BOI DIGITAL TRANSACTION & FOREX FORMS

These Bank of India (BOI) forms are used for high-value domestic transfers, digital banking access, and foreign exchange (Forex) compliance under the Foreign Exchange Management Act (FEMA).

1. RTGS/NEFT Remittance Application Format

This is the standard “Star Insta Remit” form used for transferring money across different banks in India.

• Combined Form: BOI usually uses a single form for both NEFT (National Electronic Funds Transfer) and RTGS (Real Time Gross Settlement). You simply tick the service you require.

• Key Distinction: * NEFT: For any amount; processed in half-hourly batches.

  • RTGS: For amounts ₹2 Lakh and above; processed in real-time.

• Mandatory Info: You must provide the Beneficiary Name, Account Number, Bank/Branch Name, and the IFSC Code (11 digits).

2. Internet Banking Forms (Retail vs. Corporate)

These forms are used to register for or modify access to the BOI Omni Neo Bank platform.

• Retail Form: For individual account holders. It allows you to choose between “View Only” rights or “Transaction” rights.

• Corporate Form: For businesses, firms, and companies.

  • It requires a Board Resolution or Partnership Letter.

  • It allows for Multi-user access, where you can define “Creators” (to input data) and “Authorizers” (to approve payments).

  • Limit Enhancement: Corporations use a specific annexure within this form to request higher daily transaction limits for bulk payments like salaries or vendor transfers.

3. Forex & Foreign Exchange Forms

These are legal declarations required whenever you are sending money outside India or purchasing foreign currency.

• Form A1:

  • Purpose: Exclusively for Trade/Import transactions (payment for goods/services coming into India).

  • Requirement: Requires an Import Export Code (IEC) and supporting invoices.

• Form A2-cum-LRS-Declaration:

  • Purpose: For Non-Trade/Personal remittances under the Liberalised Remittance Scheme (LRS).

  • Common Uses: Sending money for overseas education, medical treatment, family maintenance, gifts, or travel.

  • LRS Limit: Resident individuals can remit up to USD 250,000 per financial year.

  • 2026 Tax Update (TCS): Note that for remittances exceeding ₹10 Lakh in a financial year, a Tax Collected at Source (TCS) of 20% applies (unless it is for education or medical purposes, which have lower rates).

Comparison: Which Forex Form do you need?

Submission Tip: For Digital/Forex forms, ensure your PAN is linked with Aadhaar in the bank’s records. As of 2026, most banks will reject outward remittances if the PAN is marked “inoperative” due to missing Aadhaar linking.