What is the value date of a transaction?
The date when funds can be withdrawn from your account is referred to as cleared date, while the date from which your funds begin to earn interest is called value date. All transactions generally have a value date as the date when the transaction is accounted at the branch. In case of debits, the value date is the date when ICICI Bank’s account is debited by its correspondent bank, or the date of debit (whichever is earlier). When cash is deposited in the branch where your account is held, it will be credited to your account on the same day. However, when you deposit cash at another branch or bank, it will be credited on the date of receipt at the branch where your account is held, or the date of credit into our Nostro account (whichever is later). Local clearing instruments deposited before 12:00 noon, local time, will be credited on the second working day (except Friday and Saturday, which are non-working days for clearing). In case such an instrument is returned unpaid, the amount w
