ICICI customers can now withdraw cash at shops

The country's largest private bank, ICICI today announced a new facility by which its customers would be able to withdraw cash using debit cards at approved merchant establishments.

The country's largest private bank, ICICI on Tuesday announced a new facility by which its customers would be able to withdraw cash using debit cards at approved merchant establishments. Moreover, the sop can be availed even if a customer chooses not to make purchases from the particular shop.

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"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 Cash can be withdrawn with or without associated purchase transaction at an approved and enabled merchant establishment with POS (point-of-sale) terminals," the bank said in a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 in Mumbai.

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.