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ICICI IFSC Code
To initiate National Electronic Fund Transfer (NEFT) and Real-Time Gross Settlement (RTGS) from any bank to ICICI bank, you need to provide the ICICI Bank IFSC code of the beneficiary branch. In short, it is termed as IFSC or IFS Code.
This is an 11-digit code which is assigned to each bank by the Reserve Bank of India (RBI) - the apex bank of the country. This code facilitates individuals, corporates, and companies to electronically transfer funds to another individual, corporate or firm. Similarly, to transfer funds to anyone who holds an account in ICICI bank, you will need ICICI Bank IFSC code.
Know some other important facts about IFSC Code -
- You can easily find the ICICI Bank IFSC code of your bank branch. It is printed on each leaf of the chequebook issued to you.
- You can also check it on the mobile app in the “account details” tab and on the bank’s website.
- IFSC code has 11 characters; the initial 4 characters identify the bank name, the last 6 characters identify the bank branch, and the zero in the middle has been kept for future use.
- IFSC codes are unique; each and every branch of any bank in the country has a different IFSC code.
- Suppose, the city’s name is Lonavla (Maharashtra) branch name is ICICI, Lonavla. The ICICI bank branch’s IFSC code for the same is ICIC0000595. Similarly, for Janakpuri, New Delhi branch, IFSC code is ICIC0006629.
Using ICICI Bank IFSC for NEFT Transfer
National Electronic Funds Transfer (NEFT) is used to electronically transfer money to any other bank account across India. Using IFSC code, one person can send money to another person who holds an account in any branch of the same or different bank.
It is also known as an e-cheque because the money is not transferred in real-time, and the funds are settled in batches/lots.
Using ICICI Bank IFSC Code for RTGS Transfer
Real-Time Gross Settlement, or RTGS, supports real-time settlement of funds, as the money is transferred immediately to the recipient account without any settlement delays. On receiving the ‘funds transfer’ message from the bank (from which the money is transferred), the recipient bank has to credit the funds into the beneficiary's account within 30 minutes. The transactions can also be scheduled in advance.
ICICI allows a minimum of Rs.2 lakh and a maximum of Rs. 10 lakhs to be transferred through RTGS. For this, you will need to provide the IFSC code of the beneficiary bank.
Using IFSC for IMPS Transfer?
Immediate Payment Services, or IMPS, is an electronic fund transfer between two banks using the mobile phone number of the beneficiary. The beneficiary receives the money in his/her account immediately. The service can be accessed 24*7- even on public holidays. ICICI bank supports IMPS as well.
Latest ICICI Bank News
ICICI Bank to Facilitate UPI Transfer via Whatsapp
Now, you don’t need bank account details to transfer money. You can do it on the go in just one click, using your smartphone.
ICICI Bank has improvised the digital payments market by enabling UPI transfer via WhatsApp. Now, it’s not just texts, images and videos; you can also transfer money using WhatsApp.
Whosoever is using WhatsApp can now transfer money through UPI to anyone in their chat list with this new feature. The feature doesn’t require an IFSC code or any bank account details.
As of now, ICICI is providing this provision to select users.
The Unified Payments Interface (UPI) ecosystem is growing at a fast pace, and at the end of 2017, it facilitated transactions worth Rs 56,600 Cr. Furthermore, in January 2018, the transactions increased by 4.3% as compared to last year.
UPI is used to transfer funds from one bank account to another. The money is transferred by using two virtual payment addresses. With Facebook-owned WhatsApp, the digital transaction market is going to soar eight-fold, as per industry reports.