NEWS & ADVICE : CREDIT CARDS
ICICI Bank sets cash withdrawal facility in shops
By Ankit Sharma
Jan 19, 2011
Print    Email    RSS   

The largest private sector lender of the country, ICICI Bank has introduced a new facility under which customers can withdraw cash at point of sale (POS ) terminals also.

POS terminals refer to the card swipe machines in retail outlets which enable a customer to make payment for his purchases using the plastic form of money that is debit or credit card.

Under the new facility, customers will be allowed to withdraw upto Rs 1000 from these POS bearing merchant locations.

"The facility will be available to all ICICI Bank debit card holders who can withdraw Rs1,000 a day. Cash can be withdrawn with or without associate purchase transaction at an approved and enabled merchant establishment with PoS terminals," the bank said.

RBI had allowed this process one year back and had left the fees chargeable at the discretion of banks. The first bank to launch this system a year back, Union Bank of India, however said that the response of customers was not great.

"We have 31 PoS offering cash withdrawal facility, all in rural areas, but the response has not been very encouraging," said a Union Bank official.


 


(Comments Posted : 0) Post Your Comments
Show All Comments
COMPARE QUICKLY
 Select a product:
 

CALCULATE QUICKLY
 Select a product:
 

EDITORS' PICKS
Guide to get a an auto insurance claim...
Deter & detect ID thefts: Keep your...
Carnival of Indian Personal Finance Blogs #2
Personal Loan Vs. Cash advance from credit...
American Express Platinum Corporate Card:...


Good Morning, i forgot my FCMB Account Number and...
Radhey@09646870399 @Escoℛts In#Chandigarh...
Radhey@09646870399 @Escoℛt In#Chandigarh...

NEWS THIS WEEK
91st Founders day of the Karnataka Bank Feb 18, 2015
Banks on strike from 25th February Feb 16, 2015
SBT bank postponed the Open House meet Feb 13, 2015
Yes bank planning to line up for credit card portfolio Feb 12, 2015
Pocket banking – new app by ICICI bank Feb 11, 2015
News Archive