ICICI Bank RTGS: Form, Charges, and Timing

Real-Time Gross Settlement (RTGS) is an advanced funds transfer system that enables real-time transfer of money from one bank to another. Unlike other fund transfer methods, RTGS ensures that transactions are processed individually without any waiting period, making it ideal for urgent, high-value transfers. It is primarily used for transactions of ₹2 lakhs or more, providing a secure and efficient solution for businesses and individuals handling large financial transactions.

ICICI Bank, one of India’s leading private sector banks, offers RTGS services to its customers, ensuring secure and swift high-value transactions. Whether you are a business owner making bulk payments or an individual transferring significant funds, ICICI Bank’s RTGS services help facilitate seamless transactions with minimal processing time.

This comprehensive guide will walk you through the ICICI Bank RTGS form, RTGS Transfer Charges, and timings, empowering you to make informed decisions when transferring large sums of money.

ICICI Bank RTGS Charges and Timings

When it comes to RTGS charges of ICICI Bank, it is essential to understand the applicable fees and the timings for processing RTGS transactions.

It is important to note that RTGS fund transfer charges of ICICI Bank are subject to change, and it is always advisable to check the bank’s website or contact their customer support for the latest information on what are the charges for RTGS in ICICI Bank.

RTGS Transfer Timings for ICICI Bank are as follows:

• RTGS transactions can be initiated 24×7, including weekends and holidays, through internet banking.
• For transactions initiated at ICICI Bank branches, the timings are:
• Monday to Saturday (except 2nd and 4th Saturdays): 9:00 AM to 4:30 PM
• Transactions initiated after 4:30 PM will be processed on the next working day.

Importance of the ICICI Bank RTGS Form

The ICICI Bank RTGS form is a crucial document that must be filled out accurately to initiate an RTGS transaction successfully. The form captures essential details about the sender, the beneficiary, and the transaction itself. By providing all the necessary information, you can ensure that your funds reach the intended recipient without any delays or complications.

The RTGS form requires you to furnish the following details:

• Sender’s name, account number, and branch details
• Beneficiary’s name, account number, and bank details (including IFSC code)
• Amount to be transferred
• Purpose of the transaction

This information is necessary whether the transaction is initiated online, through mobile banking, or in person at a bank branch. The form ensures that all necessary details are accurately provided to facilitate the RTGS transfer. Always double-check all the details before submitting the form to prevent any errors that could lead to a rejection of your transaction.

Step-by-Step Guide to Filling Out the ICICI Bank RTGS Form

To ensure a smooth and hassle-free RTGS transaction, follow these step-by-step instructions while filling out the ICICI Bank RTGS form:

1. Sender’s Details:

Provide your name, account number, and the branch where your account is held. Ensure that the account number is correct and matches the one mentioned in your chequebook or passbook.

2. Beneficiary’s Details:

Enter the beneficiary’s name, account number, and bank details, including the branch name and IFSC code. You can obtain the IFSC code from the beneficiary or their bank’s website.

3. Amount:

Clearly mention the amount to be transferred in figures and words. Remember that the minimum amount for an RTGS transaction is ₹2 lakhs.

4. Transaction Reference Number:

If applicable, provide a unique transaction reference number for your records.

5. Signature:

Sign the RTGS form to authorise the transaction. Ensure that your signature matches the one on record with ICICI Bank.

By following these steps and double-checking all the information, you can minimise the chances of your RTGS transaction being delayed or rejected.

Conclusion

RTGS is a secure and efficient way to transfer high-value funds, and ICICI Bank’s RTGS services make it convenient for customers to initiate such transactions. To ensure smooth and secure transactions, it is essential to understand the importance of the ICICI Bank RTGS form and follow the step-by-step guide to fill it out accurately. By being aware of the applicable charges and timings, you can ensure that your high-value transactions are processed smoothly and securely.

Always double-check beneficiary details, such as the account number and IFSC code, to prevent errors and delays. ICICI Bank offers both online and offline RTGS options, allowing you to choose the most convenient method.

Remember, RTGS is the preferred mode for time-sensitive, high-value transactions, and ICICI Bank’s RTGS services provide a reliable and cost-effective solution for your fund transfer needs.

Frequently Asked Questions (FAQs)

1. Does ICICI Bank charge for RTGS transactions done via Internet banking?

No, ICICI Bank does not levy any charges for RTGS transactions initiated through Internet banking.

2. Can I transfer 20 lakhs through RTGS ICICI?

Yes, you can transfer 20 lakhs through RTGS using ICICI Bank’s services. However, ensure that you have sufficient funds in your account and that you have filled out the RTGS form accurately.

3. Is ICICI Bank RTGS chargeable for both online and branch transfers?

ICICI Bank RTGS charges are applicable only for transactions initiated at the bank’s branches. Online RTGS transactions through Internet banking are free of cost.

4. How do I calculate ICICI Bank’s RTGS charges?

For branch transactions, RTGS charges of ICICI Bank are ₹20 + GST for amounts between ₹2 lakhs and ₹5 lakhs and ₹40 + GST for amounts above ₹5 lakhs. For online transactions, there are no charges.

5. What is the minimum and maximum amount for RTGS transactions with ICICI Bank?

The minimum amount for an RTGS transaction is ₹2 lakhs. There is no upper limit on the maximum amount that can be transferred through RTGS.

6. Can I cancel or modify my RTGS transaction after it has been initiated?

No, once an RTGS transaction has been initiated, it cannot be cancelled or modified. Ensure that all the details are correct before submitting the RTGS form.

7. What documents are required to complete an RTGS transaction in ICICI Bank?

To complete an RTGS transaction, you need to fill out the ICICI Bank RTGS form accurately and provide valid identity proof. In some cases, additional documents may be required, depending on the nature and purpose of the transaction.