PNB’s new rules for ATM cash withdrawals

From December 1, many rules pertaining to 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 One Time Password (OTP) based cash withdrawal facility in place 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 (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. Earlier, the State Bank of India (SBI) also launched an OTP-based ATM cash withdrawal facility. Since September last year, SBI has implemented an OTP-based ATM withdrawal facility for its users that can withdraw cash of 10,000 rupees or more. Earlier, the facility had limited usage time.

The Reserve Bank of India has said that 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 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 continuous and real-time settlement of fund transfers, individually on a transaction-by-transaction basis. RTGS transactions or transfers have no amount cap.