Withdraw money from the bank if you don't have an ATM/Debit card or even if you do not have a bank account.

On Monday Bank of India today became the first PSU lender to allow withdrawal of funds from its ATMs without a debit card. The public sector bank has launched a domestic remittance service called 'Instant Money Transfer (IMT)' that allows card-less cash withdrawal from it select ATMs which are tuned for this facility.

The IMT facility allows a customer to send money to a receiver only by using the receiver's mobile number through the bank's ATM or using internet banking facility. The receiver may withdraw money from designated BoI ATMs without using a debit card.

The receiver would receive partial details for cash withdrawal on mobile phones.

Procedure for transferring the amount
BOI customer will have to provide the receiver's mobile number, a code and amount through a text message.

The receiver then receives a code form the bank and then can walk into any BOI ATM that has IMT facility to withdraw the money within 14 days of the transfer without using a debit card or even if that person does not have a bank account.

How much you can transfer

With this facility, a beneficiary can withdraw up to Rs.s. 25,000 through IMT transaction on monthly basis while per transaction limit is set up Rs.s. 10,000.

Charges
The sender will be charged of IMT fee of Rs.s. 25 for every transaction.