ICICI Bank NEFT: Form, Limit, Charges, Transfer Process

Using the Pan-India mode of transferring funds, customers of ICICI Bank are facilitated with NEFT services, 24×7. To apply for this service, you are required to fill and submit the ICICI NEFT form at any branch of the bank. Let’s read how to apply for ICICI Bank NEFT services and how to use the same to transfer money.

ICICI Bank Fund Transfer Options

There are many ways via which one can transfer money from their ICICI Bank account to any other account, i.e. interbank and intra-bank transfers. These are:

ICICI NEFT Form: Offline NEFT

If you do not have internet banking or if you prefer doing the ICICI Bank NEFT offline, please visit your nearby ICICI Bank branch and ask for the ICICI NEFT Form. With this NEFT form, you’ll be able to transfer funds using the ICICI NEFT mode by cash, cheque, or account debit.

Submit this ICICI NEFT Form with the required details to the bank officer. They will give you an acknowledgment slip which you must keep safe for future reference, if any.  

ICICI Bank NEFT – How Does It Work?

For easy understanding of how does the ICICI Bank NEFT works, let’s look at the following flow chart:

ICICI Customer sends request for money transfer (via netbanking)

ICIC Bank sends request to RBI for clearance 

If everything alright, RBI confirms the request and sends money to recipient bank (else, request gets rejected and notification sent to ICICI Bank)

Recipient bank credits the received amount to beneficiary’s account

• This entire process takes about 30-60 minutes
• Every 30 minutes RBI starts fresh NEFT batch in which all transfer requests within that time frame are processed

Why should I transfer my funds using ICICI Bank NEFT?

NEFT is a 100% safe network where fund transfers are processed under tight RBI surveillance. ICICI Bank NEFT also comes under the RBI eye, thus ensuring complete security of your funds.

There is two-way authentication, i.e., when logging in with your ICICI Netbanking password and submitting the NEFT request – OTP or One-Time Password. This NEFT OTP is sent to your registered mobile number only.  This furthers the security.

Other than that, if there is any unauthorized NEFT activity in your ICICI Bank account, you can directly write to RBI with all the details. A representative from RBI shall get back to you within the stipulated time to assist.

ICICI NEFT: Transfer Limits

The below-mentioned are the transaction limits for ICICI NEFT:

How to Transfer Funds Online using ICICI NEFT?

NEFT services are used to transfer funds from one bank to another bank’s account. Follow the steps given below to transfer funds from ICICI Bank to another bank’s account via ICICI NEFT online:

1. Log in to ICICI netbanking.
2. Click on “Payments & Transfer” and select “Fund Transfer”.
3. Select a Payee or “Add Payee”.
4. Enter transaction details (account number to be debited, amount, remarks).
5. Choose “NEFT” as the payment method.
6. Confirm your transaction by entering OTP.

ICICI Fund Transfer within same bank

Please note that if you want to transfer funds within ICICI Bank, NEFT is not needed.

The following are the simple steps to transfer funds within ICIC Bank, i.e. from one ICIC Bank account to another ICICI Bank account:

Step 1: Login to ICIC internet banking.

Step 2: Click on “Transfers & Bill Pay” > “Initiate Payments” > “Single Payments” (Bulk Payments, if applicable in your case) {Refer the image below}

Step 3: Click on “Pay Beneficiary ICICI Bank”.

Step 4: Enter details required (transaction amount, customer a/c no., (from which the payment is to be made & beneficiary from the drop-down list).

Step 4: Click on “Proceed”.

Step 5: Enter the OTP received on your registered mobile number and “Confirm Payment”.

Upon correctly entering the OTP and confirming the payment, you will receive the following message on your device screen:

“Transaction with reference ID XXXXXX processed successfully.”

How to Add Beneficiary to ICICI Bank NEFT?

Via ICICI Bank Netbanking services, one can easily add beneficiary and transfer funds via ICIC NEFT as explained below:

Step 1: Log into ICICI Netbanking with your User ID and Password.

Step 2: Follow this route: “Transfers & Bill Pay” > “Initiate Payments” > “Single Payments”

Step 3: Click on “Pay Beneficiary ICIC Bank”.

Step 4: Click on “Click here to add Payee” next to the “Customer Account Number” section. (refer image above)

Step 5: Enter Beneficiary details and click on “Add Beneficiary”. (refer image above)

Step 6: Enter the OTP received on your registered mobile number.

Step 7: Click on “Confirm Details” to complete adding beneficiary to your ICICI Bank Account via netbanking.

Please Note: You will not be able to transfer funds immediately after adding beneficiary. It may take some time. Please check the payee list to see if the same has been added to it.

ICICI Transfer Money to Own Bank Account

Please note that if you want to transfer funds within ICICI Bank, NEFT is not needed.

Follow the steps given below to transfer funds within your own ICICI Bank account:

• Log into ICICI Bank netbanking
• Click: “Transfers & Bill Pay” > “Initiate Payments” > “Single Payments”
• Click: “Pay Self ICICI Bank” from top-menu bar.
• Enter Transaction Reference Name, if any
• Select Customer A/c (From and “To”)
• Enter Amount and add remarks
• Payment can also be scheduled for a later date by clicking on “Reschedule This Payment”
• Click: “Proceed”
• Enter OTP
• Click: “Confirm Payment” to make the transfer to own ICICI Bank account

ICICI Bank NEFT Timings

ICICI NEFT payments can be done at any time in the day. Also, there are no restrictions on holidays, be it a Sunday or a national holiday. ICICI NEFT works 24×7.

However, if you want to do offline NEFT without bank account, then you must check ICICI Bank timings before you plan your bank visit for NEFT payments via cash.

ICICI Bank NEFT Charges

The following are the current applicable ICICI NEFT charges:

Also check NEFT processes for other banks from the table below:

ICICI Bank NEFT – FAQs