The theoretical modelling for the electrostatic ion cyclotron (EIC) waves in the existence of a transverse direct current (dc) electric field in a collisionless magnetized dusty plasma has been investigated using the kinetic theory model. It is examined that after incorporation of dc electric field with the dust grains can alter the dispersion properties of EIC waves in a magnetized dusty plasma. Our model developed accounts for the critical drift velocity, electron-to-ion temperature ratio, magnetic field, the number density of dust grains, relative density of negatively charged dust grains, and finite gyroradius parameter. Our investigation found that normalized growth rate and frequency increase with the relative density ratio and electric field. Moreover, the critical drift velocity for the excitation of the mode with negatively charged dust grains and electron-to-ion temperature ratio has been studied, and it was found that critical drift velocity decreases with the increase in negatively charged dust grains. The impact of dust grains on the low-frequency waves has also been studied, and it was found that an increase in dust grain number density results in the reduction of growth rate. Some of our theoretical findings are consistent with the experimental observations.