Import Bill Collection
Facilitating Documentary collections and Payments for your imports
Import Bill Collection is a mode of payment for international trade where the seller forwards financial and/or commercial documents to the buyer, against which the payment is made.
Import Bill for Collection services can be availed as follows: For Documents Against Acceptance (DA), ICICI Bank releases the import documents to the buyer on acceptance of the bills of exchange/draft.
For Documents against Payment (DP), ICICI Bank release the import documents to the buyer once he has paid.
ICICI Bank’s Import Bill for Collection
- Facilitates the processing of documents and payments to your suppliers on your behalf
- Saves time and takes delivery of your goods quickly and efficiently
- Enables buyers (You) to focus on building their business
- 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
Wide Network - Collection through our conveniently located Branches Alerts - Stay informed with Trade Online (our online banking platform) notifications that let you know when we receive documents Convenience - Access our Inward bill collection services without the need for a credit facility
What more, you can avail a combination of three services Import Bill of Collection, Buyers Credit and Forwards with one-time documentation by using our three-in-one product 'Import Plus'
How is your banking approach towards “Business Banking” requirements?
- Account with single bank
- Account with multiple banks