ICICI Bank, the country’s largest private sector lender, today launched cash withdrawal facility for customers at point of sale (PoS) terminals or merchant outlets.

Customers with debit cards will have the option to withdraw cash up to Rs 1,000 whether they buy or not buy at merchant outlets.

“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 Cash can be withdrawn with or without associate purchase transaction at an approved and enabled merchant establishment with PoS terminals,” the bank said.

According to RBI guidelines issued in July 2009, cash withdrawals of up to Rs 1,000 a day from PoS terminals were permitted through all debit cards issued in India. RBI, however had left it to the banks’ discretion to decide on the fee.

However, Union Bank of India, the first bank to start this facility about a year back.

Tags: cash withdrawal facility, debit card, ICICI Bank, merchant outlets, point of sale, PoS, RBI, Union Bank of India

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