ICICI Bank has made some very big changes to it’s Online Fund Transfer service. It seems RBI has discontinued it’s ETF service and now only the NETF service is available. This means you can no longer transfer funds to banks and branches that are not yet on the NETF service. For example the SBI branch in Cyber Towers, Madhapur is not on the NEFT service yet.
In addition to the above, ICICI Bank has introduced time restrictions. They will not accept transactions outside these timings:
NEFT Transaction Timing from Monday to Friday: Cut Off time 3:45 PM (IST).
NEFT Transaction Timing on Saturday: Cut Off time 11:45 AM (IST).
Also no transfers allowed on NEFT holidays. I will try to post the holiday list here.
ICICI also lists EFT timings! Not sure what this means. They said that EFT is not supported any more and they list EFT timings!
EFT Transaction Timing from Monday to Friday: Cut Off time 1:00 PM (IST)
EFT Transaction Timing on Saturday: Cut Off Time 11:00 AM (IST)
Note also that there is no Start Time mentioned. Is it 9.00 am? Does anybody know?
One thing I don’t understand is why Electronic Fund Transfers are time bound at all. And why holidays? Defeats the whole purpose of Electronic Transfers! RBI are you listening? Do you have a human being sitting at a terminal managing these transfers? Wake up and sniff the 21st century air buddy. You have just taken a step backwards into the last century!
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When did this is effective from? I was able to transfer money from ICICI Bank to SBI Towers Branch a week before.
Extremely helpful post. And interesting blog too!
Regards
[...] few days ago I posted about changes to ICICI’s Online Banking Fund Transfer Feature, with a follow-up post on the same topic with additional details from RBI’s web [...]
Hello Abhijit,
This can into effect on Feb 1, 2008. The SBI branch at Cyber Towers, Hyderabad was orginally marked as RBI EFT in ICICI’s database. They deleted all registered transferee data for EFT branches and this SBI branch dropped off. I later discovered that the branch in question is also on the NEFT list and it is possible to transfer funds to it from ICICI. So no problems there.
I did a follow-up post about this.
Thanks a lot for providing all the information about NEFT
whats time of fund transfer of money in icicibank to idbi bank i am transfer money 14/06/2008 11:00 am saturday money withdraw to my a/c in 14/06/2008 but not deposit in idbi bank in 15/06/2008
Hello Prabhu,
With NEFT based transfers your money will be immediately debited from the source account. The destination account typically credits the money in a couple of hours. However sometimes it can carry over to the next working day. You seem to have hit the weekend problem. I had this happen to me once for transfers between ICICI & Axis bank. Do check your IDBI account on Monday.
- Gautam
I guess only ICICI is having the timelimits for NEFT transfers. All other major banks like HDFC,Citibank,SBI,Bank Of India etc. don’t have timelines for NEFT fund transfer and it can be done 365*24*7 anytime anywhere.
I hope ICICI too upgrades its system quickly orelse the entire purpose of NEFT is lost if its time bound.ICICI are you listening?
Nither ICICI nor RBI is available since 8 months, may be they got long appointment for their ear cleaning.
I used to do the transaction and now after transfering moeney dissappeared from my ICICI acnt, but credited to other account which I transfered. I dont know when it will credit, it is better to use other banks or it is equal to going to bank and doing transation.
Just fuck ICICI Bank the ICICI Bank Sucks! http://fuckicicibank.wordpress.com
The start time is 12:00 AM in the morning. You can transfer any time after 12 AM. But first payment will be done at 9 AM in the morning for NEFT.
Thanks,
Deepak Keshari.
ok good idea?
even if the transactions are accepted by some banks beyond office timings, they are not processed but merely queued … they will be processed after 9 next working day … icici being the most customer unfriendly bank of india will not allow any such queues … they flatly refuse to entertain any transfer requests after office hours …
but why such office hours are there beats me … just one of those inscrutable things that our govt setup does … they just defeat the purpose of whatever they are doing … even look at the railways site … you can make online reservations only during office timings … why ????
Guys,
I transferred fund through online (EFT) FROM CITI bank to ICIC Bank, Transfer initiated on 3/10/2009 and till now 7/10/2009 – 12pm fund is not transferred. I checked with CITI as per CITi they transferred the fund on 3rd itself.
Any idea what could be the problem and how long it will take ?
Please help me on this.
Regards – Jithin
Hello Jithin,
Have you tried contacting ICICI Customer Support? Or the ICICI Branch to which you transfered the money?
- Gautam
Thanks Gautam, I contacted them but they are not able to track this…
Hi,
CAn u tell whether any charges are levied on non-ICICI transfers like transfer from ICICI to SBI.
Hello Neha,
ICICI is charging Rs. 5/- plus tax for such transactions. I have not tried this but I think ICICI to ICICI transfers are free. You can confirm with ICICI Customer Support.
- Gautam
Hi someone sent me money yesterday 5/5/2009 around 3.40 pm from icici bank to my hdfc bank. he showed me transction proof. it is 10 am i didn’t get money
Hi All,
what is max and min times taken if we transfer the money from ICICI to SBI in online.
#Eeshwar
Unfortunately I have no idea. If I remember right ICICI makes a statement on their web site that the time taken is not under their control as RBI’s systems are involved in the actual transfer. In my experience however it does not take much more than a day. I routinely transfer money to an SBI account in Bhubaneswar, Orissa, from my ICICI account at Hyderabad, AP, and I have never had a delay of more than a day.
- Gautam