Bank of India is a public sector bank headquartered in Bandra Kurta Complex, Mumbai. It was founded in 1906 and has been owned by the government since nationalization in 1969. It has over 5000+ branches, including over 50 branches operating outside India.
Bank of India is the founder member of SWIFT i.e. Society for Worldwide Inter Bank Financial telecommunications. It facilitates the provision of cost-effective financial processing and communication services. Its total business stands at INR 1,037,549 crores, 5108 branches, and 5551 ATMs all over the world as on 31st March 2021.
Bank of India opening time, lunchtime, and closing time are the basic information that is required to be known being an account holder in the bank. While planning to open a bank account in the Bank of India, it becomes very important to know their timings. Let us now understand the timings.
What is the opening time of the Bank of India?
- During weekdays i.e. from Monday to Friday, the Bank of India opens at 10 am.
- On Saturdays, the Bank of India opens at 10 am. The bank is open on the first, third, and fifth Saturdays of every month.
- In case of emergencies or other events, the Bank of India opening time might change.
- The administration only has the power to change the Bank of India’s timings.
What are the Lunch timings of the Bank of India?
- Bank of India’s timings for lunch is from 02:00 pm and 02:30 pm.
- Bank of India employees have their lunch breaks on a shift basis. There is no disruption in service to the customers due to this.
What is the closing time of the Bank of India?
- During weekdays i.e. from Monday to Friday, the Bank of India closes at 4 pm.
- On Saturdays, the Bank of India closes at 4 pm. The bank is open on the first, third, and fifth Saturdays of every month.
- The second and fourth Saturdays are non-working days for the bank.
- On any sudden government announcement or during public holidays Bank of India timings may vary.
Snapshot of Bank of India Timings
Day | Working Hours* |
BOI Bank Timings from Monday to Friday | 10:00 am to 04:00 pm |
BOI Bank Timings on Sunday | Bank Closed |
BOI Bank Timings on Second and Fourth Saturday | Bank Closed |
BOI Bank Timings on First, Third and Fifth Saturday | 10:00 am to 04:00 pm |
What is NEFT/ RTGS?
The acronym “NEFT” stands for National Electronic Funds Transfer. Funds are transferred to the credit account with the other participating Bank using RBI’s NEFT service. RTGS -The acronym “RTGS” stands for Real Time Gross Settlement. The RTGS system facilitates the transfer of funds from accounts in one bank to another in “real-time”. The RTGS system is the fastest possible interbank money transfer facility available through secure banking channels in India.
What is the Bank of India timings for NEFT?
- Bank of India timings for NEFT may be different for weekdays and working days.
- Bank of India timings for NEFT are subject to the branch’s working hours.
Bank of India timings for Sunday is not available as the bank is closed on Sunday.
As per RBI, NEFTs are settled on a half-hourly basis. There are 48 half-hour settlement batches that begin at 00:30 hours and terminate at 00:00 hours.
Mandatory requirement for doing an NEFT:
Below mentioned are the information that is mandatorily required:
- Beneficiary’s Name
- Beneficiary’s Address
- Beneficiary’s Account Number
- Beneficiary’s Account Type
- Amount
- IFSC Code of the Beneficiary’s Bank Branch
- Branch Name
- Date
- Phone Number of the Remitter
- Signature of the Remitter
Bank of India NEFT Charges
There are no charges in case of inward settlement. Also, there are no charges for NEFT transactions in case the transaction is done online via Internet banking or mobile banking.
In case of outward settlement, below mentioned are the charges:
Amount | NEFT Charges |
INR 10,000 | INR 2.50 + GST |
More than INR 10,000 | INR 5.00 + GST |
What is the Bank of India timings for RTGS?
- Bank of India timings for RTGS may be different for weekdays and weekends.
- Bank of India timings for RTGS on a weekday and working Saturday are from 8 am to 4.30 pm.
Bank of India timings for Sunday is not available as the bank is closed on Sunday.
Just like the Bank of India Timings, Karnataka Bank Timings for daily operations are also similar. Let’s just go through it:
Day | Working Hours* |
Karnataka Bank Timings from Monday to Friday | 10:00 am to 04:00 pm |
Karnataka Bank Timings on Sunday | Bank Closed |
Karnataka Bank Timings on Second and Fourth Saturday | Bank Closed |
Karnataka Bank Timings on First, Third and Fifth Saturday | 10:00 am to 04:00 pm |
What are the Lunch timings of the Karnataka Bank?
- Karnataka Bank’s timings for lunch are from 01:00 pm and 03:00 pm.
- Karnataka Bank employees have their lunch breaks on a rotational basis. There is no disruption in service to the customers due to this.
What are the Karnataka timings for NEFT?
- Karnataka Bank timings for NEFT may be different for weekdays and working days.
- Karnataka Bank timings for NEFT are subject to the branch’s working hours.
Karnataka Bank timings for Sunday are not available as the bank is closed on Sunday.
As per RBI, NEFTs are settled on a half-hourly basis. There are 48 half-hour settlement batches that begin at 00:30 hours and terminate at 00:00 hours. Presently, NEFT operates in 11 batches from 08:00 am to 07:00 pm on Monday to Saturday at an interval of one hour between them.
Karnataka Bank NEFT Charges
- Inward transactions- No charges
- Outward transactions –
Amount | NEFT Charges |
Upto INR 10,000 | INR 2.25 + GST |
More than INR 10,000 to INR 1,00,000 | INR 4.75 + GST |
More than INR 1,00,000 to INR 2,00,000 | INR 14.75 + GST |
Above INR 2,00,000 | INR 24.75 + GST |
What are the Karnataka Bank timings for RTGS?
- Karnataka Bank timings for RTGS may be different for weekdays and weekends.
- Karnataka Bank timings for RTGS on a weekday and working Saturday are from 8 am to 6 pm.
Bank of India timings for Sunday is not available as the bank is closed on Sunday.