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Digital Banking has changed the face of banking across the world. Digital banking has been part of the banking world for nearly a decade now. However, in the year 2016, with the introduction of UPI, digital banking was further revolutionized. Customers can now access their bank accounts as well as transfer funds to any account on a real time basis from anywhere and at any time.
UPI feature is supported by all the major banks in our country and has soon become among the preferred payments options. The demonetization in the year 2016 acted like an impetus for the UPI payments feature
Bank of India is among the many banks that supports the UPI application and helps customers manage multiple accounts under a single virtual address. Given below are the details relating to the UPI feature of Bank of India.
About Bank of India UPI
UPI refers to the Unified Payments Interface which is a payments gateway. It is a centralized payment portal where customers of any banks can open a UPI account with the Bank of India UPI application. It was created by the National Payments Corporation of India (NPCI) and is regulated by the Reserve Bank of India. The basis of the UPI application is the transfer of funds from one bank account to another through a mobile platform by a single two-click factor authentication process.
UPI application is simple to register as it does not require the customers to necessarily provide their banking details for the process. It provides the customers with a single Virtual Payments Address (VPA) that can be used along with the unique QR code which can be scanned to make payments immediately.
UPI functions on the IMPS technology and hence can be used to transfer funds immediately within the same bank or to any other bank as well as to merchants or persons that have a registered UPI ID.
Customers have to meet certain requirements in order to be eligible for getting a UPI ID from Bank of India. These prerequisites ensure that customers can get a valid UPI ID without any hassles.
Given below are the prerequisites for the Bank of India UPI ID.
The registration process of Bank of India UPI is extremely simple and quick. Customers can carry out the registration process within minutes through the mobile application of Bank of India. The details of the registration process for Bank of India UPI are mentioned below.
Bank of India provides many features and benefits to the customers to make it a preferred option over the traditional modes of funds transfer. Following are some of the features of Bank of India UPI.
Along with the above features, customers also get numerous benefits due to the Bank of India UPI application.
Some of these benefits are mentioned below.
Customers can perform many transactions through the Bank of India UPI application other than using it as a basic funds transfer portal. Some of such transactions are mentioned below.
1. What is the format for a Bank of India VPA?
VPA associated with the Bank of India UPI application is the format ‘xxxxxx@boi’.
2. Does the Bank of India UPI application permit customers to change the UPI ID more than once?
No. Customers cannot change the UPI ID once it is registered. However, the application does permit the customers to change the UPI PIN more than once either for security reasons or in case they have forgotten the PIN.
3. Can a person transfer funds only to another account having a UPI ID?
Bank of India UPI application can enable a customer to transfer funds to another account having a UPI ID as well as other accounts. Customers have to select the option transfer to ‘Account’ so the funds will be transferred directly to the bank account of the payee.
4. What are the transfer limits set for the Bank of India UPI?
Bank of India UPI has many limitations with respect to the quantum of amount that can be transferred as well as the total transactions that can be performed during the day. Customers are permitted to perform a maximum of 10 transactions during a day and up to a maximum of Rs. 1,00,000 per day and Rs. 10,000 per transaction.
5. What are the steps to send money through the UPI application of Bank of India?
The steps to send funds through the Bank of India UPI application are mentioned below.
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