Federal Bank has introduced a scaled up version of its mobile banking platform FedMobile. The new version has the facility to open term deposits by both Indian and NRI customers. They will also be able to open recurring deposits and tax saving deposits, in addition to making fixed deposits. In addition, the app is capable of making hotel and bus bookings. The app is already being used to make utility payments, and payments to MFs, insurance companies as well as donations. K.P. Sunny, head – Digital Banking at the bank, the bank has improved the features, security and convenience available through its alternate channels in view of the increased demand for digital banking transactions following the demonetization. With the updated version of FedMobile customers can now do most of their banking transactions from a single user-friendly platform, he added.
