Kochi: Federal Bank has announced yet another digital innovation in Indian banking, Funds Transfer through Missed Call, a simple, convenient, and fast way to transfer funds round the clock.
The facility allows Federal Bank account-holders to register for the service and beneficiaries that can be even other bank account-holders to initiate the fund transfer transaction, all just through a missed call.
To avail the facility, Account-holder will have to do a onetime registration by sending an SMS from their mobile number registered with the Bank to 9895088888 in the format, ACTMFT<space>Beneficiary mobile number<space>Beneficiary account number<space> IFSC<space>amount<space>Last 3 digits of debit a/c number<space>beneficiary name.
Customers can register for up to five beneficiaries at a time. Once registered, the beneficiary has to just give a missed call to Bank’s dedicated number 7812900900 and the amount will be transferred to the beneficiary’s account instantly by debit to the Account-holder’s Federal Bank account. The daily transaction limit using this service is Rs. 5,000/- with a monthly cap of Rs. 25,000/-. The service is available 24×7 and is free of charges.
Funds Transfer through Missed call is the latest in the series of path-breaking and trend-setting digital initiatives launched by the Bank in recent times that include, FedBook Selfie, India’s first and so far the only Mobile App for bank account opening; FedBook, the pioneering mobile passbook; Scan N Pay, the QR code based payment solution; Missed Call Banking for Mobile Recharge; and Federal Experience Centre, the first-of-its-kind International Standard Digital Banking Experience Centre.
K A Babu, Head – Digital Banking said “We continue to innovate in the digital space. This is the first time in the country that any bank has introduced funds transfer facility through missed call. The beauty of this service is that this service is available to all customers of the bank. Any mobile handset will do. The service will be further enhanced by enabling account-holders to set higher daily limits and registering beneficiary using FedNet, the Bank’s net banking services. This enhanced feature will be introduced within a week.”
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