e-Transfer
(ACH)
Click on the below mentioned questions
to get answers to your queries.
| 1. |
What
are the advantages of the e-Transfer
facility? |
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Transfer within 7 working days
from the day you send your remittance request for crediting
accounts with ICICI Bank and an additional 1-3 days
(depending on the location of the beneficiary ) in case
the payment is to be done through a demand draft. |
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| 2. |
How
do I set-up my e-Transfer
account? |
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On the basis of your authorisation
we would initiate two-sub dollar transaction credits
and one sub-dollar debit (equivalent to sum of the two
sub-dollar credits) on your account. After 5 banking
days (i.e. excluding Saturday, Sunday and other Public
Holidays), ICICI Bank would send an email requesting
you to confirm details of the sub dollar credit transactions
done on your account.
After which an online verification will be done.
On successful verification, your e-Transfer account is immediately activated.
The sub dollar transaction verification process is
detailed in the subsequent paras for your ready reference.
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| 3. |
What
is a Sub Dollar Transaction Verification and how does
it work? |
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The Sub Dollar Transaction Validation
Process is as follows:
- We would be posting sub-dollar transaction (i.e.
amounts below one dollar) in your operative account.
- There would be 3 transactions posted i.e. 2 credits
and 1 debit. The sum of 2 credits would be equivalent
to the single debit, thus nullifying the effect
on the balances in your operative account
- The details that would appear in your account
would be as follows (example):
For Debit: MONEY2INDIA SUB TRANSFER -$0.XX
For Credit 1: MONEY2INDIA PYMT TRANSFER $0.YY
For Credit 2: MONEY2INDIA PYMT TRANSFER $0.ZZ
- The sub dollar transactions would appear in your
account on the second / third business day from
the date of receipt of instructions at ICICI Bank.
- However, completion of the validation process
cycle, which would be based on the ACH clearing
process would take around 5 banking days (i.e. excluding
Saturday, Sunday and other Public Holidays), from
the date of receipt of registration by ICICI Bank.
If the transactions were successfully passed in
your account, an email would be sent to you after
5 business days requesting you to confirm the sub
dollar transactions through our M2I site.
- You would get a link "Entry sub-dollar ",
under the option "Manage Your e-Transfer
Account" option. This option (entry for sub
dollar) would be available only after 5 banking
days from receipt of registration request at ICICI
Bank. You would be getting an email requesting you
to enter the sub dollar transactions.
- Here you need to check your bank statement -->
login into our site Money2India page --> click
on Manage your e-Transfer
(ACH) Account --> You would get details of your
registered account --> Click on the link Entry
for Sub Dollar
- You would get a screen for "e-Transfer(ACH)
Sub Dollar Transaction Entry" wherein you would
have to enter details of sub dollar CREDITS ONLY
against fields Credit 1 & Credit 2, as appearing
in your account and confirm the same
- On confirmation, the details would be checked
online and if the details match, your account would
be activated for remittances. After activation,
you can go ahead and give us a remittance instruction
immediately.
By entering the transaction details correctly you
would be authorizing ICICI Bank to debit your bank
account for subsequent remittance requests made through
Money2India e-Transfer
(ACH) facility. If you were unable to enter the required
details in Money2India site within 45 days of registration,
your account would be disabled for security reasons.
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