Withdrawal limit prescribed at Rs.25,000 a month
Bank of India, on Monday, launched IMT (Instant Money Transfer), which allows cardless cash withdrawal at its IMT-enabled ATMs, a first-of-its-kind initiative by any public sector bank. IMT is an innovative domestic money remittance facility that allows the customer to send money to a receiver only by using the receiver’s mobile number through the bank’s ATM and retail internet banking facility. The receiver can withdraw money from a Bank of India’s ATM without using a card.
The receiver receives partial details for cash withdrawal on his/ her mobile phone and partial details by customer.
“We see this IMT facility as an opportunity to extend the services across bank’s branches, so that the IMT sent from the account-holder of one bank, can be withdrawn from other bank ATM,” V. R. Iyer, Chairman and Managing Director, Bank of India, said.
The facility can be initiated by the bank’s customer over bank’s ATM and retail Internet banking.
The sender initiates IMT by providing receiver’s mobile number, four digits sender code, the IMT amount and authorises the transaction from either bank’s ATM or bank’s internet banking.
The sender provides receiver’s name, address and mobile number to the bank either on SMS or Internet banking. The receiver receives the notification of IMT on his mobile phone, along with a four-digit SMS Pin.
The sender separately communicates the four-digit sender code to the receiver.
Then the receiver, after getting these two pieces of information - one from the sender and the other on SMS, walks into the bank’s nearest IMT-enabled ATM and withdraws cash by punching in the mobile number, sender code, and SMS Pin.
According to Regulatory Guidelines, the monthly withdrawal limit prescribed for IMT transaction is Rs.25,000 for receiver, and per transaction limit of Rs.10,000.
IMT, once issued, is valid for 14 days, post which it expires, and the sender is credited back with the IMT amount. IMT, once issued, can also be cancelled by the sender before its expiry and withdrawal.