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ICICI Bank is one of the largest banks in India having its headquarters in Mumbai. It provides customers with financial services and banking products. It offers services to retail and corporate customers through 4867 branches. It has installed 14,417 ATMs throughout the country. It offers various services under the different banking verticals.
NEFT is one among ICICI’s various features of online banking services. This facility provides the customer to transfer funds electronically from an ICICI account to any other bank account or to any other ICICI bank account. The customer is liable to pay ICICI NEFT Charges for every transaction.
ICICI NEFT Charges
The transactions using NEFT service are not free of cost. Please refer the below table for the ICICI NEFT charges:
| Transaction Amount | Charges Per Transaction |
|---|---|
| For an amount up to Rs. 10,000 | Rs 2.25 + Applicable GST |
| For an amount up above Rs. 10,000 and up to Rs. 1,00,000 | Rs. 4.75 + Applicable GST |
| For an amount above Rs. 1,00,000 and up to Rs. 2,00,000 | Rs. 14.75 + Applicable GST |
| For an amount above 2,00,000 and up to Rs. 5,00,000 | Rs. 24.75 + Applicable GST |
| For an amount above Rs. 5,00,000 and up to Rs. 10,00,000 | Rs. 24.75 + Applicable GST |
NEFT Timings
| Transaction Limits/Timings | 01:00 hours – 19:00 hours | 00.00 hours – 01:00 hours and 19:00 hours – 00:00 hours | 2nd and 4th Saturdays, Sunday & RTGS Holidays |
| Minimum | Rs. 1 | Rs. 1 | Rs. 1 |
| Maximum | Rs. 10,00,000 or Rs, 1,00,00,000 (based on customer segment) | Rs. 2 lakh | Rs. 2 lakh |
How to Carry out NEFT Transactions
ICICI Bank has provided various modes to transfer funds through NEFT:
- Internet Banking – Transfer funds electronically through internet.
- iMobile –This is an online application provided by the ICICI Bank. The customer can download and install it on his/her phone. Using this service, the customers can recharge their prepaid mobiles, make a payment for any other bill, view bank account statements, can recharge for DTH, etc.
- Pockets – It is an e-wallets powered by VISA. The customer can use the pockets app to transfer funds, make a purchase on e-commerce, pay bills, and can do other transactions as well. Bank also provides shopping card in physical form that a customer can use to shop online or offline.
- Icicibankpay – This service allows the customer to view his/her last 3 transactions on social media platform “Twitter” also. Twitter provides secure and safe transactions as it needs a two-factor authentication for any transaction. The customer can make other types of transactions as well on Twitter.
Frequently Asked Questions:
If a customer wants to make a part payment on his/her Home Loan Account through NEFT with ICICI Bank, and it is a pre-payment, can it be processed?
Yes, part-pre payments for a Home Loan using NEFT are allowed by the ICICI Bank. In cases like such, the customer is expected to visit the ICICI branch nearest to him/her. When the customer visits the bank branch, the bank provides a Service Request Number. The Service Request Number has to be filled in the remarks column in the NEFT form. The bank rejects the transactions that don’t provide a valid request number. The customer can pay one EMI as per pre-payment amount.
What does NEFT mean?
NEFT stands for National Electronic Funds Transfer. The transactions between banks using this service can be done if the banks are NEFT network participants. The customer should refer to the details about ICICI NEFT Charges on the bank’s website.