ICICI smsNcash: Cash Through SMS facility: ICICI Bank: Finance Trading Times

ICICI smsNcash: Cash Through SMS facility: ICICI Bank

The tech-savvy bank ICICI bank has added another feather to its cap. It has come out with a unique facility of offering “Cash Through SMS” which does not require your debit card or cheque, but only a SMS through the mobile phone.
ICICI smsNcash Cash Through SMS facility
What is the smsNCash facility from ICICI?
Let’s say you are at a place but don’t have cash or ATM / Debit card. You need money desperately, so how do you withdraw money without Debit Card or cheque. Your mobile phone and ICICI Mobile Banking with smsNCash facility comes to your rescue.
Using this smsNCash facility, one can remit funds from an ICICI Bank account to a person who may not have any Bank account.
Though there was a scheme of NGPAY from HDFC, & Reliance Mpay for HDFC Credit Card, but ICICI smsNCash has beaten the two because here it provides you with hard cash instead of a buy/sell or transfer transaction.

How does ICICI smsNcash facility work?
To use this facility, an ICICI Bank customer needs to register for Mobile Banking and then can specify the beneficary’s mobile phone number (who may or may not be a bank customer) and the amount, subject to maximum of Rs. 10000 per day to a single person.
Here is the detailed process for smsNcash facility:
To remit funds using smsNcash through Internet Banking of ICICIBank.com, you need to follow these steps:
A. Request for smsNcash at ICICIBank.com
• Log in to ICICIBank.com with your Internet Banking user ID and password.
• Select “Bank Accounts”.
• Select “smsNcash ” available at the left of the “Bank Accounts” section.
• Select the Request for smsNcash Transaction tab for placing your smsNcash request.
• Enter the following parameters:
o The beneficiary’s mobile number
o Your Debit Account Number (Linked Account No. dropdown)
o The amount to be remitted (in INR)
• Accept the Terms and Conditions of smsNcash on the screen and click “Pay”.
• Confirm the data entered by you and enter your transaction password.
• Carry out Debit Card authentication to finally process the transaction.
• Your selected account will get debited.

B. sms from ICICI Bank
• You will receive a unique 4-digit code on your mobile.
• The beneficiary will also receive a unique 6-digit code on the mobile number that you entered at the time of placing your smsNcash request.
Important: The smsNcash service will be activated three days after your having updated/modified/registered for Mobile Banking.

C. Cash withdrawal from ICICI Bank ATM by Beneficiary
• ICICI Bank customer to inform the beneficiary the 4-digit code and the amount to be remitted at the specified ICICI Bank ATM.
• Beneficiary to visit any specified ICICI Bank ATM and enter the following parameters:
o The beneficiary’s mobile number
o The 4-digit code (as received by the remitter / ICICI Bank customer)
o The 6-digit code (as received by the beneficiary)
o The amount remitted (in INR)
• Cash will be dispensed on successful authentication of all these four parameters. The entire amount needs to be withdrawn by the beneficiary as a one-time transaction.
If there is any mismatch in the parameters entered by the beneficiary, the smsNcash transaction will be blocked and the amount will be reversed to the remitter’s account.

Related: ICICI Map based Branch locator

What are the risks and limitations for this smsNcash facility?
• The biggest risk is of lost of mobile and unauthorized use of this service by someone else instead of the beneficiary.
• Other limitations are that the cash withdrawal can be made only at specified ATM’s (Here is the list of ATMs)
• To cancel a request, you MUST do it through online banking. If you do not have net connection, you cannot cancel a pending order. There should have been a call-n-calcel facility, if not there.

• One needs to be careful when either he or the beneficiary changes his cell number. Its not clear whether there are any charges for updating the new number.
• Service is NOT free. ICICI Bank will charge INR 10 plus applicable tax per transaction for remittances up to INR 5,000 and INR 20 plus applicable taxes per transaction for remittances above Rs.5,000 towards transaction processing fee. This fee plus service tax will be recovered by debiting your account when you place a request.
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