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Introduction

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.

Overview of Bank of India UPI

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.

Requirements for Bank of India 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.

  • Customers would require a smartphone to access the UPI account.
  • The basic requirement for getting a Bank of India UPI ID is a registered mobile number.
  • Along with a registered mobile number, the next step is to have a valid Debit Card or an ATM Card as it will be required to activate the account.

Registration Process for Bank of India UPI

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.

  • Customers will have to first download the mobile application of Bank of India UPI from the Google Playstore or the Apple Store.
  • Post downloading the application, customers need to provide the registered mobile number which is linked to the bank account of Bank of India which is integral for registration with the UPI application.
  • Next step is to authenticate a new account opening request by submitting the OTP that has been sent to from the registered mobile number.
  • The user can then proceed by selecting the user name which will be unique to every UPI account.
  • Following the username, the next page will ask the customer to provide and set up a PIN which is a 6 digit code that the customers will have to input each time when they initiate or accept any funds transfer request.
  • The PIN will have to be re-entered once more to confirm it.
  • After successfully completing the above steps, customers will get a new UPI ID or a VPA that will be exclusive to the customer.
  • The format of this UPI ID is ‘xxxxxx@boi’.

Features of Bank of India UPI

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.

  • The registration process for Bank of India UPI as mentioned above is very easy. This helps the customers carry out their banking transactions in a very efficient and quicker fashion.
  • Customers can transfer funds in real time and they do not require adding the payee prior to making such funds transfer as in the case of NEFT or RTGS modes or even share their banking details with third parties for carrying out their transactions using the UPI application thus reducing or even eliminating the threat of fraud like identity theft of loss of funds.
  • Bank of India UPI application provides a single VPA which can be used to access multiple bank accounts by attaching them to such VPA. This enables the customers to gain access to their multiple bank accounts under the same roof and thus save time in doing their banking transactions.
  • Bank of India UPI application does not need the customers to get a separate card to access the application which again eliminates the chances of loss or theft of card and thereby a risk to the safety of the application.
  • Customers can transfer funds or make payments in real time upon submitting the UPI PIN. This makes it a preferred option as compared to the traditional modes like NEFT/RTGS where the customer has to wait for some time for the payments to be processed and effected.
  • Customers can easily register complaints through the Bank of India UPI application.
  • Another important feature is the facility to de-register through the application anytime as well as manage or delete the payment address through the settings menu of the application.

Benefits 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.

  • Bank of India UPI can be used to transfer funds up to a maximum of Rs. 1,00,000 per day and does not have any minimum transaction limit.
  • Customers, as mentioned above, can transfer funds instantly without any cooling period as per the requirement of the traditional funds transfer modes like NEFT/ RTGS.
  • UPI was introduced as a means to achieve the vision of the Government of India of making India a cashless economy. It has been accepted widely and successfully by the citizens of the country and has become the preferred option for majority banking transactions.
  • Bank of India UPI application functions on the single click single-click 2 factor authentication and is a very secure payments gateway for the customers to access funds as well as other banking transactions like checking the account balance, making payments for utility bills, etc.
  • UPI application is extremely user friendly and also does not require the applicants to pay any extra cost for downloading or registering with the application or even for the transactions. The charges for UPI transactions are practically negligible and almost zero in case of funds transfers or any other facility offered by the UPI application.
  • Customers can use the application not only for funds transfer but also at e-commerce websites, payment of utility bills, payments to merchants at point of sale transactions, funds transfer option through scanning the QR code or even to subscribe for an IPO.
  • Customers can also get detailed transaction history as well as set up regular payments or reminders for regular payments.
  • Another benefit is to get a list of frequently asked questions (FAQs) through the UPI application where customers can get the answers for the majority of their queries or doubts.

List of Transactions that can be done through Bank of India UPI

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.

  • Payment of funds by selecting the option ‘ Send Money’ and entering the UPI PIN
  • Receiving funds by selecting the option ‘Receive Money’ and providing the UPI PIN in this case too.
  • Using the funds transfer mode through the QR Scan option.
  • Setting up a PIN for the UPI application as well as the facility to change it multiple times or in case the user has forgotten the PIN.
  • Facility to check the status of any transaction and get details of the same like transaction id, amount of the transaction, etc.
  • UPI application can also be used to raise any queries or issues regarding the application.
  • Check the account balance anytime and from anywhere.

FAQs – Bank of India UPI

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.

  • First step is to login to the application using the user id and password set at the time of registration
  • Next, customers will have to select the option ‘Send Money’.
  • After selecting that, the customer will then have to enter the VPA of the payee or scan the QR code of the payee to send funds.
  • Finally, the customer will have to enter the amount to be transferred and the UPI PIN authenticating such request.
  • After successfully completing the transaction, the customer will receive details of transactions like the transaction id, date, amount, payee, etc.

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