Bills for Collection
ICICI Bank offers efficient Bill Collection services that ensures timely receipt of payments. Pro-active monitoring and deligent follow up result in optimal control of outstanding.
Inward Bills for collection
By routing your inland bills through ICICI Bank, you experience fewer delays in receiving payments, gaining increased control over your trade receivables resulting in efficient cash flow management
Outwards Bills for collection
Outward Bills for Collection (OBC) is the handling of domestic sales and export documents, which are presented to the Bank by the seller to collect payment from the buyer through the buyer’s bank
How does Bill Collection work?
- Step 1 - The seller and buyer enter into a contract and agree that payment be made on the basis of a documentary collection
- Step 2 - The seller ships the goods and tenders the documents to its bank (remitting bank) together with a corresponding collection order
- Step 3 - The remitting bank sends the documents along with its collection instructions to ICICI Bank (collecting bank)
- Step 4 - ICICI Bank notifies the buyer of arrival of documents, for his payment/acceptance
- Step 5 - The buyer pays the amount due or accepts the draft and in turn receives the documents
- Step 6 - ICICI Bank remits the amount to the remitting bank
- Step 7 - The remitting bank credits the amount to the seller’s account