This is further to Circular No. 20160603-13 dated 03 June, 2016 under the Mutual Fund Segment bearing the subject of “Facility to transfer funds in ICCL’s HDFC Bank account for Clients of Mutual Fund Distributors”.
Mutual fund distributors (MFD) and their clients are requested to note down the modalities given below for making the payment through NEFT/RTGS, for effectively mapping the funds delivered to ICCL in its ICICI Bank and HDFC bank account against the Orders placed on BSE StAR MF platform.
1. In case of the Client’s Account being with HDFC Bank
a. It is to be informed that the fund transfers from an HDFC Bank Account will be restricted to the eCMS module provided by the Bank on its Internet Banking facility. The Client shall need to create ICCL as a Beneficiary under the eCMS module (and not under “Transfer within Bank” module), which is a onetime activity.
i. Individual / Savings Account - Fund Transfer > Transfer to eCMS Account > Third Party Transfer > Add a Beneficiary
ii. Non-Individual / Current Account - Funds Transfer > Request > Add a Beneficiary > Transfer to eCMS Account
b. Details of the ICCL Account with HDFC Bank, required for the creation of ICCL as a Beneficiary, are as given below.
i. Beneficiary Account No : MFDICC
ii. Beneficiary Name : Indian Clearing Corporation Ltd -MFD A/c
iii. IFSC Code : HDFC0000240
iv. Account Type : Current
(Clients should not use any other account number than what is stated in i above)
2. In case of the Client’s Account being with ICICI Bank
c. It is to be informed that the fund transfers from an ICICI Bank Account will be restricted to the Other Bank Payee mode provided by the Bank on its Internet Banking facility. The Client shall need to create ICCL as a Payee under the Other Bank Payee module (and not under “ICICI Bank Payee” module), which is a onetime activity.
i. Individual / Savings Account - Payments & Transfers > Manage Payees > Add Payee > Other Bank Payee
ii. Non-Individual / Current Account - Payments > Single Payment > Pay Beneficiary Other Bank
d. Details of the ICCL Account with ICICI Bank, required for the creation of ICCL as a Payee, are provided below:
i. Beneficiary Account No : 3922
ii. Beneficiary Name : Indian Clearing Corporation Ltd MF A/c
iii. IFSC Code : ICIC0000104
iv. Account Type : Current
(Clients should not use any other account number than what is stated in i above)
3. In case of the Client’s Account being with a bank other than ICICI and HDFC Bank, they may, as per their convenience, use the aforementioned details of ICCL’s accounts with ICICI Bank and HDFC Bank to transfer funds through NEFT and RTGS only.
4. MFD’s and their clients should note that they could face order rejections and delay in processing of their refunds in case funds are transferred into these accounts through a mode specified other than NEFT/RTGS(viz. Inter Bank Transfer, Transfer within Bank, ICICI Bank Payee, Pay Beneficiary– ICICI Bank, Cheque Deposit, Immediate Payment Service [IMPS], Mobile Money Transfer, etc) and are hence requested to avoid using these modes.
There is no change in the process for payments through other modes detailed in the aforementioned
Circular No. 20160603-13 dated 03 June, 2016
For any further clarifications, you may contact your relationship managers or BSE Help Desk:-