ICICI Bank has announced a series of measures for customers in response to the demand for cash withdrawals and deposits at ATMs and branches in the wake of the government scrapping old Rs 500 and Rs 1,000 currency notes and introducing new Rs 500 and Rs 2,000 currency notes.
These include a waiver of charges levied on customers for depositing cash at branches, withdrawing money from ATMs, extended hours of working at branches including remaining open this Saturday (November 12), among others.
India's largest private sector lender by assets said there are relaxations in limits on usage of debit cards at merchandise stores as well.
As already reported, the Narendra Modi government banned old series of Rs 500 and Rs 1,000 currency notes with immediate effect from November 8 (at certain places, the denominations will be accepted till November 11) to what it said a measure to tackle the incidence of black money and also eliminate the scope for using counterfeit notes by terrorists.
The move that has largely been received positively by India Inc. evoked strong opposition from the BJP's rivals, even as there were large queues at various banks and ATMs across the country to deposit the old notes and withdraw the new series of Rs 500 and Rs 2,000 notes.
Here are the measures issued by ICICI Bank
ICICI Bank's branch timings will be extended by two hours on November 10 and 11, 2016.
Branches in prominent locations shall be open from 8:00 am to 8:00 pm on November 10 and 11, 2016.
All our branches will be open on Saturday, November 12, 2016. If required, the bank will also keep branches open on the forthcoming Saturday, November 19, 2016.
The bank will equip its branches with additional cash counters to manage heightened footfall of customers.
Branches are being provided with new notes of Rs. 2000 and the existing notes of Rs 100 denomination and of lower value. These will be available at the bank's main branches from November 10, 2016.
All charges pertaining to cash deposit in savings accounts across all branches will be waived w.e.f. November 10, 2016, till November 30, 2016.
Charges related to transactions at ICICI Bank ATMs by ICICI Bank customers will be waived till December 31, 2016.
The bank has doubled the daily usage limit of debit cards for use at Point-of-sale (POS) as well as online transactions.
The bank is offering customers an additional credit limit of 20 percent on credit cards.