Intermediate layer knowledge distillation (KD) can improve the standard KD technique (which only targets the output of teacher and student models) especially over large pre-trained language models. However, intermediate layer distillation suffers from excessive computational burdens and engineering efforts required for setting up a proper layer mapping. To address these problems, we propose a RAndom Intermediate Layer Knowledge Distillation (RAIL-KD) approach in which, intermediate layers from the teacher model are selected randomly to be distilled into the intermediate layers of the student model. This randomized selection enforces that all teacher layers are taken into account in the training process, while reducing the computational cost of intermediate layer distillation. Also, we show that it acts as a regularizer for improving the generalizability of the student model. We perform extensive experiments on GLUE tasks as well as on out-of-domain test sets. We show that our proposed RAIL-KD approach outperforms other state-of-the-art intermediate layer KD methods considerably in both performance and training-time.