Federal Bank has announced a funds transfer facility for its customers by the use of a missed call to the bank’s dedicated number.
The daily transaction limit for this service is ₹5,000 with a monthly cap of ₹25,000. The service is available 24X7 and has been offered free of charges.
To avail the facility, account-holders have to register by sending an SMS 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 five beneficiaries.
Once registered, the beneficiary has to just give a missed call to dedicated number 7812900900 for doing a fund transfer
K A Babu, Head - Digital Banking, Federal Bank said “This is the first time in the country that any bank has introduced funds transfer facility through missed call. It is not essential to have a smart phone or a high end device. 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. ”.
Information about the service may be obtained from the Toll Free number 1800 425 1199.