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Introduction
UPI stands for Unified Payment Interface (UPI). It enables money to be immediately transferred via a mobile phone from one bank account to another. Payments can only be rendered via supporting mobile phone apps. The cash transactions through UPI are available 24x7.
Unified Payments Interface (UPI) is a portal developed by the National Payments Corporation of India (NPCI) to facilitate interoperability between banks. This is a one-stop solution for using separate bank accounts to carry out transfers from a single app.
ICICI Bank became a part of the UPI network to provide seamless money transfer facilities to its customers. ICICI Bank UPI can be accessed through their existing Mobile Banking app iMobile or through their e-wallet app Pockets.
ICICI Bank UPI allows all bank account holders to send and receive money through their smartphones with a single identifier – the Virtual Payment Address (VPA) commonly known as the UPI ID – without needing any bank account information. Customers often do not need to know the IFSC code of the beneficiary or payer, bank account details, etc., and this allows the transaction to be quicker. So customers will make quicker transactions to their friends and merchants.
ICICI Bank customers can use the UPI feature through the iMobile app and non-ICICI Bank customers can access the same through the Pockets app. In order to use UPI, you need to have a bank account in India with your mobile number linked to that bank account. UPIs allow you to link multiple bank accounts to your single ICICI Bank UPI account.
Some other popular apps that provide UPI payment are BHIM created by NPCI, and certain private companies such as Paytm, PhonePe, Google Pay, Amazon Pay, etc. Make sure you have your mobile number listed for authentication on your bank account.
About ICICI Bank Upi
- Important Features of ICICI Bank UPI
- How to register for ICICI Bank UPI using iMobile App?
- How to register for ICICI Bank UPI using Pockets App?
- How to transfer funds using ICICI Bank UPI through the iMobile App?
- How to transfer funds using ICICI Bank UPI through the Pockets App?
- How to Collect Money Using ICICI Bank UPI?
- How to link other bank accounts under ICICI Bank UPI?
- Transaction limit on ICICI Bank UPI
- Transaction charges under ICICI Bank UPI
- ICICI Bank UPI FAQs
Important Features of ICICI Bank UPI
- Send and receive money instantly; Perennial availability through 24*7, 365 Days
- Ease of access; Available for both Android and IPhone users.
- Simple to use; Does not require to add a beneficiary to perform fund transfers or bill payments
- Send and receive money conveniently; Allows transaction to be carried out using just the beneficiary's UPI ID; no other bank details required
- Easy to operate; Conveniently use it on your mobile phone with a few simple clicks
- Even non-ICICI Bank customers can use it through the Pockets App
- Offers secure transactions; 2 factor authorization through device binding and UPI PIN offers safe and secure transaction at all times
- Carry out various transactions through a single app; Request money from another user through their VPA address, make bill payments and do shopping on hundreds of e-commerce sites without using cash or card.
How to register for ICICI Bank UPI using iMobile App?
- Download the ICICI iMobile app online from the Google Play Store or Apple App Store
- Open the mobile app and enter your registered mobile number
- You have to authenticate the mobile number by providing your debit card details and an OTP sent via SMS.
- Once you have verified your mobile number, go to the 'UPI' section and click on the 'Virtual Payment Address' option
- You will be given a list of bank accounts linked to your mobile number and you can choose a bank account
- Choose a VPA ID for your ICICI Bank UPI
- You then have to set a 6 digit UPI PIN that will be used to authenticate all your transactions
- Once you have completed this step too, you are all set to start making transactions
How to register for ICICI Bank UPI using Pockets App?
- The Pockets app is very similar to iMobile app
- Download the ICICI Pockets app online from the Google Play Store or Apple App Store
- Launch the mobile app and enter your registered mobile number
- You have to authenticate your mobile number by providing your debit card details and an OTP sent via SMS.
- Once you have verified your mobile number, go to the 'UPI' section and click on the ‘Add Bank Account’ option
- You will be given a list of bank accounts linked to your mobile number and you can choose a bank account
- Choose a VPA ID for your ICICI Bank UPI
- You then have to set a 6 digit UPI PIN that will be used to authenticate all your transactions
- Once you have completed this step too, you are all set to start making transactions
How to transfer funds using ICICI Bank UPI through the iMobile App?
It’s very simple to transfer funds using UPI through the iMobile App:
- Login to your iMobile app
- Choose BHIM UPI option
- It will show your VPA address in the ‘From’ tab
- Enter the recipient’s VPA address in the ‘To’ tab
- You can also choose to transfer funds using the recipient’s bank account and IFSC details
- Enter the amount you wish to transfer
- Click submit
- Your funds transfer is done
How to transfer funds using ICICI Bank UPI through the Pockets App?
- Login to your Pockets app
- Choose the UPI option under the ‘Pay’ tab
- You can also choose the option ‘Send Money to VPA using UPI’
- Enter the recipient’s VPA address or you can also choose to transfer funds using the recipient’s bank account and IFSC details
- Enter the amount you wish to transfer
- Enter your mPIN to authenticate the transaction
- Your funds transfer is done
How to Collect Money Using ICICI Bank UPI?
- Open the ICICI Bank UPI app you use
- Click on the ‘Collect’ option
- Enter the VPA ID of the person you want to receive money from
- Enter the amount you have to receive and click submit
- A request will be sent to the sender about your collect request
- Once they authenticate the transaction, the money will be transferred to your account
How to link other bank accounts under ICICI Bank UPI?
As mentioned earlier, with ICICI Bank UPI, you can link other bank accounts too. Currently, this feature is available only on the Pockets App. Follow these simple steps to register other bank accounts in a few simple clicks;
- The first step is to confirm that the mobile number linked to your Pockets mobile application is the same as the mobile number registered with the bank whose account you would like to link to.
- In Pockets Mobile App, navigate to the UPI tab by pressing "UPI" on the home screen. Then navigate to the "Manage" tab and press "Add My bank accounts"
- Pick a VPA. If you have already built one or created a new one you will use your current VPA.
- The next tab should list all bank accounts connected to the mobile number you registered with the same mobile number.
- Now, check and select the bank account you want to connect to the ICICI Bank UPI
- If you already have a UPI PIN, use the "Use Existing UPI PIN" option If you already have a UPI PIN, use the "Use Existing UPI PIN" option
- Alternatively, choose the "UPI PIN" option. Enter the details of your Debit Card as directed on the next screen. At this stage, an OTP will be sent to you from your bank. Enter the OTP and also the ATM pin to set the current UPI PIN
- This UPI PIN will be used for any purchase you make on this account in the future. Ensure that this UPI PIN is not disclosed to anyone else.
- When your Debit Card details are checked with your bank, your account will be immediately connected to the Pockets Smartphone App.
Transaction limit on ICICI Bank UPI
- For ICICI Bank, the limitations of the transactions will be determined in compliance with the regulation of the bank.
- Banks can adjust UPI transaction limits under the upper limits of the National Payments Corporation of India (NPCI) as per the policy of the bank.
- The upper limit mandated by NPCI is Rs. 1 lakh per transaction and Rs. 1 lakh total value of the transaction.
- A limit of 10 transactions can be initiated within 24 hours of the first transaction.
Transaction charges under ICICI Bank UPI
- Zero fees on up to 20 transactions a month
- From the 21st transaction: Rs 2.50 for transactions less than or equal to Rs 1,000
- Rs 5.00 for transactions greater than Rs 1,000 shall apply
- UPI 'Return Money'/'Transfer Money to people dependent on VPA or Bank Account and IFSC will be paid for transactions made over 20 a month using the Bank App or any third party product.
- Goods and Services Tax (GST) at prevailing rates over and beyond the above mentioned charges.
ICICI Bank UPI FAQs
1. My UPI transaction expired. Why was my savings account debited? Am I going to get my money back?
In the event of a botched transaction, any money if debited will be reimbursed automatically. In the case of timed out payments, the balance will be settled on the recipient account or the debit account within two working days.
2. How long does it take for the money to be transferred to the recipient’s account?
For successful UPI transfers, the funds are transferred instantaneously to the beneficiary's account.
3.What's the UPI PIN?
UPI PIN (UPI Personal Identification Number) is a 4 to 6-digit secret code that you create/set when you first register with this app. You must enter this UPI PIN to approve all bank transfers. If you have already set up a UPI PIN for other UPI Services, you can use the same for Bharat Interface for Money (BHIM) Bank given MPIN is different from the UPI PIN. Please use the Bharat Interface for Money app to create a new UPI-PIN. Please don't share your UPI PIN with anybody else. Bharat Interface for Money does not store or read your UPI PIN data, and the customer service of your bank will never ask for it
4. What are some of the reasons for a UPI transaction to fail?
There are many explanations for a failure of the UPI transaction:
- The system must have been down
- False UPI PIN
- Incorrect receiver UPI ID
- If the recipient is not on the Bharat Money Interface
5. I have two accounts with ICICI Bank, do I require different virtual payment addresses for both of these accounts?
You have the option of either binding the two accounts to a single VPA. In this case, please make sure that you correctly identify which account you would like to use as your default account to debit and which account you would like to use as your default account to credit. Alternatively, you may add a different VPA to each account.
6. What happens if my phone is lost or stolen?
If you lose your phone, the UPI PIN needed to approve all transactions would not be known to a third party and will therefore not be able to use the Bharat Interface for Money. In addition, you have to contact the customer service department at your bank to make sure that your account is not misused.
Latest & Update Icici Bank Upi News
ICICI Bank Launches Easy EMI Facility For UPI Payments By Scanning The QR Code 12 Apr 2023
ICICI Bank has introduced a facility to convert UPI payments into EMIs by scanning the QR code. Customers eligible for PayLater, the bank's ‘buy now, pay later' service can avail the EMI facility in an instant, easy, and hassle-free manner. This fea...
Read moreICICI Bank has introduced a facility to convert UPI payments into EMIs by scanning the QR code. Customers eligible for PayLater, the bank's ‘buy now, pay later' service can avail the EMI facility in an instant, easy, and hassle-free manner. This feature is the first of its kind and it enhances the affordability of the bank's customers. They can now instantly purchase products or services just by scanning the required merchant QR code at a store and making payments in EMIs. This facility which can be availed across various categories such as electronics, groceries, travel, fashion apparels, and hotel bookings currently will be extended to online shopping also shortly. Customers can pay a transaction amount above Rs.10,000 in easy instalments in three, six or nine months.
ICICI Bank Allows UPI ID to be linked to the Pockets Digital Wallet 11 Jun 2021
ICICI Bank becomes the first bank in the country to allow customers to pay for UPI transactions using their wallet balance, instead of their bank savings account. The bank has collaborated with the National Payments Corporation of India (NPCI) to lin...
Read moreICICI Bank becomes the first bank in the country to allow customers to pay for UPI transactions using their wallet balance, instead of their bank savings account. The bank has collaborated with the National Payments Corporation of India (NPCI) to link its digital wallet “Pockets” to the UPI network. Both existing and new users (ICICI and non-ICICI) can get a new UPI ID linked to their Pockets account. This will help customers delink their daily expenditures from their savings account while using UPI transactions safely and securely.
ICICI Bank Warns Customers not to Fall Prey to the Notorious UPI Scam4 Mar 2021
In a mailer sent out to customers, ICICI Bank educates customers on how not to fall prey to the UPI scam. With the rise of UPI apps, there has been an increase in scams too. One popular scam is where the scamster tricks you into entering your UPI pin...
Read moreIn a mailer sent out to customers, ICICI Bank educates customers on how not to fall prey to the UPI scam. With the rise of UPI apps, there has been an increase in scams too. One popular scam is where the scamster tricks you into entering your UPI pin with the false promise of receiving large sums of money to your account. Remember that for receiving money, you DON’T have to enter the UPI pin. Just providing your mobile number/UPI ID to the sender is enough. Be vigilant and stay safe while using digital banking and UPI apps.
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