arjungoyal12
KF Mentor
Federal Bank provides many electronic payment options for Indian Customers.
Mainly there are 3 ways in which you can make electronic payments with Federal Bank - RTGS, NEFT, and IMPS. Before moving forward, it's important to understand the differences between the 3 modes;
RTGS/NEFT/IMPS Transfer with Federal Bank:
There are two ways to initiate an RTGS / NEFT/ IMPS transfer with Federal Bank:
Step 1: Download and Complete the Form
Mainly there are 3 ways in which you can make electronic payments with Federal Bank - RTGS, NEFT, and IMPS. Before moving forward, it's important to understand the differences between the 3 modes;
| Type of Transfer | NEFT | IMPS | RTGS |
| Speed of settlement | Real-Time | Real-Time | Real-Time |
| Maximum Transfer Value | Rs. 10,00,000 per day | Rs.2,00,000 per transaction Rs.10,00,000 per day | Rs.10,00,000 per day |
| Minimum Transfer Value | NIL | No Limit | Rs. 2,00,000 |
| Charges | Rs. 2 (Up to 10,000) Rs. 4 (10,000-1,00,000) Rs. 14 (1,00,000-2,00,000) Rs. 20 (2,00,000-10,00,000) | NIL (Up to 1,000RS) Rs. 5 (1,000-1,00,000) Rs. 15 (1,00,000-2,00,000) | Rs. 20 (2,00,000-5,00,000) Rs. 45 ( Above 5,00,000) |
| Timing | 24x7, 365 Days | 24x7, 365 Days | 07:00 - 18:00 on all bank working days. |
RTGS/NEFT/IMPS Transfer with Federal Bank:
There are two ways to initiate an RTGS / NEFT/ IMPS transfer with Federal Bank:
- Offline submission /In Branch Request (FOR RTGS/NEFT)
- Mobile Banking (FOR RTGS /NEFT /IMPS).
Step 1: Download and Complete the Form
- Download the attached NEFT/RTGS form (in PDF format). This same form will be provided to you if you choose to initiate the transfer through an in-branch request. We have attached a copy of the same form to this post for your ease.
- Print a clear copy of the downloaded form.
- Fill out the form completely and accurately. How to fill up the form is mentioned below
- Start by writing your branch name and today’s date.
- Select the type of fund transfer you want to have.
- Enter the beneficiary details which include their name and address, account number, Bank name, branch, IFSC code, and LEI code(if applicable).
- Now, enter your name and address, mobile number, account number, PAN number, and email ID.
- Fill in the fund transfer details, where you write the amount, charges, total amount, and message if any.
- Recheck every detail and move down to write the cheque or cash details.
- Once you're satisfied, sign the form.
- Visit your nearest Federal Bank branch.
- Submit the completed NEFT/RTGS form along with any required identification documents to a bank teller or customer service representative.
- Once your request is processed, the funds will be transferred to the beneficiary's account.
- Open and log on to your Federal Bank Mobile Application using MPIN.
- On the home screen, click on more, beneficiary management, and add beneficiary. Now, enter the beneficiary account details and proceed to approve using a debit card or net banking.
- Once your beneficiary is added go to the transfer funds option, select to other federal bank accounts, and select the beneficiary you want to transfer funds to.
- Enter the amount you want to transfer and proceed. Recheck and then verify using SMS/MPIN to complete the transaction.
- For urgent, high-value transfers: Use RTGS if speed is critical and the amount is substantial. Be aware of minimum transfer limits and potential fees.
- For routine transfers and bill payments: NEFT is a convenient and cost-effective option for transfers within India, although it's not real-time.
- For small, urgent transfers: IMPS is ideal for immediate transfers of smaller amounts, even on holidays. Be mindful of potential maximum limits and fees.