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Import Bill Collection
Facilitating Documentary collections and Payments for your imports
Import Bill Collection is a mode of payment for international trade where the seller forwards financial and/or commercial documents to the buyer, against which the payment is made.
Import Bill for Collection services can be availed as follows: For Documents Against Acceptance (DA), ICICI Bank releases the import documents to the buyer on acceptance of the bills of exchange/draft.
For Documents against Payment (DP), ICICI Bank release the import documents to the buyer once he has paid.
ICICI Bank’s Import Bill for Collection
- Facilitates the processing of documents and payments to your suppliers on your behalf
- Saves time and takes delivery of your goods quickly and efficiently
- Enables buyers (You) to focus on building their business
If you are interested to apply for ICICI Bank Business Banking services, please fill the form given below and we will call you within 24 hours.
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- Step 1 - The seller and buyer enter into a contract and agree that payment be made on the basis of a documentary collection
- Step 2 - The seller ships the goods and tenders the documents to its bank (remitting bank) together with a corresponding collection order
- Step 3 - The remitting bank sends the documents along with its collection instructions to ICICI Bank (collecting bank)
- Step 4 - ICICI Bank notifies the buyer of arrival of documents, for his payment/acceptance
- Step 5 - The buyer pays the amount due or accepts the draft and in turn receives the documents
- Step 6 - ICICI Bank remits the amount to the remitting bank
- Step 7 - The remitting bank credits the amount to the seller’s account
Wide Network - Collection through our conveniently located Branches Alerts - Stay informed with Trade Online (our online banking platform) notifications that let you know when we receive documents Convenience - Access our Inward bill collection services without the need for a credit facility
What more, you can avail a combination of three services Import Bill of Collection, Buyers Credit and Forwards with one-time documentation by using our three-in-one product 'Import Plus'
How is your banking approach towards “Business Banking” requirements?
- Account with single bank
- Account with multiple banks
