Bank Of India has introduced a new card-less cash withdrawal service which allows users to withdraw money from its ATMs without having a bank account, reports Livemint. Dubbed as 'Instant Money Transfer'(IMT), the service allows any Bank Of India customer to send money to any user by using the receiver's mobile number and a sender code via a text message, its Internet banking facility or its IMT enabled ATMs. The receiver can then withdraw this money from one of these IMT enabled ATMs by providing details like their mobile number, amount sent, sender's code and a SMS pin sent to the receiver via SMS within 14 days of the money transfer, failing which the amount is credited back to the sender's account. Note that the receiver doesn't have to be a customer of Bank Of India or any other bank, however partial withdrawals are not allowed at the moment. The company website currently lists 36 IMT enabled ATMs across cities like Mumbai, Delhi, Pune and Lucknow among others, although the bank chairman VR Iyer has told the publication that all 4,100 Bank Of India ATMs will offer this facility shortly. Transaction Limits As per Bank of India's website, the transaction has to be in multiples of Rs 100 up to a maximum of Rs 10,000 per transaction. There is also a flat non-refundable fee of Rs 25 per transaction. For receivers, there is a monthly withdrawal limit of Rs 25,000. There is also an option for senders to cancel unpaid transactions via these ATMs or Internet banking at no extra cost. Iyer says…
