Jun 12, 2007 04:21 AM
13069 Views
This review is for those who want to use your ICICI bank account for online transaction or if you intend to take up an ICICI Bank Savings account for online transaction.
General Introduction:
Online banking involves using the Bank's website to directly transfer money to a merchant. This is theoretically(and practically) safer than Credit Card transaction as the money is directly charged by the Bank and the customer(you) enter the amount to be paid. The merchant does not get much of your account detail in this process.
You can also use your online banking account to transfer money to banks/accounts in Indiausing eCheque facility.
Transferring money within your own ICICI bank accounts is done instantly. Transfer within other ICICI bank accounts all over India takes about an hour or less. You can also transfer money to various other banks(see links below) all over India and the process takes less than 72 hours. Very fast compared to many other standard services.
The Bill-Pay service allows you to pay your utility bills like electricity, phone, etc. Though there is issues with integration with many billers, i.e. payment takes some time and at times(rarely) it crosses the due date mark as well!
You can also do a "Card-2-Card" transfer of money to any VISA Credit Card holder(Visa Money Transfer) and it takes place in less than 72 hours. You can also pay your other Credit Card bills using this feature.
Smart Money order service of Indian Post allows you to transfer money to any address in India just like any Money Order service within a maximum of 15 days.
Oh there is another nifty feature: You can recharge any supported Prepaid Mobiles using online banking account!(See links below.)
I have personally used these products(except Money Transfer) and fiund them working and up to what I expected.
*Why ICICI?
*In case of online banking, popularity is a must as the mrchant(seller) needs to approach a bank and tie-up with it in order to serve you. And in case of popularity, ICICI bank tops the chart. Along with SBI and HDFC, ICICI Bank is available almost in all online shopping sites(Ebay, Wow Deals, etc.)
*What you need to get started?
*1. An ICICI Bank Savings Account.
- You need to order for a Debit Card and activate your online banking.
The process to get a Debit Card and activate Online Banking is simple and you need to visit your Bank Branch to do the same. Once you have the Debit Card and Online Banking User ID and Password, you can use this to pay for any website that uses ICICI net banking.
Any catch or hidden charges?
No catch!
There is no extra charge for online banking. However, there is a NOMINAL ANNUAL CHARGE if you DO NOT USE your debit card worth INR 10, 000/- every year.
In case of Card-2-Card transfer to Visa Debit Card a charge of INR 25/-+ 1% of transfer amount+(2* service tax) is charged.
Money Transfer is charged at INR 25/-+ 5% of the transfer amount.
Online security?
HIGHLY secured. Not only do you need your online password, but you also need your Debit Card to match certain "Grid Values" that are specified at the back of your card. The website is SSL secured and guarantees you against online frauds.
Links:
https://infinity.icicibank.co.in/bwyweb/helpfiles/banklocations.htm - Locations for eCheque support
https://infinity.icicibank.co.in/bwyweb/helpfiles/card2card.htm - Card-2-Card Transfer FAQ
https://icicibank.com/pfsuser/webnews/mofaq.htm - Smart Money Order FAQ
https://icicibank.com/pfsuser/webnews/faq.htm - Prepaid Mobile Recharge.
https://infinity.icicibank.co.in/web/L001/corporate/helpfiles/bkbill_faq.htm - Bill-Pay FAQ
Original post at my blog:
https://shamasis.net/cms/blogs/reviews/archive/2007/06/11/Online-Banking-using-
ICICI-Bank-Credit_2F00_Debit-Card.aspx
