Even though UPI has unquestionably surpassed all other payment methods among bank customers nationwide as the most popular one since it was introduced in the demonetisation hit year 2016, it’s important to keep in mind that there are still many other payment modes that still exist and are important too.
Federal Bank Modes of Transfer
NEFT, RTGS, and IMPS are crucial payment options offered by Federal bank, especially for large transactions.
NEFT Federal Bank Services are present to make money transfers from one bank branch to another simple, efficient, and quick. One-to-one fund transfers are possible through the National Electronic Funds Transfer (NEFT), a nationwide payment system.
The NEFT service is available 24/7, every day of the year, and permits money transfers from any Federal Bank branch to any branch of another bank.
-The amount of money that can be transferred via NEFT is unrestricted.
Transactions for cash-based remittances are capped at Rs. 50,000 per transaction.
-NEFT allows both businesses and private individuals with bank accounts to transfer money.
How Does Federal Bank NEFT Work
When NEFT Federal Bank mode is chosen, money is electronically transferred from the sender’s account to the recipient’s account. The process is settled using batch-wise settlements in hourly batches throughout the day.
Why Should I transfer funds using Federal Bank NEFT
The accessibility, affordability, and convenience of NEFT are a few advantages. It enables safe and dependable money transfers to any Indian bank account for both private individuals and commercial entities.
How to transfer funds through Federal Bank NEFT to another Bank
As long as you have the required information, such as the recipient’s bank account number, bank name, and branch, you can use NEFT to transfer money to any bank account holder’s account.
How to transfer funds through Federal Bank NEFT to another Federal Bank Branch
You can transfer funds to any Federal Bank branch. Money can be sent using NEFT by individuals, businesses, or corporations that have accounts with us. At branches that accept NEFT, walk-in customers (clients without a bank account) can deposit cash with the request to send money using NEFT. The most cash transfers that can be made in a single transaction, however, will be limited to Rs. 50,000. These customers are required to give complete information, such as their full name, address, phone number, etc.
The beneficiary’s name, account type, and account number must all be entered by the sender in the entirety of the Federal Bank NEFT form. The specified sum will then be taken out of the sender’s account and transferred to the beneficiary’s bank branch.NEFT fund transfers are supported by both our FedNet Internet Banking and FedMobile Mobile Banking services.
For the time being, NEFT, which settles in eleven hourly settlements, has no transaction value cap. Depending on when the settlement takes place, the beneficiary will either receive the credit immediately or the day after.
Federal Bank NEFT Timings Federal Bank Timings
NEFT is always accessible, so there are no Federal Bank NEFT timings. In December 2019, NEFT was made available 24/7 by the Reserve Bank of India (RBI), allowing users to start transfers whenever they want, including on weekends and federal holidays.
Federal Bank NEFT Charges
Federal Bank NEFT inter bank transfers are free. However, Intra-bank Federal Bank NEFT charges include:
Federal Bank NEFT Charges
NEFT Customer outward transactions Up to ₹ 10,000 – ₹ 2.00 per transaction ₹ 10001 to ₹ 100,000 – ₹ 4.00 per transaction ₹ 100,001 to ₹ 2 lakh – ₹ 14.00 per transaction ₹ 2,00,001 and above – ₹ 20.00 per transaction Customer inward transactions Free
Federal Bank Credit Card Bill Payment via NEFT
If credit card payments are not made on time, Federal Bank reserves the right to charge additional fees and interest, which would increase the outstanding balance and damage the borrower’s credit rating. Therefore, in order to avoid falling behind on payments, it is crucial for every credit card holder to understand the various options for paying their Federal Bank credit card bills.
Federal Bank NEFT FAQ’s:-
Yes, you can use NEFT to pay the following Federal Bank credit card bills from any other bank account. During the payment process, the credit card number must be entered in the Account number field, and the IFSC code will be entered as FDRL00CARDS.
Use Federal Bank’s FedMobile app to pay credit card bills. It is perfect for those who make purchases, pay bills, and make other types of payments using their mobile devices. The funds will be loaded onto the credit card that same day.
The app needs to be downloaded onto the device before using the service. then, the subsequent actions need to be taken:
1. From the Home screen, click the “Credit Card” icon after logging in.
2. Enter the details of your credit card. To complete the transaction, select the bank, enter the IFSC, the cardholder’s name, and the payment amount, then select one of the available options.
Also, the Federal Bank Payment Gateway allows users to pay credit card bills from non-Federal Bank accounts. The money will be applied to the credit card in about three days. You must enter information like the credit card number, cardholder name, the payment amount, mobile number, and email in order to make the payment.
If you frequently forget when your credit card bills are due, Federal Bank offers the auto-debit option to holders of Federal Bank Current or Savings accounts. All that is required to set up this facility is an email to the bank. This means that there won’t be any unpaid bills!
Those who still prefer the traditional payment method need not worry. Making credit card payments in person at any Federal Bank location is simple and convenient. To pay for the purchases, you may use cash or checks. The funds are loaded onto the credit card the same day.
No, the RBI has not imposed any upper or lower Federal Bank NEFT limit on transactions. To be sure, some banks may impose their own restrictions for security and operational reasons.
To ask queries around NEFT mode of payment for credit cards, you can write to email@example.com