New process requirements for merchants using RazorpayX API payouts with ICICI Bank Current Account

As part of updated requirements received from our partner - ICICI bank, merchants availing RazorpayX API services on ICICI Current Accounts will be required to furnish additional documents in order to continue seamlessly.

Detailed process as under:

Step 1 - Sharing the below additional set of documents with ICICI Bank

• Bank Application Form (attached) signed & stamped by authorised signatory

• Indemnity letter (attached)  signed & stamped by authorised signatory, executed on a Rs.600 stamp paper

• ICICI Bank Application Annexure (attached) duly filled. This can be shared digitally in the same excel.

• On company letterhead, signed & stamped by authorised signatory

  • Covering Letter and/or Board Resolution as per business type for STP mapping (not needed if STP mapping is already done)

  • ICICI API Policy checklist (attached)

• CA signed certificate. RazorpayX will facilitate the procurement if the same is not available

Step 2 - Testing the new setup

Subject to submission, accuracy & sufficiency of docs received by ICICI Bank we will test the new setup. Be rest assured, RazorpayX team will assist you end-to-end in this testing.

• ICICI bank will issue UAT (User Acceptance Test) API keys to the customer and will initiate a UAT signoff request on the customer’s registered email ID. 

• The customer needs to respond to the same email with - ‘UAT is successful’ -  to complete the UAT signoff.

Step 3 - Implementing the new changes

Post successful UAT signoff, 

• ICICI bank will issue Production API keys to the customer and will initiate a Production signoff request on the customer’s registered email ID. 

• The customer needs to respond to the same email in a specific format (will be shared later) to complete the Production signoff.

In order to make this process change seamless for you, RazorpayX team is available at all times to assist you at any step - documentation, testing, production sign-off & implementation.

Happy to Help

We have arranged for a dedicated hotline. You can write to us at x.support@razorpay.com or call us on +91-9513666828, any time between 9 AM and 7 PM, Monday to Friday and we will be very glad to answer any concerns/questions you might still have.