ICICI National Electronics Funds Transfer(NEFT)

National Electronics Funds Transfer (NEFT) services can be availed by all ICICI bank customers. NEFT transactions can be carried out from any location through various modes such as internet banking, iMobile services, m.dot services, pockets services, and icicbankpay.

Funds can be transferred easily through NEFT on a one-to-one basis without any hassle through ICICI bank.

Process to Transfer Funds through NEFT from ICICI to Any Bank

Step1: To transfer funds from an ICICI bank account to another bank account, log on to the ICICI bank website and respective internet banking account

Step 2: Proceed to the ‘Payments & Transfer’ section and choose the ‘Fund Transfer’ option

Step 3: Go on to click the ‘Other Bank Account’ option

Step 4: Choose the respective payee, the account holder to whom the transfer has to be made

Step 5: Provide various other details in the given columns such as fund amount and any transaction remarks if any

Step 6: Key in ATM or debit card details

Step 7: A confirmation number will be displayed as soon as the payment has been made successfully

Please note that in order to transfer funds to another person’s account, he/she has to first be a registered payee in your internet banking account. If NEFT transfer is being done for the first time to an account holder, the first step is to register the payee.

How to Pay Credit Card Bill through ICICI NEFT

• Step1: Login to the internet banking facility from any devices
• Step 2: Choose the ‘Add Beneficiary’ option and add the respective bank that has issued your credit card
• Step 3: Key in other details of the card such as branch, city, etc.

• Step 4: Proceed to select transaction code
• Step 5: Ideally, all NEFT payments through this mode will be processed within 1 working day

Top Banks NEFT

Details Required to Carry Out a NEFT Transaction

• The 16-digit beneficiary account number
• Payee name
• IFSC code

ICICI Bank NEFT Fees and Charges

*Please note that GST charges will be levied for all ICICI bank NEFT transactions

ICICI NEFT Timing

Presently, All NEFT transactions are processed by ICICI from 8 a.m. to 6.30 p.m. from Monday to Saturday. Please note that NEFT transactions will not be processed on 2nd and 4th Saturdays as they are usually bank holidays.

Benefits of ICICI NEFT

• Reliable process: The NEFT facility offered by ICICI is very reliable and backed by the Reserve Bank of India (RBI). There no risk involved in this process and it can be used without any hassle.
• Reasonable fee: The transaction charges for NEFT transactions are cost effective and reasonable. For more details on NEFT charges, please refer to the fees and charges table above.
• Regulated by Reserve Bank of India (RBI): The RBI backs NEFT transactions across the nation. The system was introduced in 2005 to allow users to transfer funds without any issues from one NEFT-enabled bank to another.

Limitations of ICICI NEFT

• Slow process: It takes time to process NEFT transactions because it can be done only during the working hours of the bank, unlike other payment methods.
• Bank holidays: The service will not be available during bank holidays, making it very inconvenient during emergencies.

Check IFSC Code for Top Banks:

FAQs of ICICI NEFT

1. What is the meaning and full form of NEFT?

   Ans: The full form of NEFT is National Electronic Funds Transfer. To put it in simple words, NEFT is a fund transfer mechanism that enables hassle-free transfer of funds from one account to another. ICICI bank provides NEFT facilities to all customers.

2. How do funds get transferred through ICICI NEFT?

   Ans: The funds are transferred through the fund transfer mechanism that is maintained by the RBI.

3. How do I check if the bank branch I am transferring money to is NEFT-enabled?

   Ans: To check this, log on to the RBI website. The RBI regularly updates the list of banks that are NEFT enabled.

4. What can I do if the NEFT transfer is delayed?

   Ans: The first option is to contact the respective ICICI bank branch or call their customer care number. If the issue is not resolved, one can directly approach the RBI.

5. In case the money is not received or credited to the payee’s account, will the sender get his/her money back?

   Ans: If there is any error in a NEFT transaction and the money is not credited, it will be refunded.

6. Is it required to have a bank account to transfer funds through NEFT?

   Ans: Yes. NEFT transactions cannot be done without a bank account because NEFT is an account to account transfer mechanism.

7. Can an account holder receive foreign remittances through NEFT?

   Ans: No. All NEFT fund transfers are only possible in India.

8. Can an account holder send money to other country account holders through NEFT?

   Ans: No.

Also check : NEFT