Robert D. McTeer Jr., head of the Baltimore branch of the Richmond Federal Reserve Bank, has been named president of the Dallas Federal Reserve Bank, effective Feb. 1, retired Adm. Bobby R. Inman, chairman of the Dallas bank, announced yesterday.

McTeer, 47, will succeed Robert H. Boykin, who will reach the Federal Reserve System's compulsory retirement age of 65.

Boykin has been with the Dallas bank, one of the Fed's 12 regional banks, for 37 years, the last 10 as president. Its region includes Texas, northern Louisiana and southern New Mexico.

The Baltimore branch of the Richmond bank provides various services for commercial banks and thrift institutions in the Washington and Baltimore areas, including check clearing.

McTeer, who holds a doctorate in economics from the University of Georgia, has headed the branch since 1980.

He joined the Richmond bank in 1968 as an economist after teaching at Georgia for two years and later held a number of posts, including that of first vice president.

As president of a regional Federal Reserve bank, McTeer will participate in meetings of the system's top monetary policy-making group, the Federal Open Market Committee, and every third year will be a voting member of that committee.