Stopping NEFT Transaction At ICICI Bank; Here's What You Need To Know

Stopping NEFT Transaction At ICICI Bank; Here's What You Need To Know ICICI Bank Reports Decline In Profit After Tax By 50% For Fourth Quarter 2018 Markets Open Higher On Strong Global Cues Open Current A/c With ICICI Bank In Few Hours National Electronic Fund Transfer(NEFT) is a system that enables money transfer between bank accounts in various bank branches. NEFT is extensively utilised for transactions below 10 Lakhs. The quantum and frequency of NEFT transfers is a measure of the confidence that clients repose on the system. That said cancellation is a challenge with NEFT, but it is not impossible to reverse an erroneous transfer. Banks like ICICI take pains to facilitate such reversals should it be warranted. NEFT transfers are identified with a Unique Reference Number(URN). URN is generated after successful authentication, which is primarily centred on the remote account number. The remote account number is tallied with the information supplied by the principal or the person transferring the money during registration. This therefore is an important process to preclude the need for cancellations. Once the URN is generated the work flow in the system is such that it can neither be interrupted nor reversed... [More Details]                Unsubscribe

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