ICICI Bank :: NRI :: FAQs :: NetExpress (Direct Debit)

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NetExpress (Direct Debit)

Frequently Asked Questions

1. What is NetExpress (Direct Debit)? Who can use NetExpress (Direct Debit)?
2. What are the benefits of NetExpress (Direct Debit)?
3. Is it necessary for the beneficiary or me to have an account with ICICI Bank?
4. How soon will a beneficiary with an ICICI Bank account receive the money?
5. How will a beneficiary who does not have an ICICI Bank account receive the money?
6. How soon will the beneficiary get the DD?
7. How much time will it take to credit a non-ICICI Bank account?
8. For what purposes can I send money to India?
9. What are the charges for NetExpress (Direct Debit)?
10. How much money can I send through NetExpress (Direct Debit)?
11. Do I need to enter a new Tracking Number on my Internet banking account for every new transfer?
12. What if my online banking account does not have a ‘Remarks’ or ‘Message to Recipient’ field?
13. How long does it take to credit my beneficiary's Visa card account?

What is NetExpress (Direct Debit)? Who can use NetExpress (Direct Debit)?
NetExpress is a completely online money transfer facility for remitters in Singapore who have an account with DBS/POSB Bank Singapore.

Using this service, accountholders of DBS/POSB Bank can transfer funds directly from their bank accounts to beneficiaries in India.

What are the benefits of NetExpress (Direct Debit)?
· Funds reach India as fast as one working day after your cheque reaches the PO Box.
· Money can be sent from any bank
· You don't need to visit the bank
· You can track your remittances online
· Regular status updates through email
· The money can be transferred directly to ICICI Bank accounts in over 1300 branches across India
· Faster and more convenient than the traditional method of sending a cheque to India

Is it necessary for the beneficiary or me to have an account with ICICI Bank?
No. Neither the beneficiary nor the remitter needs to have an account with ICICI Bank to send money through NetExpress (Direct Debit).

How soon will a beneficiary with an ICICI Bank account receive the money?
It will typically take 1 working day to credit an ICICI Bank account.

How will a beneficiary who does not have an ICICI Bank account receive the money?
NetExpress (Direct Debit) can be used to send money directly into accounts with over 100 other banks participating in the electronic credit facility provided by the Reserve Bank of India that allows electronic transfer of funds or through request for issuance of Demand Draft payable at over 2500 locations in India. Funds transferred can also be collected in cash from any of the select ICICI Bank branches in India.

How soon will the beneficiary get the DD?
The DD will be sent to the beneficiary by courier or registered post. A courier dispatch will take 2-3 days, while registered post will take 8-10 days. You can log on to the Money2India site and track the status of your remittance.

How much time will it take to credit a non-ICICI Bank account?
Non-ICICI Banks accounts will be credited typically within 2 working days after the money is sent to the beneficiary's bank.

For what purposes can I send money to India?
There are many reasons why you may want to send money to India:
- To credit your NRO/NRE savings account, NRE/NRO fixed deposits and FCNR deposits
- To credit beneficiary's savings account
- To support your family
- To give gifts
- To make investments and payments
- To make donations

What are the charges for NetExpress (Direct Debit)?

Nominal charges levied as below:

Remittance Service charge: A nominal SGD 5 (inclusive of service tax @12.36%)charge for amounts of SGD 2000 or below for electronic credits into bank accounts (over 100 key banks in India), for credit to VISA card accounts and for issuing Demand drafts to over 2500 locations. No Remittance service charge applicable for higher amounts.

Ready cash payouts at select ICICI Bank branches in India for a charge of SGD 8 (inclusive of service tax @12.36%)

Foreign currency conversion charge: A nominal charge of INR 25 (inclusive of service tax)will be levied on every remittance request where foreign currency conversion* is carried out on or after May 16th 2008. This charge would be deducted from the amount to be paid to the beneficiary.

*The INR 25 (inclusive of service tax)charge will be levied for disbursements in INR currency. For FCNR deposit requests involving currency conversion, there will be a nominal charge of USD 1 (or equivalent of the deposit currency ) deducted from the FCNR deposit amount.

How much money can I send through NetExpress (Direct Debit)?
Minimum amount:
The minimum amount you can send is SGD 500.

Maximum amount:
SGD 100,000 per day for ICICI Bank Account transfers
SGD 10,000 per day for non-ICICI Bank Account transfers
SGD 1300 per transaction for Ready Cash

Do I need to enter a new Tracking Number on my Internet banking account for every new transfer?
Yes, even if you are sending money to the same beneficiary again, you will still need to place a fresh request on Money2India and enter the new Tracking Number on your bank's internet banking website.

What if my online banking account does not have a ‘Remarks’ or ‘Message to Recipient’ field?
In that case you should send the following details by e-mail from the e-mail ID that you used to register with Money2India:
- Overseas Bank Account Number
- Overseas Bank Sort Code
- Date when overseas account was debited
- Amount that was debited from your account
- M2N Tracking Number
- Beneficiary Name

How long does it take to credit my beneficiary's Visa card account?
The card-issuing bank typically processes the credit requests to a Visa card account* within 3 working days. In case there is a delay in credit to your beneficiary's Visa card beyond 3 working days, please write to us at Email Us with the subject line as "Delay in Visa card credit". Kindly mention the details of the transaction along with the Tracking Number to enable us to assist you further.

*Above USD 1000 (or equivalent)
**Please note: Visa Money Transfer cannot be used to transfer money to VISA cards linked to NRE Account.

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