Receive Funds FAQs
What does the Receive Funds (RF) facility allow me to do?
Currently, you can deposit money into your ICICI Bank account from a non ICICI Bank Account in any of the following ways:
- Cash Deposit.
- Transfer from Internet Banking service of the 3rd Party Bank.
The RF facility allows you to request for a credit into your ICICI Bank account from a non ICICI Bank Account by logging into your ICICI Bank Internet Banking account. All you need is a one time Mandate signed by the person in whose name the non ICICI Bank Account is held and payer should be signatory to clearance of cheques for that account.
Is the facility available for all the locations in India?
The receiving account (i.e; ICICI Bank Account) can be located anywhere in India. The Debit Account (i.e; 3rd Party Bank Account) should be in any of the below mentioned 67 cities.
How can I register for the facility?
To avail the facility, all you require is a one-time registration for the payer’s account(3rd Party Bank account) . To register:
- Please login to www.icicibank.com and go to Bank section.
- Select the Receive Funds link from the Left Menu.
- Click the Register a Payer button.
- Select your Credit Account and provide details of the Payers Debit Account.
- Print the Mandate form that contains the details of the registration and obtain the signature of the payer (3rd Party Bank Account holder).
- Submit the signed Mandate form to our executive along with one cancelled blank cheque of the 3rd Party Debit Bank Account.
Please note that the MICR code of the cheque should match with the MICR code filled in Mandate Form.
When can I make the first request for credit to my account?
Once the signed Mandate form is submitted to our executive it would take approximately 15 days to process the same depending upon the Payer's Bank (3rd Party Bank). You can check the status of the Mandate by logging into your ICICIBank.com account.
What if my registration request is rejected?
A Mandate form can be rejected on account of following reasons:
- Incomplete form.
- Mismatch in signature with at the Payer's Bank.
- Incorrect MICR code (incorrect cheque copy attached).
In case of rejection, the status page will show the status as rejected. A mail will be sent to the Secured Inbox of the customer stating the reason for the rejection. Also the debit mandate form and the cancelled cheque will be destroyed.
In such a situation the customer will have to delete the existing incorrect registration and re-register after making due corrections and deliver the new mandate to any ICICI Bank Branch.
How can I request for receipt of funds online?
For all registered debit accounts, you can request your fund receipts online through these simple steps :
- Login to www.icicibank.com and go to Receive Funds section.
- Click on Request a credit Transaction option.
- Select the Debit Account and Credit Account.
- Enter the amount and date on which you wish to receive in your ICICI Bank Account.
- Confirm with Transaction password and 2nd Level Authentication.
When will the funds get credited to my ICICI Bank account?
Your account will be credited on the date as requested by you while making a request for credit. The earliest date for the credit of the funds to the ICICI Bank account would depend on the clearing cycle of the centre, where Payer's Bank (debit bank) is located. This would be indicated to the customer, at the time of making the credit request through ICICIBank.com.
Under what cases can my transaction request be rejected?
Your transaction request may be rejected on account of following reasons:
- Insufficient funds in Payer Account.
- Debit Bank fails to credit ICICI Bank customer in spite of having sufficient fund available in Payee's account.
- Withdrawal of consent by the Payer.
- Payer has closed/transferred the Bank Account.
- Payment stopped by court.
- Other reason as assigned by Payer Bank.
Under Check Status you will be provided with a reason of rejection.
What will happen in case of failure of Credit request?
In case of 3 consecutive failed Credit Request, Debit Mandate would be cancelled by ICICI Bank.
Please note that customer is responsible for cancellations done due to any reason and customer has to take care of all future Scheduled transactions and Standing Instructions.
What will happen if Debit Mandate is cancelled at Debit Bank on Payer's request?
In such a case the customer has to login to his Internet banking account and de-register the particular Debit Account.
Please note that customer is responsible for de-registration done due to any reason and customer has to take care of all future Scheduled transactions and Standing Instructions.
Is it possible that my mandate has not got registered with the payer bank even through the status shows as "Registration Accepted"?
Yes. This is possible.
The Mandate form needs to be registered with the Payer Bank. ICICI Bank takes up this activity on behalf of the customer.
RBI stipulates the duration required by Payer's Bank for completion/rejection of the mandate. ICICI Bank will update the status of the registration as "Registration Accepted" after the expiry of this period. The updated status of the registration will be displayed on the site subject to receipt of the same from the Payer Bank.
Acceptance of the credit transaction that you are making is dependent on the Payer Bank.