Federal Bank introduces instant funds transfer using ATM cards

Thursday, Sep 3, 2015,22:10 IST By metrovaartha A A A

Kochi | Federal Bank, leading private sector bank with its headquarters in Kerala, has introduced yet another digital convenience to its customers by enabling the facility of instant funds transfer using ATM Cards at ATMs.
The facility known by the acronym ‘C 2 C’, which denotes ‘Card to Card’, provides for transfer of funds between cards of the Bank and those of 11 other Banks who are providing this facility, a bank release said here today.
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, it said adding that the C 2 C funds transfer happens through the platform provided by the National Payments Corporation of India (NPCI) and hence was provided on a secure platform.
The programme was in line with the Bank’s declared objective of continuously striving towards scaling up of digital convenience to its customers, it added.
The maximum amount that could be transferred by a customer using the C 2 C facility through ATM is Rs. 5,000 per card per day with a monthly cap of Rs. 25,000 per card, which is as per RBI norms, it said.
On the occasion, Federal Bank Retail Business Head K A Babu said that  ‘Federal Bank has always been in the forefront in providing utmost convenience to their customers, leveraging the prospects of technology. This is a real time fund transfer facility as the beneficiary receives the credit instantly.’