Q's about ICICI savings account

kingkong said:
medpal, NEFT is only 2 years old and it's 3-4 working days, not hours! RTGS takes a max. of 4 hours and costs money.
Sad to say, the RBI website is inadequate. Read the FAQ's on NEFT on the RBI website, but you will have to delve/search through several pages on the site to arrive at current statistics.
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those FAQs are old.

with more and more advent of NEFT the transfer of funds is finished in hours. i have experience with intertransfers between HDFC/ ICICI / SBI / UBI / AXIS / IDBI.

lemme check if i find more info.

RTGS is almost instantaneous but minimum amount is 1 lac.

ps edit got it
SBI said:
When does the beneficiary get the credit for a RTGS payment?

Under normal circumstances the beneficiary bank’s branch receives the funds in real time as soon as funds are transferred by the remitting bank.
When does the beneficiary get the credit for a NEFT payment?

The funds will be sent to the RBI within three hours of the transaction. The actual time taken to credit the beneficiary depends on the time taken by the beneficiary bank to process the payment.
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Now I get it! medpal, you are referring to the older RBI EFT system that was available in only 15 cities. I am not sure whether it has been merged with the NEFT. If not, it may still be the 1-2 working day(s) transfer at the designated 15 centres/cities:

"The EFT system presently covers all the branches of the 27 public sector banks and 55 scheduled commercial banks at the 15 centres (viz., Ahmedabad, Bangalore, Bhubneshwar, Kolkata, Chandigarh, Chennai, Guwahati, Hyderabad, Jaipur, Kanpur, Mumbai, Nagpur, New Delhi, Patna and Thiruvananthpuram). Funds transfer is possible from any branch of these banks at these centres to other branch of any bank at these centres both inter-city and intra-city.

If the remitting bank transmits the funds transfer message to RBI so as to hit the first settlement at 12 noon, the receiving bank’s account is credited by RBI at the destination centre and beneficiary gets the credit on Day 1 itself. If the same is included in subsequent settlements i.e., for 2 pm and 4 pm, the beneficiary gets credit on Day 2." (RBI document, 17 May 2007)
 
I have transferred money between HDFC and ICICI branches within Delhi. But the process still takes at least 3 working days to be credited to the recepients account. Have you checked the credit into payee account real time? With the advent of more and more NEFT branches, the system will actually slow down as each transaction needs to be go through RBI and it is not a completely automatic system.
 
i have multiple accounts with HDFC and ICICI and i need to transfer money frequently.

Maximum i have faced is 4 hours.

Recently i purchased a Dell monitor from GO here in forums itself and i transfered money to Raghus bank account and confirmation came with in 4/5 hours.

Yes, the older and newer system have been merged.
A new special NEFT control Center is set up at Mumbai, and Every bank needs to setup one NEFT service centre at their end.

so process has actually become easier and faster.

right now as on december 17, 2007 there are 79 banks and more than 34000 branches enrolled in this service.

Initial free period was till 31/3/2006. SBi is not going to charge till 31/3/2008.

Right now HDFC does not charge me anything.
 
SBI is probably not yet charging anything as they joined the NEFT bandwagon late, even though they were part of the older RBI-EFT. However, it is creditable that HDFC, one of the original NEFT banks, is not yet charging anything (both savings and current account holders!).:D You are lucky that you get that kind of speed in the transfer:hap2: , but I suspect your NEFT transfers were all part of the older RBI-EFT circle of 15 cities, which must be faster as they all had the existing high-speed infrastructure in place. That still doesn't explain why it still takes me 3 days at least to transfer inter-bank within Delhi (HDFC->ICICI/ABN-A.,etc..:huh:
 
yup why 111 charge by icici for jus atm..most bank including hdfc gives it free...my mom when she opened her acct got a atm cum debit acct so she can use it for payment too...whereas same facility will cost me 100 buks annually

And btw soon rbi is coming with guidelines to reduce atm charges for transaction btw different banks....plus atm used in different branch
 
Yeah! And coming back to the subject of this thread, ICICI needs to start justifying it's service charges for the s**t service/response they offer or toe the RBI line.
 
kingkong said:
SBI is probably not yet charging anything as they joined the NEFT bandwagon late, even though they were part of the older RBI-EFT. However, it is creditable that HDFC, one of the original NEFT banks, is not yet charging anything (both savings and current account holders!).:D You are lucky that you get that kind of speed in the transfer:hap2: , but I suspect your NEFT transfers were all part of the older RBI-EFT circle of 15 cities, which must be faster as they all had the existing high-speed infrastructure in place. That still doesn't explain why it still takes me 3 days at least to transfer inter-bank within Delhi (HDFC->ICICI/ABN-A.,etc..:huh:
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IIRC Surat where i am located was not in original list of 15 cities.
I routinely transfer money from my dad`s salary account(ICICI) to regular account(HDFC) and it happens in about 3 hours. same city.

may be the branch you have your account is not equipped / networked properly. Why dont you try and meet the manager.

kingkong said:
Sure that transfer to raghu's account was inter-bank and not intra-bank?
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nope it was HDFC to a nationalised bank. (Surat to Bangalore).
 
Fact remains ICICI Sux BIG TIME!
I had tried opening an account there, it seems I will be charged fees operating my account if I do more than 3 Cash Transaction in a month....
N Assole said I cant open a account without paying for the Debit card, which includes lossing another Rs.100.00+Tax

I say the best Bank is HSBC/HDFC
HSBC Customer service is at its best.....
HDFC Needs to work a little bit thou.....
 
Ok i just noticed..that branch at which i have account is in NEFT List..

So do i need to get NEFT service activated or that wont be the problem..??

Do i have to mention at the Bank that i will be using Inter/Intra Bank Transfers too..?
 
Isnt Inter-Bank fund transfer still free for ICICI? I dont see any charges mentioned when you try to do a Inter Bank Transfer.
 
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