might be changed by the bank. For updated information please refer BoI website.
The service can be availed either through Internet Banking or through IMT enabled ATMs.
It is a 24X7X365 facility and can be availed at any time of the day by both - sender and receiver.
The service can be of special use where the receiver needs emergency cash, doesn't hold a bank account or the bank account details are not available at the moment.
Process:
1. Receiver/Beneficiary Registration
It is mandatory to register the beneficiary/receiver before sending the money. Beneficiary registration by the sender, is a one-time activity. Registration can be done either through SMS or through BoI’s Retail Internet Banking.
Registration over SMS:
Bank of India customers can send an SMS to +919223009988 from their registered mobile number in following format:
IMT <Receiver's Mobile Number>#<Receiver's name>#<Receiver's Address>#<Receiver's Address Pin Code>
Registration through internet banking:
BoI customers can login to Bank’s Retail Internet Banking facility to easily register the receiver/ beneficiary by entering the receiver's name, mobile no., address and Pin code. It is a one-time procedure. If the sender wants he/she can subsequently delete these details.
2. Initiating the transaction
After successful registration of the receiver, customer's can initiate the transaction through Retail Banking facility or at an IMT enabled ATM. The following details need to be provided to initiate the transaction:
1. Receiver's Mobile Number
2. IMT Amount
3. Secret Code (To be shared only and only with the receiver)
Once the IMT has been issued successfully, sender receives an SMS on his or her mobile number containing the following details:
- Receiver's mobile no.
- IMT amount
- IMT Validity Date (In case the receiver doesn't withdraw IMT by this date, IMT wibe cancelled by the system and amount shall be credited back to sender’s account. However, the charges for the IMT shall not be reversed. )
- IMT ID (a unique code which can be used to refer IMT transaction)
- The IMT amount
- IMT ID (a unique code which can be used to refer IMT transaction)
- IMT Validity Date
- SMS Pin (System generated code, required for IMT withdrawal)
3. Money Withdrawal
Once the above mentioned steps have been completed successfully the receiver can easily withdraw money from an IMT enabled ATM by providing following details:
- Mobile number on which receiver has received the IMT details
- The Secret Code (Communicated by Sender to Receiver)
- The SMS PIN (as received in the SMS post IMT initiation)
- The IMT amount
Note: The above details have been provided on the basis of details available at Bank of India (BoI) website and a few other websites. The terms and condition of the service might be changed by the bank. For updated information please refer BoI website.
