The banking and financial sector in India has progressed leaps and bounds owing to the recent technological innovations and advancements and ICICI Bank is no exception to this development. ICICI Bank is one of the leading and largest private sector banks in India. The bank focuses on catering to all the financial needs of its customers. It has effectively managed its banking operations and other internal systems that currently ICICI’s entire network is digitally well-connected.
The bank has incorporated the technological innovations within the banking and financial transactions to make every process simpler and smoother for its customers. From viewing of account details to money transfer, every transaction is actioned with just a click of the button. We all know that need for money can occur anytime and anywhere and to meet your monetary expenses, ICICI bank has made it extremely easy and convenient for its customers in India and abroad. The bank offers its customers numerous ways in which they can transfer money.
Let us take a look at various ways and means offered by ICICI bank to do money transfer:
With the following mentioned ways you can conveniently and quickly transfer money:
- NEFT
- RTGS
- IMPS
- Outward Remittance
- UPI
NEFT: NEFT (National Electronic Funds Transfer) is one of the widely used payment systems across India. NEFT is used to facilitate fund transfer from one account to another. Also you can transfer funds electronically between accounts with the NEFT feature. You can send money in any account within any ICICI bank branch or to account in any other bank’s branch. ICICI Bank allows NEFT feature to be utilised for fund transfer with the help of following modes namely:
- Internet Banking
- iMobile App
- dot serviceprovided by ICICI Bank
- ICICI bank Pockets service
- ICICIbankpay
RTGS: RTGS stands for Real Time Gross Settlement. As the name suggests, in this type of fund transfer system the transaction i.e. the fund settlement is done on a continuous basis. Unlike NEFT, settlement is not done in batches in RTGS. RTGS allows the processing of transaction on a continuous basis i.e. order-by-order basis. RTGS is primarily used for carrying out large value transactions. The minimum amount that can be remitted using RTGS at ICICI is Rs. 2 lakh per day while the maximum amount can go up to Rs 10 lakh per day. ICICI bank allows its customer to carry out money transfer with the help of following mode namely:
- Internet banking
- iMobile mobile app of ICICI bank
- dot featureprovided by ICICI bank
IMPS: IMPS stands for Immediate Payment Services. ICICI bank offers its customer a secure and convenient mode for accessing and transferring money instantaneously. This service is available 24×7 throughout the year, including all bank holidays and even on sundays. This service is used for money transfer anywhere and anytime. You can transfer funds within ICICI bank accounts or to any non-ICICI bank account instantly with just a few clicks. This facility of ICICI bank can be accessed with the help of following mode namely:
- Internet Banking
- iMobile mobile app of ICICI Bank
- dot facility offered by ICICI bank
Outward Remittance: Outward Remittance refers to the sending of money outside India. ICICI bank has made sending money overseas completely easy and hassle-free. The outward remittance facility can be carried out with the help of following modes:
- Money2World service:ICICI bank has offered a convenient and easy online outward remittance service called Money2World. This facility is available for resident Indians who wish to transfer money abroad. The customers just need to register online and complete one-time registration process in order to avail this service. Once registered, enter all the necessary bank details of the account from where the funds need to be transferred. Afterwards, enter receiver’s details and initiate transfer of money abroad at the fixed rate.
- Internet Banking:Transferring money abroad with the help of internet banking is similar to the funds transfer carried out in India. Customers use the Money2World option available on the internet banking customer profile. The only difference is that the internet banking users do not have to do registration for availing this service.
- Visiting bank branch:A customer can initiate the transfer by walking into an ICICI bank’s Forex (Foreign Exchange) department and enable the branch to carry out the money transfer abroad.
UPI: UPI (Unified Payment Interface) is the latest mode of money transfer offered by ICICI which enables its customers to transfer money through their smartphones. ICICI bank allows its customers a quick and convenient way to send and receive money with the help of UPI. A virtual payment address (VPA) is set up from where you can send and receive money. UPI enables ICICI Bank account holders to send and receive money on their smart phones without using their internet banking credentials or without entering bank account information. The UPI facility can be used with the help of following mode:
- iMobile App for ICICI customers
- ICICI bank Pockets for all ICICI and non–ICICI bank customers.
Thus, in the following manner a customer can carry out money transfer quickly and conveniently at ICICI bank.