Wednesday, January 26, 2011

Federal Bank – Unlimited Free Access to all Indian ATM’s



Federal Bank – Unlimited Free Access to all Indian ATM’s

On the occasion of the 62nd Republic Day Celebrations, Kerala based Federal Bank unveiled a novel customer retention campaign  i.e  ‘NO TRANSACTION FEE ‘ will be levied for its customers  on transactions,  at  other bank ATMs  even beyond the cap of five transactions per month.

At present a debit card holder of a particular bank can do transactions at an ATM of a different bank up to five times a month. From the sixth transaction, most of the banks levy Rs20 per transaction.

With the introduction of the new facility, a Federal bank debit card holder can transact through any Banks ATM in the country, any number of times, without being levied any charges. This facility is extended to all debit card holders, irrespective of the type of account they hold,

QUOTE
Federal Bank introduces a new facility, wherein Federal bank's debit card holders can transact through any Bank’s ATM in the country, any number of times, without being levied any charges.
UNQUOTE

Yes, this will enable Federal Bank to shore up its CASA Balances but as a Safe ePayments motivator, I believe this step will increase cash transactions.

In majority of the Retail Outlets charge 2% of the Bill if a Credit Card/Debit Card is used to settle the Bill.

It would have been more attractive if Federal Bank waived this charge. As it is there is a waiver of the fuel surcharge.

Federal Bank on its website has a separate sub-section highlighting all its Paper Advertisements. The ATM Free Offer Advertisement will add luster to the section. Trust the same will be added soon.




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