Bank of India RTGS Charges, Timings, Limits & How to Transfer

Bank of India (BoI) is one of India’s oldest and most trusted public sector banks, serving millions of customers with a range of modern digital banking facilities. Among these, RTGS (Real Time Gross Settlement) is a key service for high‑value fund transfers that need immediate settlement.

In this article, we’ll break down Bank of India RTGS charges, timings, transfer limits, and step‑by‑step instructions on how to transfer money using RTGS.

What is RTGS?

RTGS stands for Real Time Gross Settlement, a funds transfer system regulated by the Reserve Bank of India (RBI). It enables customers to transfer large sums of money between bank accounts on a real‑time basis, meaning transactions are settled instantly and individually — without waiting for batch cycles.

RTGS is ideal for:

• High‑value business transactions
• Urgent vendor or supplier payments
• Large personal payments like property transactions
• Time‑sensitive fund transfers

Bank of India RTGS Charges

Bank of India has aligned its RTGS fee structure with RBI directives, especially with a strong focus on digital usage.

Online RTGS Charges

• Internet Banking: Free
• Mobile Banking: Free

Bank of India does not charge any fees for RTGS transactions initiated through digital channels like internet banking and mobile banking. This makes transferring large amounts convenient and cost‑effective.

Branch RTGS Charges

If the RTGS request is made at a bank branch counter (offline), nominal charges are applicable. These are approximate and exclusive of GST:

GST (Goods and Services Tax) will be charged on these fees wherever applicable.

These charges apply only when RTGS is initiated at a physical branch counter. For digital transfers, there are no charges at all, encouraging customers to bank online.

RTGS Timings at Bank of India

Online RTGS

Thanks to RBI’s extended operational window, Bank of India customers can initiate RTGS transactions 24×7, including Sundays and bank holidays, using internet banking or the mobile banking app.

This means you can send large sums any time of the day — even late at night or on weekends — without restrictions.

Branch RTGS

RTGS requests at Bank of India branches are accepted during regular banking hours:

• Monday to Friday: Typically 9:15 AM – 4:00 PM
• Saturday: Shorter hours (may vary by branch)

Once submitted, RTGS settlements happen in real time. Even if requested near closing time, funds will still be processed immediately if all criteria are met.

Bank of India RTGS Limits

One of the key features of RTGS is its focus on large‑value transfers. RBI guidelines specify minimum and maximum conditions as follows:

Minimum RTGS amount: ₹2 lakh
RBI mandates that only transactions of ₹2,00,000 or more can be processed via RTGS.

There is no upper limit specified by RBI, making RTGS suitable for very high‑value transfers. Bank of India may impose internal caps for digital channels, but corporate and high‑value retail customers often get generous or customized limits based on relationship and banking profile.

How to Transfer Money via RTGS in Bank of India

Here’s a simple step‑by‑step guide to using RTGS:

Step 1 — Login

• Visit the official Bank of India website: https://bankofindia.bank.in/
• Or open the Bank of India Mobile App and log in with your credentials.

Step 2 — Add a Beneficiary

Go to Funds Transfer → Add Beneficiary / Manage Payee and fill in:

• Beneficiary Name
• Bank Account Number
• IFSC Code (Bank of India IFSC starts with BKID0…)
  Submit and save. The bank may take some time to activate the beneficiary for security.

Step 3 — Go to RTGS Transfer

Once the beneficiary is active:

1. Navigate to Funds Transfer → RTGS
2. Select the beneficiary
3. Enter the transfer amount (must be ₹2 lakh or above)
4. Add remarks if needed

Step 4 — Authentication

You’ll receive an OTP (One‑Time Password) or be prompted for your transaction PIN. Enter it to confirm the transfer.

Step 5 — Confirmation

After the transfer is successful, save the UTR (Unique Transaction Reference) number. This is important for tracking and reconciliation.

Benefits of Using RTGS with Bank of India

• Real‑time Settlement: Funds are credited instantly
• Free Online Transfers: Zero charges via net & mobile banking
• High‑Value Coverage: No upper limits for large transfers
• 24×7 Digital Accessibility: Available anytime, even on holidays

Important Tips Before Transferring

• Always double‑check the beneficiary account number and IFSC code before initiating the transfer.
• Add beneficiaries ahead of large transfers to avoid delays.
• Use internet or mobile banking for faster, free, and secure processing.
• Keep your UTR number handy for future reference.

Conclusion

Bank of India’s RTGS service is a secure, fast, and cost‑effective solution for transferring large sums across India. With zero charges for digital transfers, real‑time settlement, and unlimited availability, it meets both personal and business banking needs effectively.

For seamless high‑value transactions, customers are encouraged to use internet or mobile banking when initiating RTGS — quick, reliable, and economical.