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.
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.
Speaking on this occasion, Mr. 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. It is not essential to have a smart phone or a high end device. 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”.
To avail the facility, Account-holder shall 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. The beneficiary can be any person having an account with Federal bank or any other Bank. Customers can register for up to 5 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. 5000/- with a monthly cap of Rs 25,000/-. The service is available 24X7 and is free of charges. To know more about the service, customers may call the Toll Free number 1800 425 1199.
About Federal Bank:
Federal Bank is a leading Private Sector Bank with a branch network of 1,252 branches and 1,548 ATMs spread across the country. The Bank’s total business mix (deposits + advances) stands at Rs 1.22 Lakh Crore as at March 31, 2015 and it has earned a net profit of Rs 1005.75 Crore. Bank’s Capital to Risk weighted Ratio (CRAR) stood at 15.46% at the end of March 31, 2015. Federal Bank has its Representative Office at Abu Dhabi that serves as a nerve centre for NRI customers in the UAE. Federal Bank is transforming itself, keeping its principles intact, into an organization that offers services beyond par. It has a well defined vision for the future as a guidepost to its progress.