Federal Bank Introduces Instant Fund Transfer Facility using ATM Cards at ATMs (C 2 C)

Federal Bank 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 eleven other Banks who are providing this facility. 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. C 2 C funds transfer happens through the platform provided by the National Payments Corporation of India (NPCI) and hence is provided on a secure platform. The programme is in line with the Bank’s declared objective of continuously striving towards scaling up of digital convenience to its customers.

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, which is as per RBI norms.

On the occasion, Mr. K A Babu, Head-Retail Business, Federal Bank 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.” 

About Federal Bank:

Federal Bank is a leading Private Sector Bank with a branch network of 1,250 branches and 1509 ATMs spread across the country. The Bank’s total business mix (deposits + advances) stands at Rs 1.22 Lakh Crore as at March 31, 2015 and it has earned a net profit of Rs 1005.75 Crore. Bank’s Capital to Risk weighted Ratio (CRAR) stood at 15.46% at the end of March 31, 2015. Federal Bank has its Representative Office at Abu Dhabi that serves as a nerve centre for NRI customers in the UAE. Federal Bank is transforming itself, keeping its principles intact, into an organization that offers services beyond par. It has a well defined vision for the future as a guidepost to its progress.