Benefits and Features of Federal Bank Net Banking
The main benefits and features of FedNet are mentioned below:
- Funds can be transferred within your own accounts.
- You do not have to go through the hassles of Demand Drafts and cheques.
- Funds can be transferred via IMPS.
- Investments can be made in Recurring Deposits from the comfort of your office or home.
- Direct and Indirect Taxes can be paid online, and a confirmation is received instantly.
- Tele-banking Requests can be submitted.
- Safe and Secure Online Shopping can be completed.
- Funds can be transferred to another Federal Bank account or to Non-Federal Bank accounts.
- You can complete DTH or Mobile recharges instantly.
- Cash certificates or Fixed Deposits can be opened online without any hassles.
- Loan repayment can be completed easily.
- Mini statements can be viewed online
- Children’s education fees can be paid online.
What is the Process to Activate or Register for Federal Bank Net Banking?
Before registering for FedNet, it is vital to ensure the following for a secure and easy registration:
- You must have an active Federal Bank account. The account must also be in the name of an individual and cannot be a Joint account.
- The ATM Card must be valid.
- KYC details such as Permanent Account Number (PAN) Card, Passport, or Voters ID must be present with you.
- A valid email ID and mobile number must be provided to the bank.
- The ATM number and date of birth must be provided wherever necessary.
The step-by-step procedure to activate or register FedNet is mentioned below:
- First, you will need to visit the official website of Federal Bank (https://www.fednetbank.com/).
- Next, you must click on ‘Continue to Login’.
- On the next page, you must click on ‘Sign Up’.
- Next, you must select the type of account. Select ‘Single’ and click on ‘Continue’.
- Next, you must enter the 14-digit Federal Bank Account Number and the Verification Code. Click on ‘Continue’ once these details have been entered.
- Once the above step is complete, you will receive an OTP on the registered mobile number. Enter the OTP and click on ‘Continue’.
- On the next page, you will need to create a User ID that will be required to login to the FedNet account. The User ID must be created as per the instructions that have been provided. Click on ‘Check Availability’ next.
- On the next page, you will need to create a password that is required for login. It is vital that the User ID and the password are not the same. The password must be created as per the instructions that have been provided. You will need to enter the password twice and then click on ‘Submit’.
- Next, you must choose the type of facility you would require. In order to complete this, you will need to login first by using the User ID and password. Once the first login is complete, you can choose the type of facility you would require. You can either choose ‘View and Transact’ or ‘View Only’.
- Select ‘I Require Transaction Facility’. Click on ‘Submit’ next.
- Next, you must enter the debit card details that are linked to your Federal Bank account.
- You must enter the 16-digit debit card number, the expiry date, and the ATM Pin and click on ‘Submit’.
- Next, you must set up the Transaction Password. You will need to set up a strong password and enter it twice. Click on ‘Submit’ next.
- You will receive an OTP to the registered mobile number. Enter the OTP and click on ‘Validate OTP’ to complete the registration process.
What is the Process to Login to FedNet Banking?
Given below is the step-by-step procedure that must be followed to login to FedNet:
- Initially, you must visit the official website of FedNet (https://www.fednetbank.com/).
- Next, you must click on ‘Personal Banking’.
- On the pop-up that appears, you must click on ‘Continue to Login’.
- On the next page, you will need to enter the User ID and password.
- Once the above details have been entered, click on ‘Login’.
- On completing the above step, you will be able to access various details of your account.
- In case you want to change the password, you can do so once the login procedure has been completed.
What is the Process to Reset the Federal Bank Net Banking Password?
The process the reset the login and transaction password for the FedNet account is very simple. Given below is the process to rest the passwords:
- Initially, you must visit the FedNet website (https://www.fednetbank.com/).
- Next, you must click on ‘Personal Banking’.
- On the next page, you must click on ‘Continue to Login’.
- Next, you must click on ‘Forgot Password’.
- On the next page, the relevant details such as User ID, debit card number, ATM Pin, the expiry date of the card, and the verification code must be entered.
- Once the above details have been entered, click on ‘Continue’.
- On the next page, the new passwords will have to be entered. You can reset both the transaction password and login password at the same time or either one of them.
Given below are some tips when setting up a new password:
- The username and the password cannot be the same, and all the characters of the username cannot be used in the password.
- Letters, digits, and one special character are allowed when setting up the password.
- You cannot use spaces in the password.
- The minimum and maximum characters of the password can be 6 and 28, respectively.
- The new password that you are setting up cannot be the same as any of the previous three passwords that you have used.
- There should be at least four different characters that the password must contain.
What is the Process to Check the Balance on FedNet Banking?
In order to check the balance on FedNet, you will have to complete the registration/activation procedure. The process to check the balance on FedNet is mentioned below:
- Initially, you will need to visit the main page of Federal Bank internet banking.
- Next, click on ‘Personal Banking’.
- On the next page, click on ‘Continue to Login’.
- On the next page, you will need to need to enter the User ID and password and click on ‘Login’.
- Once the above step has been completed, you can access the ‘Account Summary’ section in order to view the balance that is available in the account.
What is the Process to Transfer Funds on FedNet Banking?
The step-by-step procedure to transfer funds by using IMPS in FedNet is mentioned below:
- First, you will need to log in to the FedNet portal (https://www.fednetbank.com/corp/AuthenticationController)
- Next, you will need to enter your User ID and password, and click on ‘Login’.
- Next, you will need to click on ‘Transfer Funds’.
- Once the above step is complete, you must click on ‘IMPS Fund Transfer’.
- Next, you must enter various details of the beneficiary such as his/her mobile number, MMID, and the amount of money that must be transferred.
- Next, you must enter the transaction password to complete the transaction.
- You must have a valid mobile number that is updated on the FedNet portal.
- You will receive an SMS confirmation immediately in regards to the transfer of funds.
In case the beneficiary has not registered for mobile banking, you can transfer the funds by entering the account number and IFSC code of the beneficiary. FedNet customers can use the IMPS facilities at any given time and can be used even on holidays.
The given below steps must be followed in order to complete IMPS – Person to Account (P2A) transfer by using the IFSC code and the account number:
- Initially, you will need to login to FedNet and click on ‘Transfer Funds’.
- Next, you must click on ‘Add External Payee’. The same procedure must be followed in case you want to transfer the funds via NEFT or RTGS. This is a one-time process and in case the payee has already been added, you can skip this procedure.
- Next, you must click on the type of transfer you would like to make.
- Next, you must select the payee from the list and enter the amount of money that has to be transferred. Click on ‘Pay’ next.
- Next, you will enter to enter the User ID and Transaction Password to complete the transfer.
What are the Transaction Limits under FedNet?
To ensure safety and security to their customers, there are limits that have been set by Federal Bank regarding the transfer of funds. The below-mentioned transfer of funds can be completed by default:
- A maximum of Rs.2 lakh can be transferred between your own accounts.
- A maximum of Rs.30,000 can be transferred to a Non-Federal Bank account.
- A maximum of Rs.30,000 can be transferred to a third-party who has a Federal Bank. However, the third-party must be added as a beneficiary.
- Maximum of Rs.30,000 can be made via online payments.
In case of any transfer of funds, a two-factor authentication is mandatory. In case individuals wish for higher transaction limits, they must opt for one of the schemes mentioned in the table below. However, individuals must log in to FedNet and click on ‘Enhance Transaction Limit’ which is present under the ‘Requests’ menu.
|Schemes||Limit of transactions between own accounts||Transaction limits to another Federal Bank account||Transaction limits to another bank account or for payment of bills||Online payments|
|Gold Net||Unlimited||A maximum of Rs.10 lakh||A maximum of Rs.5 lakh||A maximum of Rs.3 lakh|
|Silver Net||Unlimited||A maximum of Rs.1 lakh||A maximum of Rs.1 lakh||A maximum of Rs.1 lakh|
In case of payments via IMPS, the charges that are levied are mentioned in the table below:
|Maximum of Rs.1,000||Nil|
|Above Rs.1,000 and below Rs.1 lakh||Rs.5|
|Above Rs.1 lakh and below Rs.2 lakh||Rs.10|
How to Pay the Credit Card Bill by on FedNet Banking?
In order to pay the credit card bill on FedNet, you must first complete the registration process and link your credit card to the FedNet account. The step-by-step procedure to pay the credit card bill is mentioned below:
- First, you must log in to the FedNet account by using the User ID and password.
- Next, you must click on the ‘Funds Transfer’ option.
- On this page, you must add the credit card as a beneficiary.
- Next, you must select the card, the amount of money that you would like to pay, and the bank account from where the money will be paid. The date of the transaction must also be selected.
- The transaction must be validated by the OTP that is sent to your registered mobile number.
- Once the validation is complete, the funds will be added to your credit card.
GST of 18% is applicable on all banking products and services from July 1, 2017 onwards.