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Import Bill Collection

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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

How does Import Bill for Collection (DA/DP) 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

The ICICI Bank Edge


  • 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'

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