Withdrawal from ATMs, the rules for financial transactions change as of December 1

Starting December 1, many rules about online transactions and ATM cash withdrawals will change.

While there will be new hours for the Real-Time Gross Settlement System (RTGS), the Punjab National Bank will have a one-time password (OTP) cash withdrawal feature for its clients.

Since these rules will affect your daily life, it is important to learn more about these changes in detail. These are some of the rules that will change as of December 1.

Cash withdrawal from ATMs according to PNB OTP

Starting December 1, if you are withdrawing money from a PNB ATM, between 8:00 AM to 8:00 PM, It is recommended that you bring your mobile phone, like cash withdrawals from ATMs will now be made via OTP. Starting December 1, Punjab National Bank (PNB) will implement a one-time password (OTP) cash withdrawal feature for its customers. The bank said that cash withdrawals exceeding Rs 10,000 sometime between 8:00 AM to 8:00 PM from December 1, 2020, from PNB 2.0 ATMs (PNB, eOBC, eUNI) will now be based on OTP. PNB clients will need an OTP, sent on their registered cell phone, to withdraw more than Rs 10,000 in these evening hours.

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Follow the procedures below to withdraw cash in OTP form

Register at the PNB ATM.

Insert your ATM/debit card.

Enter the necessary details.

If you withdraw more than 10,000 rupees at a time, you will get an OTP on your registered mobile phone.

Enter the one-time password that you received on your mobile phone number.

After entering the OTP, you will get money.

Real-time gross settlement system

The Reserve Bank of India said that the Real Time Gross Settlement System (RTGS), used for high-value transactions, will be available 24 hours a day from December 2020. Currently, RTGS is available to customers from 7.00 AM to 6.00 PM every business day of the week, except the Second and fourth Saturday of each month.

In announcing the latest bi-monthly monetary policy decision from the RBI, Reserve Bank of India Governor Shaktikanta Das announced that clients will have access to a real-time Gross Settlement System (RTGS) around the clock.

RTGS is a financial transaction system, in which there is a continuous and real-time settlement of money transfers, individually, transaction by transaction. RTGS transactions or transfers have no amount limit.

Apart from the rules mentioned above, the rules regarding the revision of the LPG price are also expected to affect the life of the common man. In India, state oil companies review the price of LPG every month, and prices for cooking gases are expected to change in December.

Also Read: ELSS vs PPF: Which investment option is best for you

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