Federal Bank has been consistent in treating its customers with the most up-to-date banking services. In India, Federal Bank is listed among the leading banking organizations which have actively promoted the virtual banking culture. FedNet is the name for Federal Bank’s internet banking service which covers a variety of facilities for managing transactions online.
With FedNet, you can access a variety of services such as view account statements, cheque book request, processing fund transfers and a lot more. Fund transfer with internet banking has been widely accepted by the banking population in the nation. You can prefer NEFT, IMPS or RTGS modes of fund transfer which can be accessed over your desktop, laptop and even smart phones.
Some Additional Features of FedNet
Cheques & DDs
A customer can acquire a fresh cheque book or place demand draft request online. This saves you from the hassle of visiting the bank.
Open RDs
You can book a recurring deposit simply by sitting at your home or office. In addition, you can even also fix standing instructions associated to auto debit from your bank account for offering contributions to your RD.
Payment of Loans
Easy payment of EMIs with FedNet can be processed at your convenience. Moreover, you can even fix instructions for auto debit from your account.
Federal Bank IMPS Service
IMPS or Immediate Payment Service is useful for customers who wish to send or receive funds instantly through federal bank account as well as mobile number with the availability of 7 digit MMID. You can access this service to instantly manage 24×7 interbank virtual fund transfer with the use of mobile phones. Some of the benefits of Federal Bank IMPS facility are:
- Quick interbank fund transmissions
- 24×7 accessibility
- Confirmation SMS associated to debit &credit
- Cost Effective Service
- User-Friendly
- Secure transfers
- Transfer of funds through SMS for a maximum of INR 5000 per day, with monthly limit INR 5000
- Mobile banking funds transfer for a maximum of INR 50,000/day
- FedNet can also be used to operate IMPS
What do you understand by MMID?
MMID or Mobile Money Identifier is a seven digit number offered to a bank customer. You can utilize MMID Federal Bank in order to send/receive money using the IMPS mode of fund transfer. Do remember that, every bank account has a unique MMID. Hence, together with your mobile number, the MMID also helps to identify a bank account.
Why prefer MMID Federal Bank?
Presently, we can easily transfer funds to various accounts with the help of bank account number as well as IFSC. This service can be achieved with the help of NEFT and RTGS. However, these two methods associated to money transfer do have certain limitations. One prominent restriction is their time bound usage which doesn’t allow a customer to transfer funds round the clock. In order to solve this problem, IMPS mode was devised.
MMID is essential to transfer money via IMPS, which helps to identify a person as well as their bank account. Hence, whenever you are aiming to quickly transfer funds to a person do make sure to keep the mobile number as well as MMID Federal Bank ready.