Net banking: Federal Bank launches real time fund transfer facility

Federal Bank is extending IMPS (Interbank Mobile Payment Service) to its Internet banking customers from March 20.

This real time funds transfer facility is offered in association with National Payment Corporation of India. At present, much of inter-bank funds transfer transactions are through NEFT (National Electronic Funds Transfer) mechanism.

Under NEFT, the transactions are processed and settled in batches from 9 a.m. to 7 p.m. and, hence, are not on real-time basis.

In the scheme launched by Federal Bank, a customer can transfer funds instantaneously through Internet banking from his/her bank account to any another bank account which comes under IMPS framework.

A customer does not require beneficiary IFSC code and account number.

24x7

Customers can use FedNet as a channel for accessing their bank accounts and transferring funds. The service is offered 24x7x365 without any restriction on timings.

A customer who wants to transfer funds has to register for Internet banking facility and update his mobile number with the bank.

Customers can transfer up to Rs 50,000 daily and up to Rs 2 lakh in a month, a press release said.

sajeevkumar@thehindu.co.in