If you want to transfer money from your bank account to someone else’s account then this is not a difficult thing these days. And if you are an ICICI Bank customer then this post is for you. Our team has put efforts to explain about 3 ways using which you can send money from your ICICI Bank account.
These days we have a lot of payment systems in India using which we can transfer the money. This was not the case during the early years when the banks were still developing in India. We had to go to the bank and stand in the queues to get our work done.
But now all you need is access to the internet, internet banking activated on your bank account. And a computer using which you can access your bank account online. If you have all these things then you can transfer money from your bank account.
If in case you want to use mobile banking and the unified payment interface. Then you don’t need a computer as well. All you need is a mobile device that can run the mobile banking application. If you don’t want to use the mobile banking application then you can use any UPI application of your choice.
Which are the 3 Ways to Transfer Money From ICICI Bank Account?
All the 3 ways which we have mentioned in this post are online. However, a specific channel of money transfer can be used offline we well. More about that in a minute.
IMPS is the acronym for Immediate Payment Service. You can transfer money using this channel from your ICICI Bank account. This service can be used online using,
- Mobile banking application
- And the internet banking portal on the official website of the bank.
The maximum amount that you can transfer from your ICICI Bank account using IMPS is Rs. 2,00,000. If you are willing to transfer money which amounts more than Rs. 2,00,000 then you can not do that using the IMPS as the payment system.
In both the cases of mobile application and internet banking portal. You first have to add the bank account as a beneficiary in your account. And when it comes to adding beneficiary in your account you can do that both using internet banking and the mobile banking application.
NEFT or RTGS
We just learned about the IMPS system to transfer money from your ICICI Bank account. And we mentioned that you can not transfer money amounting to more than Rs. 2,00,0000.
But what if you transfer a large amount of money?
This is where the NEFT or RTGS payment systems come into the picture.
NEFT stands for National Electronic Funds Transfer. And RTGS stands for Real-time Gross Settlement.
Both of these systems are designed for the purpose of transferring the money which is of value more than Rs. 2,00,000.
There is no maximum limit which is assigned by Reserve Bank of India for the NEFT payments. But at the end of the day, this limit depends on the bank through which you can making the transfer.
In the case of the RTGS payment system, there is a minimum amount that can transfer. The minimum amount is Rs. 2,00,000. You can not make any transaction that amounts to less than Rs. 2,00,000 using the RTGS system.
You can transfer money using NEFT and RTGS offline as well. To do that you have to visit the branch of ICICI Bank. After visiting the branch you have to collect the ICICI Bank NEFT or RTGS application form. Fill this form and you can go to the cash counter to transfer the money.
UPI (Unified Payments Interface)
The Indian banking system did not stop after bringing IMPS, NEFT, and RTGS payments system. The National Payments Corporation of India took the game to the next level. And they designed the UPI system. Using this you can transfer money between any bank accounts in realtime using your smartphone.
All you need to have is a smartphone that can run the UPI application. It is compulsory to have the SIM card of registered mobile number running on your smartphone. After that, you need to install any UPI based application and get yourself registered.
Once you have installed the UPI application and registered yourself you are good to go now. You can make use of the mobile number to find the beneficiary if the beneficiary is using the same UPI application which you are using. And even in the case, the beneficiary is using the application you can ask for their UPI ID and initiate the fund’s transfer.