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Fund transfer through a missed call

Federal Bank has introduced a facility for funds transfer using a missed call to a dedicated number. The daily transaction limit for this service is Rs 5,000 with a monthly cap of Rs 25,000. The service is available 24X7 and has been offered free of charge. Account-holders will have to register for the service by sending an SMS to a phone number of the bank providing information on the beneficiary mobile number, beneficiary account number, IFSC code, amount, last 3 digits of debit a/c number and beneficiary name. The beneficiary can be any person having an account with Federal Bank or any other bank. Customers can register for up to five beneficiaries. K.A. Babu, head – Digital Banking at the bank, said this is for the first time in the country that any bank has introduced funds transfer facility through missed call. It is not essential to have a smart phone or a high end device. The service will be further enhanced by enabling account-holders to set higher daily limits and registering beneficiary using FedNet, the bank’s net banking services, he added.

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