Federal Bank was established in the year 1931 as Travancore Federal Bank. The name changed to Federal Bank in the year 1949. This is a private sector bank with headquarters in Kochi, Kerala. The bank has a total of 1252 branches and 1680 ATMs in the country. Online fund transfer facilities are available for the account holders of this bank.
- NEFT which stands for National Electronic Funds Transfer enables easy electronic transfer of funds to any bank branch. NEFT can be used for a plethora of transactions including loan repayment, credit card bill payment, etc.
- The bank places no restrictions on the minimum as well as maximum amount that can be transferred by NEFT.
- NEFT transactions are available from Monday to Saturday from 8am to 6.30pm. NEFT transactions would not be cleared on second and fourth Saturdays due to holiday.
- Inward transactions are free. NEFT charges for outwards transactions are as follows.
Up to Rs 10,000- Rs 2.50 per transaction
- Rs 10,001 to Rs 100,000- Rs 5 per transaction
- Rs 100,001 and Rs 2 lakh- Rs 15 per transaction
- Rs 200,001 and above- Rs 25 per transaction
- The Real Time Gross Settlement is a transfer method in which fund transfers are settled individually in real time. Funds get credited within minutes.
- RTGS is available in every Federal Bank branch.
- The minimum amount for remittance is Rs 2 lakh.
- Charges are as follows.
- Rs 2 to 5 lakh – Rs 25 per transaction
- Above Rs 5 lakh – Rs 50 per transaction
The Immediate Payment System allows the customers to transfer funds instantly using the bank’s mobile banking facility. IMPS can be used to send funds anytime anywhere. No service charges for the transactions.