Now not only send but also receive money through Internet Banking

Written by Amit Agarwal on Nov 12, 2008

ICICI Bank has started the first of its kind ‘Receive Funds’ facility where one can credit the amount from even a non ICICI Bank Account to an ICICI Bank Account without logging on the non-ICICI bank website or depositing cheque/ cash.

The facility can be availed by just registering on ICICI Bank Internet Banking account and signing a Debit Mandate form. The form is signed by person in whose name the non ICICI Bank Account is held along with a cancelled blank cheque.

Once all details are verified, a 20 digit Unique Number is given and within approximately 34 days, the process for registration is complete. The service is currently available for all major banks in 67 cities.

So for example, if a person having no knowledge of Internet having an account in Public Sector Bank needs to send money urgently to his son who has an account in ICICI, then the whole process would become quite simple with the person sending money doesn’t need to do anything at his end.

Earlier too, ICICI launched similar services such as smsNcash.

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