Monday, April 21, 2008

First state-run bank introduces NEFT through ATMs

Karnataka-based Corporation Bank to cater the personal needs of individual debit cardholders launched national electronic funds transfer (NEFT) through its ATMs.

The press release from the bank stated, Corporation Bank is the first state-run bank to introduce this service which will enable customers especially the saving bank customers to remit the required amounts within two hours.

NEFT is based on inter-operability between banks using this service the funds can be transferred to the beneficiaries’ accounts of any bank.

The release said currently around 43,000 branches of scheduled commercial banks is providing NEFT facility. To use this service the bank’s customers have to pre-register the beneficiaries and a maximum of Rs 15,000 can be transferred in a single day.

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