Oxigen ICICI Money Transfer
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ICICI Money Transfer Service (BCA)

Oxigen in conjunction with ICICI Bank announced ‘ICICI Money Transfer Service’ which is currently live.

Oxigen is working with ICICI Bank to enhance its base of Money Transfer Agents. The retailers who sign up for this service become ICICI Bank Business Correspondent Agents after ICICI’s approval. These retailers would be permitted to make Electronic Fund Transfer/Money Transfers on behalf of customers enabling them to do remittance to any bank using IFS code and Bank account number.

About ICICI Money Transfer Service

Oxigen brings to you ICICI Money Transfer, an exciting Money Transfer Service in partnership with ICICI Bank. Now you can enroll as an exclusive ICICI Business Correspondent Agent and change the way you do business!

Benefits for Retailers

You can provide the following to your customers using ICICI Money Transfer Service:
  • Domestic Money transfers powered by IMPS(Immediate Payment Service).
  • Online money transfer to any Bank account anywhere in India.
  • Service available on all days including on National and Bank Holidays.
  • Transfer money to all Banks using NEFT.
  • Extended banking hours for transactions for Customers.

Earnings for Retailers

Please contact your nearest RMU or call Customer care for Margins on the product

Benefits for Customers

  • Domestic Money transfers powered by IMPS(Immediate Payment Service)
  • Money transfer to any Bank account anywhere in India.
  • Service available on all days including on National and Bank Holidays.
  • Transfer money to all Banks using NEFT.

How to register as an ICICI Business Correspondent Agent ?

Becoming an ICICI Business Correspondent Agent is a very simple process. If you are a new retailer, all you need to do is fill up and submit the following forms:
  • Retailer Enrolment and Investment Form
  • The Risk Containment Unit (RCU) form
  • All these forms are available on http://www.myoxigen.com/franchise-with-us/distribution-franchising/retail-outlets.php for easy download.
  • please fill these forms.
  • Attach self attested copies of PAN card and a valid address proof to the Retailer Enrolment Form (if applicable) and Risk Containment Unit form separately.
  • Hand it over to your nearest RMU
    or
    you may courier the filled up forms directly at the following address:

    Operations Team
    Oxigen Services India Pvt. Ltd.
    Plot No. 94, Institutional Area,Sector 32,
    Gurgaon, Haryana,Pin Code - 122001, India

  • Once the forms are received at Oxigen Head Office, it will take 10 working days from the date of receipt of the forms for the Retailer verification by ICICI and subscription of the product by Oxigen.
  • Please note that the product will be subscribed only after authorization from ICICI bank.
  • In case the RCU application is rejected by ICICI bank, same will be communicated to the retailer after 7 working days of the feedback from the bank.

Process:
Registration and activation:

ICICI Business correspondent Agent will register a walk-in customer in the system. Customer has to provide his/her full name, complete address, active mobile number and few other details to complete the registration. Once registered, a customer can transfer money amounting to a maximum of Rs. 5,000 per transaction and Rs. 25,000 per month.


Add Beneficiary(Beneficiary is the person who you wish to send money to):

To add a beneficiary for a registered ICICI Money Transfer customer, retailer needs to enter the details of the beneficiary including name, bank account number, bank IFS code. The customer will immediately receive an OTC (one time code) on the registered mobile number which will have to be intimated to the agent for adding the beneficiary to the customer’s account. In a year, a customer can add a maximum of 10 beneficiaries to his account. Further additions and updations are not allowed.


Deposit cash

To transfer funds to the beneficiary’s account number, customer will have to deposit cash with the authorized ICICI Business correspondent Agent. The ICICI Business correspondent Agent would initiate and complete the money transfer from his end. The customer would then receive a text message on his registered mobile number confirming the transaction details along with its transaction ID, amount transferred etc.


How is fund transferred through this process?

As soon as the agent initiates the transaction process, the system checks if the beneficiary’s bank is enlisted in the list of IMPS enabled banks. The Customer will receive an instant confirmation of the transaction on his registered mobile number. In case IMPS transfer is not possible, the system will send a request for NEFT transfer and the customer will receive a confirmation message depending on the NEFT cycle.


How much money can a Customer transfer?

You can provide the following services to your customers using Oxigen ICICI Money Transfer:

Limit of Fund Transfer per transaction
Rs. 5000
Limit of Fund Transfer per month
Rs. 25000
Minimum Transaction Amount
Rs. 100

What is the Refund Process in case of a failed transaction?

In rare circumstances it may so happen that the fund remitted to the beneficiary’s account does not get credited. For such circumstances, we have an effective remedial system in place to ensure that there is easy reversal of the failed transaction.

  • Every failed transaction is immediately notified to the customer through SMS and the transaction Id is provided for future referral.
  • Customer then visits the nearest ICICI Business correspondent Agent and furnishes his Mobile no.
  • The ICICI Business correspondent Agent will give the customer the complete details of the transaction and the reason for its failure.
  • In case of technical failure, the customer can choose to resend the amount or ask for cash refund.
  • Based on the customer’s reply, the agent has to initiate appropriate actions and customer will receive an OTC on his mobile.
  • The agent will use this OTC to process the customer’s request to either complete the transaction or refund the amount in cash.

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