SBIN00CARDS - Pay your SBI Card bill through NEFT

SBIN00CARDS - Pay your SBI Card bill through NEFT

A long outstanding demand of SBI card holders has been met by the SBI Cards Ltd.

SBI Credit Cards dues can be paid via the NEFT mode.

The IFSC code for SBI credit card remittances is SBIN00CARDS

This option has gone live from 26^th april2011 and I am sure, SBI cards have received substantial payments through the NEFT option.

To popularize this mode, SBI Cards should offer 1%cash back or reward points.

Compared to the costs of other Bill payment modes, NEFT is considerably cheaper. Moreover, the payment received is ‘final’ and there is no question of ‘cheque bounce’.

Hence, the savings have to be shared with the credit card holders too.

It has been more than 2 years, since RBI has introduced separate Transaction Code (No. 52) in NEFT for credit card transactions. In the last couple of years, many Banks have introduced the NEFT option for remitting credit card dues.

However, SBI Cards has introduced just now.

Hm, ‘Better Late than Never’.  

RTGS/NEFT working on 14/04/2011

RTGS/NEFT Open on 14/04/2011

RTGS is functioning on 14/04/2011

NEFT is functioning on 14/04/2011

Well last year, Reserve Bank of India, declared a sudden holiday for 14/04/2010. Please refer my earlier post @ http://goo.gl/s1sJ6

This year, the mood seems to be different. As 14/04/2011, was not initially declared a Holiday under the RTGS Holidays 2011, RTGS/NEFT will be kept open.

It will be an interesting experience. All the Bank Branches across India are closed. So, tomorrow the transactions will be driven by Alternate Channels i.e Internet Banking, Mobile Banking, ATM channel.

The mood of Indian Banking customers towards Alternate Banking Channels can be judged.  Yes, lots of eyes will be on RTGS/NEFT on 14/04/2011.

Trust the Indian Banking Customers will opt in large numbers for Alternate Channels.

I understand the sentiments of folks @ the RTGS/NEFT Centralised Operations Units in Banks across the country.

Cheers to the unknown heroes.

RTGS/NEFT working on 12/04/2011

This page expires on 13/04/2011

RTGS Closed on 01/04/2011. NEFT Closed on 01/04/2011

Warning: Information on this page expires on 01/04/2011
Under the Negotiable Instruments Act 1881, 01/04/2011 is a holiday across India

Federal Bank - IMPS live

Federal Bank  - IMPS live

Federal Bank, has joined IMPS on 15/02/2011 with a soft launch and by 7^th march 2011, has gone live for a public launch.

This is a very fast TAT. Normally, if you observe, the gap between the Soft Launch and the Public Launch is at least a month. oH However, Federal Bank could shorten the average TAT.

The details can be accessed @

http://www.federalbank.co.in/General_ProductandServices_Inter-bankMobilePaymentSyst.aspx

For the time being, it is a plain vanilla product. However, 1 additional feature is that the Federal Bank customers can transfer funds on the IMPS Channel via the SMS Mode too and not be dependent on the Mobile Banking Application.

This is a good option.