Federal Bank Launches "Soft PIN" Facility for Debit Cards, a Go-Green Initiative

Federal Bank has launched 'Soft PIN' facility for Debit cards, a go-green initiative as part of its journey towards enhancing ‘Digital Convenience’ for its customers. Soft PIN, which replaces printed ‘PIN- Mailers’, can be generated by the customers themselves through any of the Bank’s 1500-plus ATMs across the country, thus avoiding the hassles involved in sending and receiving of physical PIN Mailers.

The process for generating Soft PIN is simple and convenient. Upon receiving a debit card, the customer shall initiate an SMS for setting a new PIN, in response to which they will receive a One Time Password [OTP] with 3 hours validity. They may visit any Federal Bank ATM within the stipulated 3 hours, along with the debit card, and set the PIN using the OTP. In the case of Soft Pin there is no waiting time for the customer to receive the PIN which otherwise comes through post / courier. This is more secured as there is no chance of losing it in transit. It also promotes paperless banking and hence an environment friendly initiative.

As an additional service, the Bank has enabled the facility to activate debit cards through any of its ATMs. With this, customers can now generate Debit Card PIN, reset Debit Card PIN and activate Debit Cards using the Bank’s ATMs. The facility to reset Debit Card PIN and activate debit cards through Internet Banking (FedNet) and Mobile Banking (FedMobile) channels is in the offing, and will be launched very soon.

Mr Babu K A, Head Retail Business, said “this initiative is in line with the vision of “Digital India” which aims to transform the country into a digitally empowered society and knowledge economy. Keeping pace with the constant changes in the digital space, Federal Bank has introduced various digital products to improve convenience and positive experience to our customers. Soft Pin is our latest initiative on this front.”

About Federal Bank:

Federal Bank is a leading Private Sector Bank with a branch network of 1,248 branches and 1503 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.