ICICI Bank lets customers withdraw cash at shops

Friday, 21 January 2011 00:01 - - {{hitsCtrl.values.hits}}

(IANS) The country's largest private bank ICICI on Tuesday said its customers would be able to withdraw cash using debit cards at approved merchant establishments even if they choose not to make purchases from the particular shop.

'This facility will be available for all ICICI Bank debit cards issued in India and these debit cardholders can withdraw maximum of Rs.1, 000 per day. Cash can be withdrawn with or without associated purchase transaction at an approved and enabled merchant establishment with POS (point-of-sale) terminals,' the bank said in a statement here.

Currently cash withdrawal using a plastic card is available only at ATMs.

ICICI is the first bank in the country to offer such a service and said the step was a way forward to increase the number of outlets for currency dispensation to enhance customer experience.

Merchants too will benefit from this scheme as they can reduce the risk and cost associated with managing cash at their establishments.