National Electronic Funds Transfer (NEFT)
Features & Benefits
Need to transfer funds from your bank branch to any other bank branch? Federal Bank provides NEFT Services to make fund transfer easy, secure and convenient. National Electronic Funds Transfer (NEFT) is a nation-wide payment system facilitating one-to-one funds transfer.
Facilitates transfer of funds from any Federal Bank branch to any other bank branch
NEFT facility is available 24 x 7, 365 days
This works on the secure INFINET platform provided by IDRBT, an initiative of Reserve Bank of India.
There is no limit on the amount of funds that could be transferred using NEFT.
Maximum amount per transaction is limited to Rs.50,000/- for cash-based remittances.
Individuals, firms or corporates maintaining accounts with a bank branch can transfer funds using NEFT.
How to apply ?
Individuals, firms or corporates maintaining accounts with us can transfer funds using NEFT. Even such individuals who do not have a bank account (walk-in customers) can also deposit cash at the NEFT-enabled branches with instructions to transfer funds using NEFT. However, such cash remittances will be restricted to a maximum of Rs.50,000/- per transaction. Such customers have to furnish full details including complete address, telephone number, etc.
The remitter needs to fill in the NEFT Application form by giving the particulars of the
- Beneficiary Bank-branch
- Beneficiary's name
- Account type
- Account number
- The branch will remit the specified amount to the beneficiary by raising a debit to the remitter's account.
- NEFT fund transfer can be also done through our Internet Banking Facily-FedNet as well as Mobile Banking - FedMobile
Presently, NEFT is settled in eleven hourly settlements and there is no value limit for individual transactions. The beneficiary gets the credit on the same Day or the next Day depending on the time of settlement.
Customer Facilitation Centres (CFC)
For getting any assistance on NEFT transactions, please refer the contact details of Customer Facilitation Centres of the banks.
IFS Codes
IFSC or Indian Financial System Code is an alpha-numeric code that uniquely identifies a bank-branch participating in the NEFT system. This is an 11 digit code with the first 4 alpha characters representing the bank, and the last 6 characters representing the branch. The 5th character is 0 (zero). IFSC is used by the NEFT system to identify the originating / destination banks / branches and also to route the messages appropriately to the concerned banks / branches.
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