The ICICI Bank NEFT Form 2023: enables you to transfer funds and make credit card payments to any bank across India using National Electronic Funds Transfer (NEFT). This service ensures smoother transactions and wider reach, offering more convenience with fewer limitations than ever before.
इस पोस्ट में क्या है ?
- 1 What is NEFT?
- 2 Benefit to Customers
- 2.1 ICICI Bank NEFT Form
- 2.2 Limits for Fund Transfer Amounts
- 2.3 ICICI Bank NEFT Charges
- 2.4 How to Send Payment via NEFT
- 2.5 Information Needed for Remittance
- 2.6 How to Obtain the Branch’s IFSC
- 2.7 When is the Amount Credited in the Beneficiary Account with ICICI Bank NEFT?
- 2.8 Cut-off time for remittance through ICICI Bank NEFT
- 2.9 Distinguishing RTGS and NEFT
- 2.10 Benefits of ICICI Bank NEFT
- 2.11 Important Instructions for ICICI Bank NEFT
- 2.12 ICICI Bank NEFT Form 2023 FAQ
What is NEFT?
National Electronic Funds Transfer (NEFT) serves as a nationwide payment system enabling seamless one-to-one funds transfer. This scheme allows individuals to electronically move funds from any bank branch to another individual’s account in any other bank branch across the country, provided they are part of the NEFT network.
Who Can Use ICICI Bank NEFT
Individuals, firms, or corporates holding accounts with a bank branch can utilize NEFT for fund transfers. Even individuals without a bank account (walk-in customers) can deposit cash at NEFT-enabled branches for fund transfers. However, cash remittances for such customers are limited to a maximum of Rs. 50,000 per transaction. Detailed information, including complete address and telephone number, is required for such transactions. NEFT allows originators or remitters to initiate fund transfers, even without holding a bank account.
Benefit to Customers
NEFT empowers customers to transfer funds swiftly to accounts in other bank branches. The transfer is instantaneous and incurs nominal charges, offering customers convenience and efficiency in fund remittance
ICICI Bank NEFT Form
Limits for Fund Transfer Amounts
- Minimum: Rs.1
- Maximum: No Limit
ICICI Bank NEFT Charges
| Mode of Transaction | Charges |
|---|---|
| Online modes (i.e. internet banking, Mobile app) | No Charges |
| Through branches | |
| Up to ₹ 10,000 | ₹ 2.25 + Applicable GST |
| Above ₹ 10,000 and up to ₹ 1 lakh | ₹ 4.75 + Applicable GST |
| Above ₹ 1 lakh and up to ₹ 2 lakh | ₹ 14.75 + Applicable GST |
| Above ₹ 2 lakh and up to ₹ 10 lakh | ₹ 24.75 + Applicable GST |
How to Send Payment via NEFT
NEFT, or National Electronic Funds Transfer, offers two methods for sending payments: via Online Internet Banking and through Bank Branch.
NEFT via Bank Branch: For offline NEFT transactions at a bank branch, visit your nearest ICICI Bank Branch. Request an NEFT Form or Slip and fill in all the required details. Submit the form to the cashier. Your bank branch processes the payment within 2 working hours.
NEFT Via Internet Banking: To send money via NEFT using your ICICI Bank Internet Banking, log in to the ICICI Bank Website. Add a new beneficiary to enable NEFT payments. Online NEFT is accessible for all ICICI Bank Internet Banking customers with full transaction rights. For ICICI Bank NEFT Facility, download the application form or visit your ICICI Bank Branch. Submit the duly filled form to your base branch. If you’re an ICICI Bank Connect customer with “view right” and wish to avail full transaction rights, resubmit your application form to your base branch.
Here’s how to initiate an NEFT transaction through ICICI Bank Retail NetBanking:
- Login to ICICI Bank Retail NetBanking.
- Navigate to “Other Bank Transfer – NEFT” under the Funds Transfer section on the left-hand side.
- Fill in the transfer details like amount, destination account number, IFSC Code, beneficiary name, and payment details. Upon correct entry, a unique transaction confirmation number will be generated, crucial for any related queries.
Information Needed for Remittance
- IFSC of the recipient bank branch (an 11-character code)
- Beneficiary’s account number, name, and address
- Approach the bank branch with these details.
How to Obtain the Branch’s IFSC
The Indian Financial System Code (IFSC) is a unique 11-digit code for NEFT/RTGS enabled Branches. It’s typically printed on cheque books or available from the branch where the account is held. It can also be found on the RBI website. If the beneficiary bank’s IFSC isn’t known, it can be obtained while registering the beneficiary by selecting the Bank and Branch. Additionally:
- Available on the bank-supplied cheque leaf
- Obtainable from the branch
When is the Amount Credited in the Beneficiary Account with ICICI Bank NEFT?
ICICI Bank NEFT operates 24×7, 365 days a year. Once confirmed, transactions are immediately debited from the source account and taken up for processing. Transactions initiated before the cut-off time are processed on the same day. However, transactions outside NEFT hours and on NEFT holidays will be processed on the next working day for onward transfer to the beneficiary bank. Ensure sufficient funds in your account for processing. When retrying, check the status of your previous transaction. Note, the credit into the beneficiary account depends on the destination bank after processing by ICICI Bank.
Cut-off time for remittance through ICICI Bank NEFT
Since December 16, NEFT facility for online transactions operates 24 hours a day, seven days a week. Transactions up to Rs. 2 lakhs can be made online at any time.
The Importance of Account Number:
Outward: Accurately mention the beneficiary’s Account Number when remitting funds.
Inward: When seeking remittance from other bank customers, quote your 15-Digit Finacle Account Number.
Distinguishing RTGS and NEFT
RTGS and NEFT, both facilitated by RBI, enable online funds transfer between member banks. As per RBI guidelines from November 15, 2010, RTGS is exclusively for transactions above Rs. 2,00,000, while transactions below this limit should use NEFT.
Benefits of ICICI Bank NEFT
Accessible to all Net banking users, offering a simple, convenient, and secure mode for funds transfer to other banks. Allows anytime, anywhere transfer, saving time and energy. Cost-effective compared to conventional modes like DD/MT. Stopping NEFT Payments:
Once initiated, the transaction cannot be stopped.
Important Instructions for ICICI Bank NEFT
The time taken to credit the account depends on the Payee’s Bank. Funds reach the Payee’s bank within the RBI stipulated time. General notes:
Applicable for beneficiary bank branches participating in the NEFT scheme. Ensure accuracy in Beneficiary Details before executing the transfer. Record the transaction reference number for inquiries or communications regarding NEFT transactions. Use this number to follow up with the destination bank for credit. Note that NEFT is for transferring funds from ICICI Bank to other banks. Use the Third Party Transfer option for ICICI Bank account transfers.
ICICI Bank NEFT Form 2023 FAQ
ICICI Bank NEFT (National Electronic Funds Transfer) is an electronic fund transfer service that enables customers to transfer funds securely between different banks in India.
To initiate an NEFT transaction, you’ll typically need the recipient’s name, bank account number, bank name, branch name, and the Indian Financial System Code (IFSC) of the recipient bank.
The NEFT transaction limit varies based on the type of account and the mode of transaction. Generally, retail customers have a higher limit for online transactions compared to offline transactions.
ICICI Bank may have specific charges for NEFT transactions, and these can vary based on factors such as the transaction amount. It’s advisable to check with the bank or refer to their official website for the latest fee structure.
NEFT transactions are typically processed in batches, and the time it takes for the transfer to be completed can vary. In general, NEFT transfers are settled in hourly batches, and the funds may be credited to the recipient’s account on the same day or the next working day.
