Enable i-SIP for ICICI bank:

In this section, you will find a step-by-step guide on activating your i-SIP for ICICI bank. You will also find a list of conditions you need to satisfy before you are eligible to set up.

Prerequisites for setting up i-SIP are:

  • You should have your KYC documents in place as it is one of the mandatory requirement
  • Your bank account should have net banking facility
  • Bank housing your account should be authorised to extend the i-SIP facility

Step-by-step process:

  • The first step is to visit the ICICI bank’s net banking portal. You can do so by clicking here. A screen similar to the one mentioned below should appear on your screens. icici bank
  • Sign in by filling in your User Id, Password. Once you have entered the login credentials, click on ‘Log-in’.
  • After logging in, you need to select ‘Manage billers’ which is available under ‘Payments and transfers’ options. payments and transfers
  • On the next step, you will be taken to the ‘Manage billers’ section. In this section, you will see numerous options like ‘Telecom, Insurance and other utilities’, ‘ICICI bank credit card’, ‘Credit card of other financial institutions’ and two more options. You have to click on ‘Telecom, Insurance, and other utilities’. telecom
  • You will see ‘Search biller’ option for the next step. Under that, you need to fill in details like biller state, type, category, and name. You can check the image attached below for reference. Search biller
  • In the same section, you will be shown a list of billers available. From that list, you need to select your Asset Management Company. Once you have selected your biller, click on ‘Next’.
  • Once you have selected your biller, you will be taken to the ‘Details’ section. Under this section you need to fill in the following details:
    1. Nickname: it is important that your nickname is descriptive in nature. It should be easy to remember and can be used to identify the biller in future.
    2. Put in Registration date
    3. Under ‘Auto Pay required’ option, choose ‘yes’ so that the amount can automatically be deducted from your account and you don’t have to pay for it on a regular basis.
    4. For ‘Auto Pay mode’, select ‘full amount’.
    5. After this, you need to select ‘Bank account’ which needs to be used to pay for the funds.
    6. After the bank account, fill in your ‘Unique Registration Number’ (URN). You must check your mobile/email address for URN.
    7. In the last, you need to agree to ‘terms and conditions’ before you can proceed further.
    register biller
  • Once you have clicked on ‘Next’, you will be taken to a ‘Confirmation’ screen. Verify the details mentioned and click on ‘Submit’. confirmation
  • Post this, you will be again taken to ‘Manage billers’ section. Under this section, you will be asked to approve your biller by filing in OTP which you must have received within 15 minutes after registering for SIP. You need to check your registered mobile number for OTP.
  • To approve your biller, look for ‘My registered billers’ at the end of the ‘Manage billers’ section. Click on ‘view’ under ‘My registered billers’. manage biller
  • You will be taken to ‘Confirm Registration’ section. Select your biller from under ‘Pending Registrations’ list.
  • After selecting the biller, fill in the OTP against the ‘Unique Reference Number’ box. Click on ‘confirm’ after filing the OTP.confirm registration
  • On the next screen, you will see a success message confirming your registration. It is advisable that you take a print out of this message or save it somewhere. It might be useful for future reference.confirming

Frequently Asked Questions

Q- Which ICICI bank’s mutual funds are worth investing in?

Some of the best ICICI mutual funds are ICICI Prudential Nifty Next 50 Index Fund, ICICI Prudential Equity & Debt Fund, ICICI Prudential Focused Bluechip Equity Fund, ICICI Prudential Liquid Fund, and ICICI Prudential Technology Fund.

Q- Is there any difference between ICICI bank’s SIP and others?

There is no difference between the ICICI bank’s SIP and others. SIP operates in the same way for all the banks. ICICI mutual fund SIP fixes an amount which is debited from the investor’s account on a regular basis.

Q- What is the holding period of SIP investments?

3 years is the holding period of SIP investments. But financial advisors suggest that you invest in SIP for more than 5 years. Investments for a longer period have a possibility of higher returns.

Q- Can SIP be opened online?

Yes, SIP can be opened online. But before starting your SIP online, you need to fulfill the KYC requirement. You can fulfill these requirements via e-KYC. Majority of the fund houses support this facility. Alternatively, you can also visit KYC registration agencies to open SIP online.

CA Abhishek Soni

Abhishek Soni is a Chartered Accountant by profession & entrepreneur by passion. He is the co-founder & CEO of Tax2Win.in. Tax2win is amongst the top 25 emerging startups of Asia and authorized ERI by the Income Tax Department. In the past, he worked in EY and comes with wide industry experience from telecom, retail to manufacturing to entertainment where he has handled various national and international assignments.