Federal Bank has joined a group of 11 other banks to offer instant money transfer facility using ATM cards.
Customers of Federal Bank can transfer money to those of any of the other 11 banks (as well as to Federal Bank customers) by visiting Federal Bank ATMS.
At present, money transfer requires a visit to the bank branch or online banking.
“The transfer could be made by a customer using the ATM card by visiting any ATM of the Bank and entering the 16 digit debit card number of the beneficiary and the amount to be transferred. C2C funds transfer happens through the platform provided by the National Payments Corporation of India (NPCI) and hence is provided on a secure platform,” it said.
NPCI is a government-controlled body that is developing common infrastructure for payment and money transfer facilities in India.
The maximum amount that could be transferred by a customer using the C 2 C facility through ATM is Rs. 5,000.00 per card per day with a monthly cap of Rs. 25,000.00 per card as per the norms set down by the Reserve Bank of India.
“This is a real time fund transfer facility as the beneficiary receives the credit instantly,” said K A Babu, Head-Retail Business, Federal Bank.