ATM withdrawal, money transaction rules changing from December 1
Since these rules are going to affect your everyday life, it is important to know more about these changes in detail. Here are some rules that are going to change from December 1.
New Delhi: From December 1, many rules about your online transactions and your ATM cash withdrawal are going to change.
While there will be new timings for Real-Time Gross Settlement System (RTGS), Punjab National Bank will have a One Time Password (OTP) based cash withdrawal facility in place for its customers.
Since these rules are going to affect your everyday life, it is important to know more about these changes in detail. Here are some rules that are going to change from December 1.
PNB OTP based ATM cash withdrawal
From December 1, if you are going to withdraw money from PNB ATM, between 8 pm and 8 am, it is advisable that you take your mobile phone along with you, for the ATM cash withdrawal will be OTP based now. Starting December 1, Punjab National Bank (PNB) will implement a One Time Password (OTP) based cash withdrawal facility for its customers. The bank has said that cash withdrawals of more than Rs 10,000 at a time between 8 pm and 8 am from 1 December 2020 from PNB 2.0 (PNB, eOBC, eUNI) ATMs will now be OTP based. PNB customers will need OTP, sent on their registered mobile phone, to withdraw more than Rs 10,000 in these night hours.
Follow the below-mentioned procedure for OTP based cash withdrawal
- Check-in at PNB ATM.
- Insert your debit/ATM card.
- Enter the necessary details.
- If you are withdrawing more than Rs 10000 at a time, you will get an OTP on your registered mobile number.
- Enter the OTP that you have received on your mobile number.
- After entering OTP, you will get cash.
Real-Time Gross Settlement System
The Reserve Bank of India has said that the Real Time Gross Settlement System (RTGS), used for large value transactions, will be made available round-the-clock from December 2020. Currently, RTGS is available for customers from 7.00 am to 6.00 pm on all working days of a week, except the second and fourth Saturdays of every month.
Announcing the last bi-monthly RBI Monetary Policy decision, RBI Governor Shaktikanta Das said, customers, will get round-the-clock availability of Real-Time Gross Settlement (RTGS) System.
RTGS is a financial transaction system, where there is a continuous and real-time settlement of fund transfers, individually on a transaction-by-transaction basis. RTGS transactions or transfers have no amount cap.
Other than the above rules the rules about LPG price revision are also expected to impact the lives of the common man. In India, LPG price is revised by the state-run oil companies every month and it is expected that the prices of cooking gases would change in December.
Source: Zee News
