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Modes of NEFT transfers

NEFT Transfers can be made by ICICI Bank customers using any of the modes below:

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**ICICI Bank Credit Card payments through NEFT.

**In accordance with the regulatory guidelines, the NEFT facility is available 24x7.

NEFT Transaction & Charges

For Digital modes:

No transaction charge is applicable on NEFT/RTGS transfer that is initiated through the digital modes of banking i.e. Internet Banking, iMobile Pay app and Pockets app.

NEFT (Internet banking) - Applicable for NRIs as well

Transaction Limits/Timing 01.00 hours – 19.00 hours 00.00 hours – 01.00 hours
and
19.00 hours – 00.00 hours
2nd & 4th Saturday, Sunday & Bank Holidays
Minimum ₹ 1 ₹ 1 ₹ 1
Maximum ₹ 10 lakh or ₹ 1 crore (based on customer segment) ₹ 10 Lakh or ₹ 25 Lakh (based on customer segment) ₹ 10 Lakh or ₹ 25 Lakh (based on customer segment)

NEFT (iMobile Pay) - Applicable for NRIs as well

Transaction Limits/Timing 01.00 hours – 19.00 hours 00.00 hours – 01.00 hours, 19.00 hours – 00.00 hours & Bank Holidays
Minimum ₹ 1 ₹ 1
Maximum ₹ 20 lakh ₹ 2 Lakh

 

For Branches:

The below transaction charges are applicable on NEFT transfers that are initiated through the branches of ICICI Bank.

Transaction Charges NEFT
Up to ₹ 10,000 ₹ 2.25 + Applicable GST
Above ₹ 10,000 and upto ₹ 1 lakh ₹ 4.75 + Applicable GST
Above ₹ 1 lakh and upto ₹ 2 lakh ₹ 14.75 + Applicable GST
Above ₹ 2 lakh and upto ₹ 10 lakh ₹ 24.75 + Applicable GST

As per RBI guidelines, National Electronic Funds Transfer (NEFT) is available 24x7 with effect from Dec 16, 2019.

CIB, Instabiz & API Banking

Limits are at user level

Limits 01:00 hours– 19:00 hours 00:00 hours – 01:00 hours and 19:00 hours – 00:00 hours 2nd & 4th Saturday, Sunday & RTGS Holidays
Total Transaction Amount Existing Workflow limit mapped to Corporate Maximum ₹ 10 Lakh Maximum ₹ 10 Lakh
 

 

 

Did You Know?

ICICI Bank accepts part pre- payment of your Home Loan through National Electronic Funds Transfer (NEFT). In case you want to make part pre-payment on your Home Loan Account through NEFT you need to visit the nearest ICICI Bank branch. The Service Request number received during branch visit must be mentioned in the remarks column in the NEFT form while making part prepayment through NEFT. Please note that the transactions with invalid request numbers will be rejected. Minimum 1 EMI to be paid as a part pre-payment amount. Check below link for the list of Branches nearest to you.

Frequently Asked Questions for NEFT

What is National Electronic Funds Transfer (NEFT) system?

National Electronic Funds Transfer (NEFT) is a nation-wide centralised payment system owned and operated by the Reserve Bank of India (RBI). Funds are transferred to the Credit Account with the other participating Bank using RBI's NEFT service. RBI acts as the service provider and transfers the credit to the other bank's account. As per RBI guidelines, NEFT is available 24x7 with effect from Dec 16, 2019.

What are the advantages of using NEFT system?

NEFT offers the following advantages for funds transfer or receipt:

  • Round the clock availability all days of the year
  • Near real-time funds transfer to the beneficiary account and settlement in a secure manner
  • Pan-India coverage through large network of branches of all types of banks.
  • Positive confirmation to the remitter through SMS/e-mail on credit to the beneficiary’s account
  • Penal interest provision for delay in credit or return of transactions
  • No charges to Savings Account customers for online NEFT transactions
  • Besides funds transfer, NEFT system can be used for a variety of transactions including payment of Credit Card dues to the card issuing banks, payment of loan EMI.

What are the channels through which I can initiate an NEFT fund transfer?

  • Internet Banking – Send money to your chosen beneficiary from your desktop/laptop
  • Mobile Banking- Send money through your iMobile app
  • Branch– Visit the nearest ICICI Bank branch and fill the NEFT form to do an NEFT transaction
  • ICICI Bank Product name to be entered - Internet Banking facility for corporates.

What are the transaction steps for NEFT through Internet Banking/Mobile Banking?

For NEFT, you will need to begin by adding a beneficiary. Then you can go on to make a funds transfer or Credit Card payment.

For online transactions, both Internet Banking and third party funds transfer facilities should be in the active state.

Steps to add the beneficiary for NEFT

  • Step 1- Log in to ICICI Bank Internet Banking/iMobile app, with your user ID and password/M-PIN

1] For iMobile

  • Step 2– Go to the ‘Funds Transfer’ tab under the ‘Transact’ tab.
  • Step 3- Click on ‘Add a Payee’, and then select the beneficiary type ‘Other Bank Payee’
  • Step 4– Enter the beneficiary account details or Credit Card number
  • Step 5– Select the beneficiary’s IFSC, using the bank and branch name
  • Step 6– Click on ‘Add’, then click on ‘Confirm’
  • Step 7– Authenticate the registration using OTP. Once successfully authenticated, the Payee is available for transactions.

2] For Internet Banking

  • Step 2– Go to the ‘Funds Transfer’ tab under the ‘Payments and Transfer’ tab
  • Step 3 - Click on ‘Add a Payee’, and then select the Beneficiary Type ‘Other Bank Payee’
  • Step 4– Enter the Beneficiary Account details or Credit Card number
  • Step 5– Select the Beneficiary’s IFSC, using the bank and branch name
  • Step 6– Click on ‘Add’, then click on ‘Confirm’
  • Step 7– Authenticate the registration using OTP. Once successfully authenticated, the payee is available for transactions.

Steps to make your NEFT funds transfer:

  • Step 1 – Go to the ‘Fund Transfer’ tab
  • Step 2– Select the beneficiary from the list of registered beneficiaries
  • Step 3– Select the Debit Account, enter the amount and add remarks (optional)
  • Step 4– Select NEFT as the payment method
  • Step 5– Review the details, and if all is correct, click on ‘Confirm’ to complete the process
  • Step 6– Authenticate the transaction using OTP and click on ‘Submit’.

What information is required to do an NEFT transaction?

For an NEFT remittance, the remitter has to furnish the following information:

  • Amount to be remitted
  • Remitting customer's account number, which is to be debited
  • Name of the beneficiary bank
  • Name of the beneficiary
  • Account number of the beneficiary
  • IFSC of the destination bank branch

What are the transaction limits for NEFT?

For Internet Banking and iMobile:

Transaction limits/timing 01:00 hours – 19:00 hours 00:00 hours – 01:00 hours and 19:00 hours – 00:00 hours 2nd and 4th Saturday, Sunday and RTGS holidays
Minimum Re 1 Re 1 Re 1
Maximum Rs 10 lakh or Rs 25 lakh (based on customer segment) Rs 2 lakh Rs 2 lakh

For branches:

Transaction charges NEFT
Amounts up to Rs 10,000 Rs 2.25 + applicable GST
Amounts above Rs 10,000 and up to Rs 1 lakh Rs 4.75 + applicable GST
Amounts above Rs 1 lakh and up to Rs 2 lakh Rs 14.75 + applicable GST
Amounts above Rs 2 lakh and up to Rs 10 lakh Rs 24.75 + applicable GST

How to do Credit Card payments through NEFT?

Credit Card payments can be completed easily through ICICI Bank’s NEFT service under Internet Banking.

Important points:

  • You need to have the Internet Banking and third party funds transfer facilities in the active state
  • The Credit Card issuing bank must be enabled to receive payments through NEFT
  • The IFSC should be obtained from the Credit Card issuing bank (without the correct IFSC, the transaction will be rejected).

Steps to make your Credit Card payment:

  • Step 1– Go to the ‘Fund Transfer’ tab, and click on ‘Transfer to Other Bank’
  • Step 2– Select the Account, Beneficiary and enter the relevant details
  • Step 3– Accept the Terms and Conditions
  • Step 4– Review the details, and if all is correct, click on ‘Confirm’ to complete the process.

When does the beneficiary get the credit for an NEFT transaction?

The transaction will be settled to your beneficiary as per the RBI batch which ideally takes 30 minutes to 4 hours.

If an NEFT transaction is not credited to a beneficiary account, does the remitter get back the money?

Yes. If the beneficiary's bank is unable to credit the beneficiary's account for any reason, the former will return the money to the remitting bank within 2 business hours of completion of the batch in which the transaction was processed. Once the amount is received by the remitting bank, it is credited to the remitter's account by the branch concerned.

Can I use NEFT for foreign remittances?

This is a service designed only for remitting Indian Rupees within India.

What is IFSC?

IFSC stands for ‘Indian Financial System Code’. It is an 11-digit, alpha-numeric code designed to identify bank branches in India. The beneficiary customer can obtain the IFSC from his/her bank branch. The IFSC is also available on the cheque leaf.

Do all bank branches in India provide NEFT services?

No. NEFT services are enabled only in specific bank branches across the country. A list of such NEFT enabled branches can be obtained from the RBI website. Visit https://www.rbi.org.in/scripts/neft.aspx for NEFT.

Whom do I contact, in case of non-credit or delay in credit to the Beneficiary Account for NEFT transaction?

Visit the nearest ICICI Bank branch or call our Customer Care. You can also raise a Service Request by visiting https://www.icicibank.com/feedback . If the issue is not resolved satisfactorily, a complaint may be lodged to the Principal Nodal Officer and subsequently, to the Banking Ombudsman.

For details, please visit https://nli.icicibank.com/NewRetailWeb/complaint.htm.

What happens if I write the wrong account number of a beneficiary?

Visit the nearest ICICI Bank branch or call our Customer Care. You can also raise a Service Request by visiting https://www.icicibank.com/feedback . If the issue is not resolved satisfactorily, a complaint may be lodged to the Principal Nodal Officer and subsequently, to the Banking Ombudsman.

For details, please visit https://nli.icicibank.com/NewRetailWeb/complaint.htm.

Whom should I approach for raising a dispute/complaint related to NEFT transaction?

You may approach the Grievance Redressal Cell of your bank with details of the disputed transaction. In case your grievance is not resolved within 30 days, you may approach the Banking Ombudsman under the RBI Banking Ombudsman Scheme, 2006. The contact details of BO along with the area of operation are available on the RBI website at https://rbi.org.in/Scripts/AboutUsDisplay.aspx?pg=BankingOmbudsmen.htm