April 26, 2023

ICICI NEFT Form

The digital payment wave has swept the Indian banking ecosystem with the sheer rise in the volume of electronic payment transactions across channels such as mobile wallets, PoS terminals, UPI, IMPS!, NEFT, AEPS etc.

Just to give you a perspective, the total yearly volume of digital payments across channels has increased from 14.59bn to 71.59bn in 2022, registering a staggering 4.9x rise in volume.

Source:www.statista.com

Clearly, the value proposition for digital banking customers is too good to ignore , given the speed, safety, seamlessness, of digital banking transaction

Against this backdrop, the central regulatory authority, the RBI has outlined the next phase of growth 'Payment Vision 2025' based on the 4Es value proposition of digital banking- E-Payments for Everyone, Everywhere, Everytime.

One such digital banking transaction/payment channel is the NEFT, National Electronic Funds Transfer.

Introduced in November 2005 by the RBI, NEFT allows retail customers across India to transfer funds electronically from one NEFT bank branch enabled account to either the same or any other bank within India. The NEFT service is available 24x7 ( with effect from Dec 16, 2019 as per RBI guidelines).

There is no need to visit the bank branch as

NEFT transfers are made through digital channels (net banking and mobile banking) everytime, everywhere, everyone.

Besides, the NEFT facility can also be availed for making credit card payments and for payment of loan EMI.

For example, let us say you have an active account with ICICI Bank. You can make NEFT payment through the following channels.

Visit ICICI bank branch
Netbanking
iMobile Pay
m.icicibank.com
Pockets app
ICICI bankpay

Founded in 1994, the Vadodara headquarters ICICI bank, is one of India's leading private sector player with a strong domestic and international presence through

its network of 5,275 branches and 15,589 ATMs across India and footprints across 17 countries worldwide.

The bank had consolidated asset base of ₹16.8 lakh crore (as on December 31, 2021).

Let us take a deeper look at the nuances of NEFT transaction steps via digital payment channels such as netbanking and mobile banking.

For starters, you need to add a beneficiary account details and always ensure that accounts of payee and beneficiary are in active state.

Let us now understand the procedure to add the beneficiary for NEFT payment:

Log in to ICICI Bank Internet Banking/iMobile app, with your user ID and password/M-PIN.
When using the mobile banking channel to transfer funds:
To begin with, open the mobile banking application of ICICI Bank.
Log in to your account and navigate to the funds transfer option which is located under the ‘Transact’ tab.
You now have to add the beneficiary by pressing ‘Add a Payee’, and then select the beneficiary type ‘Other Bank Payee’.
Key in the beneficiary account details or Credit Card number.
Select the beneficiary’s IFSC, using the bank and branch name.
Click on ‘Add’, then click on ‘Confirm’
You can now validate the registration using OTP.
Once successfully authenticated, the Payee is available for transactions.
When using the net banking channel to transfer funds:
To begin with login to ICICI Bank web portal, www.icicibank.com
Navigate to the ‘Funds Transfer’ tab under the ‘Payments and Transfer’ tab.
Press ‘Add a Payee’, and then select the Beneficiary Type ‘Other Bank Payee’.
Enter the Beneficiary account details or credit card number.
Select the Beneficiary’s IFSC, using the bank and branch name.
Press on ‘Add’, then click on ‘Confirm’
Validate the registration using OTP.
Once successfully authenticated, the payee is available for transactions.

Proforma of ICICI Bank NEFT form pdf

Frequently Asked Questions (FAQs):

Q. What are the NEFT transaction charges at ICICI bank?

In case of NEFT payment via digital channels, there are no charges applicable.

However, if the NEFT payment is carried out from any of the branches of ICICI Bank, then depending upon the amount transferred, transaction charges along with GST are applicable.

For example:

NEFT transfer upto ₹ 10,000, the transaction charge is ₹ 2.25 + Applicable GST.
For fund transfers above ₹ 10,000 and upto ₹ 1 lakh, the transaction charge is pegged at ₹ 4.75 + Applicable GST.
Above ₹ 1 lakh and upto ₹ 2 lakh, the fee is₹ 14.75 + Applicable GST
Above ₹ 2 lakh and upto ₹ 10 lakh, the fee is ₹ 24.75 + Applicable GST

Q. What are the relevant data fields required to execute NEFT transactions?

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

Q. What are the transaction limits for NEFT?

The maximum threshold limit for NEFT payment ( via netbanking and iMobile) is

₹10 lakh or ₹25 lakh (based on customer segment).

Q. Can I use NEFT for foreign remittances?

No, as per RBI guidelines, NEFT facility is applicable only for remitting Indian Rupees within India.

Q. 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.

Q. 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.

Q. 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 http://www.rbi.org.in/scripts/neft.aspx for NEFT.

Q. 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.page?