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Overview of NEFT/RTGS/IMPS Charges, Fees & Features at ICICI Bank

Icici Bank Neft Rtgs Imps

The world has reached a new level of digitalization. With the recent Corona pandemic, people have become more reliant on online shopping and digital transactions for their daily life. There are different ways to transact money online. Though UPI has grabbed the centre stage these days, online fraud is a cause of concern preventing many people from using it.

Regular users of internet banking have always vouched for NEFT/RTGS/IMPS for their bank transfers. They have reiterated the security level and consistent performance of these features.

ICICI Bank, one of the leading private sector banks in the country, offers all three transaction methods to its customers. Customers can use this feature either on the bank’s internet banking, mobile banking app or at their nearest branch.

The transaction limits, charges and cut-off timings differ for each of the methods. Let us look at a snapshot of them:

NEFT

Transaction Limits/Timing

01.00 hrs – 19.00 hrs

00.00 hrs – 01.00 hrs
and
19.00 hrs – 00.00 hrs

2nd & 4th Saturday, Sunday & RTGS Holidays

Minimum

Rs. 1

Rs. 1

Rs. 1

Maximum

Rs. 10 lakh or Rs. 1 crore (based on customer segment)

Rs. 2 Lakh

Rs. 2 Lakh

RTGS (Internet Banking)

Transaction Limits/Timing

01:00 hours – 19:00 hours

19:00 hours – 00:00 hours and 00:00 hours – 01:00 hours

2nd and 4th Saturday, Sunday and Bank holidays

Minimum

Rs. 2 lakh

Rs. 2 lakh

Rs. 2 lakh

Maximum

Rs. 10 lakh or Rs. 1 crore

Rs. 10 lakh

Rs. 10 lakh

RTGS (through the iMobile app)

Transaction Limits/Timing

01.00 hrs – 19.00 hrs

19:00 hours – 00:00
and
00:00 hours-01:00 hours

2nd and 4th Saturday, Sunday and Bank holidays

Minimum

Rs. 2 lakh

Rs. 2 lakh

Rs. 2 lakh

Maximum

Rs. 20 lakh

Rs. 10 lakh

Rs. 10 lakh

IMPS

Transaction Limits/Timing

IMPS (24 * 7 – 365 days)

Through the iMobile App

Through Netbanking

Account number + IFSC

Mobile number + MMID

Account number + IFSC

Mobile number + MMID

Minimum

Re. 1

Re. 1

Re. 1

Re. 1

Maximum

Rs.2 lakh

Rs.10,000

Rs.2 lakh

Rs.10,000

Overview of ICICI Bank Fund Transfer

Electronic fund transfer is a prominent feature of NetBanking. It allows you to transfer money to another bank account with ease. It is fast and secure.

ICICI Bank offers fund transfer on their NetBanking platform as well as through their iMobile App.

Fund transfer is mainly done through 3 methods; NEFT, RTGS & IMPS

All these 3 methods are done electronically while there is a slight variation in their transaction limit, charges and the time taken to transfer the money.

ICICI Bank NEFT

The National Electronic Funds Transfer (NEFT) is an electronic payment system that facilitates direct money transfer from one bank account to another. Money is transferred directly from your bank account to another individual’s bank account, in any bank and branch, that is part of the NEFT network.

NEFT transfer is available 24x7. NEFT payments are made on a Deferred Net Settlement (DNS) basis, which ensures that NEFT transactions are settled in batches. A cut-off time is defined ahead of time, and all transactions received up to that point are settled in batches. In NEFT, these transactions (payables and receivables) are netted.

ICICI Bank NEFT transfer is available through the following channels: 

ICICI Bank NEFT Charges

There are no charges for NEFT transactions initiated through digital modes; i.e. Internet Banking, iMobile app, Mera iMobile app and Pockets app. However, NEFT transfers carried out through ICICI Bank Branches shall incur the following charges:

NEFT Amount

Transaction Charges

Up to Rs. 10,000

Rs. 2.25 + Applicable GST

Above Rs. 10,000 and up to Rs. 1 lakh

Rs. 4.75 + Applicable GST

Above Rs. 1 lakh and up to Rs. 2 lakh

Rs. 14.75 + Applicable GST

Above Rs. 2 lakhs and up to Rs. 10 lakh

Rs. 24.75 + Applicable GST

Steps to transfer funds via NEFT

  • To transfer funds via NEFT, you have to add the recipient as a beneficiary under your bank account
  • The ‘Add Beneficiary’ option is available under the Fund Transfer tab. 
  • Once you have added the beneficiary, the bank takes about 30 minutes to activate the beneficiary.
  • Once the beneficiary has been activated, you can transfer money to their account.
  • You have to go to the Fund Transfer tab, choose the beneficiary, choose the transfer method as NEFT, enter the amount and any comments (optional)
  • Click ‘Submit’. You will receive an OTP on your mobile phone to authenticate the transaction. It will also require you to enter the corresponding numbers from your ICICI grid card to complete the transaction
  • Once authenticated, it will take about 2 hours for the amount to be transferred to the beneficiary’s account.

RTGS

RTGS, or Real-Time Gross Settlement, is the real-time settlement of funds from your account to the beneficiary’s account. RTGS occurs individually, as and when a fund transfer request is raised. Unlike NEFT, RTGS allows for the immediate transfer of money.

RTGS can be used only for transaction amount of more than Rs.2 lakhs. Another feature of RTGS is that you can schedule an RTGS transfer in advance.

RTGS transfers are usually instant. If not, it takes a maximum of 30 minutes for the transfer.

RTGS is also available 24x7 with ICICI Bank. You can transfer funds via RTGS using the following channels:

  • Via internet banking
  • At your nearest ICICI Bank branch

ICICI Bank RTGS Process

  • For RTGS fund transfers too, you need to add the recipient as a beneficiary
  • Once the beneficiary is added, you can transfer funds from your account to theirs
  • Enter the amount you want to transfer and add any remarks, optional
  • Authenticate the transaction using OTP and click on ‘Submit’

ICICI Bank RTGS Charges

Transaction Charges

RTGS Charges (At Branch)

Amounts above Rs.2 lakhs and up to Rs.5 lakhs (Incl. Rs.2 lakhs for RTGS)

Rs.20 + Applicable GST

Amounts above Rs.5 lakhs and up to Rs.10 lakh

Rs.45 + Applicable GST

IMPS

IMPS or Immediate Payment Service allows you to transfer the amount from your ICICI Bank account to any other bank account quickly and securely. This service is available 24x7 and works on Saturday and Sunday too.

IMPS Transfers can be used for transaction amounts of Re.1 up to Rs. 2 lakhs only.

You can use IMPS and transfer money from your ICICI Bank account through the following channels:

  • Internet Banking
  • iMobile App
  • m.icicibank.com

How to transfer money using IMPS?

  • Add the recipient as a beneficiary under the ‘Funds Transfer’ tab
  • Once added, go to the beneficiary list and select the recipient
  • Select fund transfer type as IMPS
  • Enter the amount and remarks (optional)
  • Enter the grid number on the back of your debit card along with the OTP received on your mobile phone
  • Click ‘Submit’. 
  • Upon successful authentication, the amount will be transferred in an instant to the recipient’s account

ICICI Bank IMPS Transfer Charges

Transfer Amount

IMPS Charges

Amounts up to Rs.10,000

Rs.5 + Applicable GST

Amounts above Rs.10,000 and up to Rs.1 lakh

Rs.5 + Applicable GST

Amounts above Rs.1 lakh and up to Rs.2 lakh

Rs.15 + Applicable GST

Amounts above Rs.2 lakh

Not Applicable

FAQs

1. Is NEFT chargeable in ICICI Bank?

Yes, NEFT is chargeable. The charges are based on the transaction amount. It ranges from Rs.2.25 to Rs.24.75.

2. What is the typical time limit for an NEFT transfer?

NEFT is done in batches. Based on the batch when your transaction was initiated, the transfer will take anywhere from 30 mins to 4 hours for the transfer to be completed.

3. Can NEFT be used for foreign remittances?

Sorry, no. This can be used only for accounts within India.

4. What is the information required to carry out an NEFT, RTGS or IMPS transfer?

You will require 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

5. If an RTGS transaction fails, will I get back my money?

Yes, if your RTGS transaction fails and the amount is not credited to the beneficiary account, it will be credited back to your account within 1 hour.

6. How can I know the IFSC Code of the recipient branch?

You can simply Google the IFSC code online. It will also be printed on the cheque book. You can ask the recipient to read it out for you.

7. Is RTGS available in all banks across India?

No, RTGS service is not available across all bank branches. Only around 1 lakh bank branches are RTGS enabled. You can check the details of these banks on the RBI website.

8. What happens if I write the wrong account number of the beneficiary while doing an NEFT/RTGS/IMPS transfer?

While writing the beneficiary's account number, you must be very cautious. The remitter's account number is written/given in his/her application/instruction, and the credit is given to that account number. The beneficiary account is credited solely on the basis of the account number. The remitting customer is responsible for writing the correct account number.

9. What are the transaction timings for IMPS transfer?

IMPS transfer is available 24x7.

10. What are the minimum and maximum amount I can transfer via IMPS?

With IMPS, you can transfer amounts from Rs.1 up to Rs. 2 lakhs, to another bank account.

11. Can I cancel the RTGS transaction I initiated?

A transaction may be cancelled at the bank's request. The transaction will be cancelled within 7 working days if the recipient acknowledges the cancellation.

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