NEFT schemes through ATMs

Corporation Bank became the first public sector bank to launch National Electronic Funds Transfer through ATMs.

April 17, 2008 00:04 IST

Corporation Bank became the first public sector bank to launch National Electronic Funds Transfer (NEFT) through ATMs.

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.

This article was first uploaded on April seventeen, twenty eight, at four minutes past twelve in the am.