ICICI Bank NEFT facility allows accountholders to electronically transfer funds from the ICICI Bank savings account to an individual having a bank account. Fund transfers can also be made using different modes of the net and mobile banking. ICICI Bank was one of the banks which adapted to this service soon after it was launched. Any account holder using this service should be aware of the ICICI NEFT timings, charges and other such important information that are mentioned on the page below.
Eligibility to Avail ICICI NEFT Facility
Below mentioned are the prerequisites to avail NEFT facility:
- The remitter’s bank’s branch and the beneficiary’s bank must be a part of NEFT system to transfer funds electronically.
- While transferring funds, the remitter needs to add the beneficiary to its account by providing all the details of the beneficiary such as account number, IFSC code, branch name etc.
- If the customer wants to perform the transaction offline, he/she may visit the bank’s branch and fill NEFT form by providing all the details.
- NEFT transfers can be made via branches of ICICI Bank, net banking, iMobile Pay, m.icicibank.com, Pockets app, and icicibankpay.
Steps to Transfer Funds through NEFT Online in ICICI Bank
To make an NEFT transaction from your ICICI Account:
- Log into your internet banking or mobile banking account
- Choose the “Transfer Funds” option and select NEFT
- Add the Beneficiary Details under Add/Manage Beneficiary
- Provide details including the beneficiary’s name, account number and IFSC Code of the branch that the account is held in
- You can then choose the account that you want to transfer funds from
- Submit your request and you will receive a transaction reference number
- Once the transfer is complete, the remitter, as well as the beneficiary, will get an SMS alert
Steps to Transfer Funds through NEFT Offline in ICICI Bank
People who cannot process NEFT transactions online can avail the facility by visiting the bank’s branch active on NEFT. Below-mentioned are the steps to know how you can process NEFT transactions offline.
- Fill up the NEFT transfer request form and provide all the necessary details like name and account number of the beneficiary, IFSC code of the beneficiary’s bank’s branch, name of the beneficiary’s bank, and amount to be transferred.
- Submit the form to the bank official.
- The bank official upon verification will debit the amount from your account and transfer the amount to the beneficiary’s account through NEFT.
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Why choose NEFT
Even when made offline, NEFT is one of the best options to make your fund transfers for various reasons:
- The charges on the NEFT transaction are extremely nominal.
- These transactions are governed by the Reserve Bank of India which makes them safe and reliable.
- There is no minimum transaction amount.
- You can transfer up to Rs.2 lakh each day.
Also Read: Know about NEFT
ICICI Bank NEFT Timings
NEFT service is available 24×7 and 365 days if you process the transfer online. However, if the customer wants to process the transfer offline, the customer will have to call the bank’s branch and ask about the NEFT timings. The banks remain closed on 2nd and 4th Saturday and Sundays.
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Who can use ICICI NEFT
NEFT transactions are offered to all account holders of ICICI Bank. It is also possible to make a direct cash transfer from a branch by filling up an NEFT form. This is in case you do not have access to your savings account or in case you have not activated your mobile banking or net banking account yet. You will need to visit the nearest ICICI Bank Branch for this.
You can make transfers only into beneficiary accounts that are held in NEFT-enabled banks. If you want more details on the banks that are NEFT enabled, you can check on the Reserve Bank of India website.
ICICI NEFT Charges
Below mentioned are the NEFT charges that are applicable if the transfer is initiated through the branches of ICICI Bank:
| Transaction Amount | NEFT Charges (At Branch) |
| Up to Rs. 10,000 | Rs. 2.25 + Applicable GST |
| Above Rs. 10,000 and up to Rs. 1,00,000 | Rs. 4.75 + Applicable GST |
| Above Rs. 1,00,000 and up to Rs. 2,00,000 | Rs. 14.75 + Applicable GST |
| Above Rs. 2,00,000 and up to Rs. 5,00,000 | Rs. 24.75 + Applicable GST |
| Above Rs. 5,00,000 and up to Rs. 10,00,000 | Rs. 24.75 + Applicable GST |
Note: There are no charges applicable if NEFT is performed online.
ICICI NEFT Benefits
NEFT service is available round the clock and is operated by Reserve Bank of India. Hence, it makes it safe and reliable in nature. Let us discuss about the benefits offered by NEFT.
- It is an economical way of transferring funds.
- The transfer is convenient.
- There is no need to submit a cheque or demand draft.
- The services can be accessed offline and online.
- ICICI customers can make part pre-payment of their home loan account via NEFT.
NEFT Channels in ICICI Bank
Below mentioned are the channels through which you can initiate NEFT in ICICI Bank:
- Net banking
- Mobile banking
- Visit the nearest ICICI Bank branch
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FAQs
Q. Can I use NEFT even if I do not have a bank account?
Ans. Yes. If you do not have a bank account, you can remit funds through NEFT to a beneficiary having a bank account with another bank active on NEFT. This can be done by depositing cash at the nearest NEFT enabled branch of any bank by providing details like complete address, telephone number etc. Such remittances are restricted to maximum of Rs. 50,000 per transaction.
Q. What all information is required to make an NEFT transaction?
Ans. The information required is: the amount to be remitted, remitting customer’s account number from which the amount needs to be debited, name of the beneficiary’s bank, name of the beneficiary, account number of the beneficiary, and IFSC code of the destination bank.
Q. How much time does it take to get the credit for an NEFT transaction?
Ans. As per RBI, it may take 30 minutes to 4 hours after the batch settlement to credit the payment to beneficiary’s account.
Q. Can NEFT be used for foreign remittances?
Ans. No. NEFT services is designed only for Indian Rupee within India.
Q. What is NEFT reference number?
Ans. NEFT reference number is a unique transaction reference number generated at the time of commencing NEFT to recognize the transaction.