ICICI bank provides a wide range of banking products to its customers including online fund transfers. To transfer funds via online money transfer including IMPS, RTGS, NEFT, firstly customers need to add beneficiaries.
Go through step by step as mentioned to add beneficiary in ICICI Bank using Net Banking and iMobile App.
What is a Beneficiary Account?
A beneficiary account is a fund receiver account. A beneficiary can be an account holder in the same bank or they can be an account holder in any other bank. Beneficiary or payee receives the funds sent by the payer.
Add Beneficiary in ICICI bank using Internet Banking
Steps to add beneficiary using ICICI Bank Net Banking:
Step #1: Go to the official website ICICI Bank Netbanking.
Step #2: Enter your user id and password to log in.
Step #3: On the home page, search for the “Payment & Fund transfer” and click on it.
Step #4: Now, click on the “Manage Payees” option.
Step #5: Now, select the “Add New Payee” option and select the payee option. The choice will list you either the ICICI Bank or another bank as options.
Step #6: The next window will ask you to fill in the beneficiary/payee name, account number, IFSC code, account type, and other options.
Step #7: Verify your entries and select the “Confirm” button.
Step #8: The bank will send you a One Time Password (OTP) on your registered number. If you have not received OTP or missed one, you can always regenerate a new OTP.
Step #9: Enter the reference number and submit by clicking on the “Confirm Payee”.
Step #10: The process has been completed and your beneficiary may have been added successfully.
Add Beneficiary in ICICI bank using iMobile App
Steps to add beneficiary using ICICI Bank iMobile App:
Step #1: Install and open the ICICI iMobile app.
Step #2: Enter your PIN.
Step #3: Go to the “My Saving Account” and tap on the Fund Transfer option.
Step #4: Now, select the “Add New Payee” option and select the payee option. The choice will list you either the ICICI Bank or another bank as options.
Step #5: The next window will ask you to fill in the beneficiary/payee name, account number, IFSC code, account type, and other options.
Step #6: Once you confirm all of your entries, choose the “Submit” button.
Step #7: Hit the “Proceed button” to continue the process.
Step #8: The bank will send you an OTP on your registered number. Enter the OTP and choose Submit. If you have not received OTP or missed one, you can always regenerate a new OTP.
Step #9: The process is completed and your payee/beneficiary may have been added.
ICICI Bank Beneficiary Activation Time
For beneficiary activation, it takes 30 minutes. The amount can then be transferred to the newly added beneficiary within 30 minutes. The iMobile App and Internet Banking app allow you to add up to ten beneficiaries per day.
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Frequently Asked Questions
What is the cooling period for adding beneficiaries in ICICI Bank?
ICICI bank customers can not do transactions till the cooling period expires. The following period ranges from 30 minutes to 4 hours.
What is the limit of beneficiaries that can be added in a day in ICICI Bank?
ICICI bank offers its customers to add 200 beneficiaries in a single day.
What are the benefits of adding beneficiaries?
After adding a beneficiary, customers do not have to enter details every time for making transactions.