Both private and nationalised banks provide interbank fund transfer facility in India; RTGS and NEFT are the main interbank fund transfer options in the country. Around 45000 bank branches facilitate RTGS in the country that takes place continuously through business hours. An applicant can fill Bank of India RTGS form to make transactions directly to other bank accounts.
As per Reserve Bank of India guidelines, the amount paid through RTGS should reach the beneficiary bank account within 30 minutes of initiation of the process. If for any reason, the balance cannot be credited in the bank account, the same must be returned to the sender account within 2 hours. Filling the Bank of India RTGS form makes the processing simple and time-saving for the applicant. This ensures that all the required information is available to both parties in one place.