NFS Full Form in Banking, What Does NFS Stand For?
NFS Full Form in Banking is National Financial Switch. The (NFS) is India’s largest interbank ATM network. [1] With the intention of linking all of the country’s ATMs together and making banking more convenient, it was created, tested, and released by the (IDRBT) in 2004. The NPCI oversees the system.
Services offered by NFS
NFS member banks have been at the forefront in offering interbank ATM services to the greatest number of consumers because NFS is the biggest domestic Atms network in the country. This is a list of the rudimentary NFS network transactions that were accessible at first:
- Mini statement
- PIN change
- Balance enquiry
- Cash withdrawal
The following features have been implemented by NPCI as value-added services to all participating bank ATMs in order to help NFS member banks provide more value to their customers. This includes:
Card to card transfer of funds
Funds can be transferred from one NFS Member Bank cardholder to another using this service.
Statement request/Cheque book request
Currently, ATMs only allow customers of the issuing bank to use the statement and cheque book request options. Customers can have the option to use their NFS card at any ATM that accepts the NPCI card, as NFS plans to make this feature interoperable with other networks.