ICICI Bank Allows Customers To Transfer Funds Via Twitter

India’s private sector lender, ICICI Bank has launched a new facility for its customers which allows them to transfer money, prepaid mobile recharges and to check bank balance via Twitter. In order to avail this newly launched banking facility, the customers have to subscribe or follow the bank’s Twitter handle and register for the facility.

The bank claims that it is the first in Asia and only second in the world to offer a Twitter-based fund transfer service. Earlier, it launched facility to transfer funds through the Facebook.

Speaking at the launch of this service, Rajiv Sabharwal, Executive Director, ICICI Bank said, “ICICI Bank has always been a pioneer in using path-breaking and innovative technology to reach out to its customers. It has been our endeavour to anticipate our customers’ needs and be where our customers are. With the growing prominence of social media in every-day life, we believe our customers would be delighted to have yet another avenue which allows them to bank while they are on social media.”

In order to transfer funds, the sender needs to know the beneficiary’s Twitter handle. The sender will get an SMS with a unique code after the transfer; the beneficiary would need to enter it on the special webpage where he/she would be directed, to complete the transaction.

The bank is using NEFT (National Electronic Funds Transfer) or RTGS (Real Time Gross Settlement) modes for the money transfers, and will soon be enabling the IMPS (Immediate Payment Service) mode too.

The customers can send money to anyone in India even if the recipient does not have an ICICI Bank savings account. The bank will not charge for such money transfers. However, the sender will have to pay the fees for using NEFT or RTGS transaction service. Customers can send upto INR 5000 with a limit of INR 10000 per day.

To register for the service, follow below mentioned steps:

. Follow twitter.com/ICICIBank

. Send DM: #reg <space> <registered mobile number>

. Receive six digit OTP on registered mobile number

. Send DM: #regotp <space> <OTP that you received>

Once registered, the customer can transfer funds, check account balance, view last three transactions and recharge prepaid mobile.

Note: We at Inc42 take our ethics very seriously. More information about it can be found here.