Electronic modes of payment solutions offered by ICICI Bank include Funds Transfer, Real Time Gross Settlement (RTGS), National Electronic Funds Transfer (NEFT) and Bulk Immediate Payment Service (IMPS). Further, ICICI Bank also offers the facility to send e-mail advices to the beneficiaries for all electronic fund transfers.
This facility can be used for payment by customers to beneficiaries who are ICICI Bank account holders. This method of funds transfer is the fastest and the most secure form of remittance.
Real Time Gross Settlement (RTGS)
RTGS offers functionality of online, real time, funds transfer facility across banks. This facility can be used for transfers involving an amount greater than or equal to Rs. 2,00,000. RTGS advantages include
- Seamless movement of funds
- Real time transfers and faster credit
- Elimination of delays due to outstation funds transfer
- E-mail alerts to beneficiaries
National Electronic Funds Transfer (NEFT)
NEFT facilitates transfer of funds electronically from one account to another, between NEFT participant bank branches in India. This product offers functionality of online funds transfer facility across banks. It is primarily for low value transactions and offers an efficient, secure, economic, reliable and expeditious solution for funds transfer.
Bulk Immediate Payment Service (IMPS)
- Interbank electronic instant money transfer service. Transfers money instantly within banks across India through CIB with onscreen and File upload.
- The beneficiary account is credited immediately when a Fund Transfer request is made through Internet Banking.
- IFSC based transactions. Making payment simpler just with the beneficiary account number and IFSC.
- Maximum Limit offered : Per transaction is ₹ 2,00,000 /- (Non-Customizable) and daily limit per customer is ₹ 5,00,00,000 /- .
- Single file upload for all types of transactions including NEFT, RTGS and Bulk IMPS.
- Customized upload and download file design.
- Consolidated as well as incremental MIS for all the products.
- Alerts to customer as well as beneficiary.
- Duplication check at client level.