Corporation Bank, India's leading Public sector bank has announced the launch of National Electronic Funds Transfer (NEFT) through ATMs.
Corporation Bank became the first Public Sector Bank to launch NEFT in India. The service was formally launched today by Smt. Devaki Muthukrishnan, Regional Director, Reserve Bank of India at Bangalore.
This facility caters to the personal needs of individual debit cardholders, especially Savings Bank customers and will enable them to remit the required amounts within two hours. For example, parents who hold CorpBank debit card can now remit money to their wards across the country almost instantaneously.
NEFT’s advantage is its interoperability between banks as the funds can be transferred to the beneficiaries’ accounts of any bank. Presently, 43,000 branches of Scheduled Commercial banks in India have NEFT facility.
CorpBank customers need to pre-register the beneficiaries and maximum of Rs.15,000 can be transferred in a single day.
