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

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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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