Santa Claus comes around just once a year. In the meantime, there are Credit Cards.
Would you like to make your credit card bill payments through ICICI IMPS and NEFT? If yes, this page gives you the most sought-after information related to ICICI IMPS and NEFT, which are electronic platforms designed exclusively for transmitting money from one account to another. They have unique features and benefits and are offered by most credit card companies in India. ICICI Bank is one of the leading banks to offer IMPS and NEFT.
Immediate Payment Service (IMPS) is an online banking platform for transferring funds instantly. The service is accessible 24/7 and is provided by National Payments Corporations of India (NPCI). Mobile phones are the channels through which the IMPS facility is provided. In 2010, NPCI ran a pilot for the system of mobile remittance with four partner banking institutions, including ICICI Bank. It extended this facility through partnering with many banks later on. As of date, 53 commercial and 101 urban banking institutions are said to have been offering the IMPS facility countrywide.
| Limits for transactions | Immediate Payment Service (IMPS) | |||
|---|---|---|---|---|
| Internet Banking | iMobile | |||
| IFSC Code andAccount Number | MMID and Contact Number | IFSC Code andAccount Number | MMID and Contact Number | |
| Minimum | One rupee | One rupee | One rupee | One rupee |
| Maximum | Rs.2 lakh | Rs.10,000 | Rs.2 lakh | Rs.10,000 |
| Transaction limits | Fees |
|---|---|
| Up to Rs.10,000 | Rs.5 plus GST (applicable) |
| Rs.10,000 – Rs.1 lakh | Rs.5 plus GST (applicable) |
| Rs.1 lakh – Rs.2 lakh | Rs.15 plus GST (applicable) |
Obtain MMID
The complete form of MMID is Mobile Money Identifier. Usually, it is a 7-digit number offered by a bank upon registration. Both payers and beneficiaries must have an MMID to transfer money through an MMID and a mobile number. The path to generate an MMID is given below:
iMobile >> Choose Bank Account >> Choose Preferred Account >> Choose Insta FT (IMPS) >> Choose Generate MMID >>
Funds are immediately transmitted from your account upon confirming your details. An SMS shall be sent you telling you the present status of your transaction.
The path for paying credit card bills using a mobile number and an MMID is given below:
iMobile >> Choose Bank Account Menu >> Choose >> Preferred Account for IMPS >> Choose IMPS Payments >> Choose IMPS – Mobile Number >> Furnish the mobile number of beneficiaries plus a 7-digit MMID >> Authenticate your transaction and details >> That’s it!
iMobile >> Choose Bank Account Menu >> Choose Preferred Bank Account >> Choose IMPS remittance >> Choose IMPS Bank Account Number >> Furnish the account number of beneficiaries and a 11-digit IFSC code >>Validate your details >> That’s it!
You need to generate an MMID online. Login to the ICICI Bank internet banking portal >> Click the ‘Generate/Retrieve MMID’ tab >> Choose the account number >> Click the ‘Generate/Retrieve MMID’ tab.
Like IMPS, NEFT is also an electronic payment and fund transmission system, which is governed by the Central Bank of India. The system was introduced in 2005 and allows the transmission of money amid NEFT-registered banks. It functions based on automated messages and processes transactions in batches. Each day is classified into 23 batches. The NEFT system works between 8:00 a.m. and 7:30 p.m. The system remains closed on Sundays and public holidays. As of today, more than 101 banking entities offer the NEFT payment service.
Login to the online banking portal of ICICI Bank and then click the ‘Funds Transfer’ tab. Your ICICI Bank credit card must be added as a beneficiary. Provide the necessary details such as your credit card number, transaction code, IFSC code etc. The transaction code is 52 whereas the IFSC code is ICICI0000103. If you hold an ICICI Bank SB Account, you can use the Bill Pay service.
| The amount of transaction | Charges |
|---|---|
| Less than Rs.10,000 | Rs.2.50 plus GST |
| Rs.10,000-Rs.1 lakh | Rs.5 plus GST |
| Rs.1 lakh - Rs.2 lakh | Rs.15 plus GST |
Yes, your account will be credited automatically if your IMPS transaction is unsuccessful within 1 or 2 business days. If you have not received your funds within this period, be advised to speak to the customer care service professionals between 7:00 a.m. and 9:00 p.m. from your validated contact number.
You have to receive it from your beneficiaries.
If your NEFT transaction is unsuccessful, your bank account shall be credited within 2-3 business hours.
You can generate the IFSC code of your beneficiaries online.
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