ATM withdrawal, money transaction rules changing from December 1 –All you need to know about major changes

New Delhi: 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.

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 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 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 recieved on your mobile number.

- After entering OTP, you will will get cash.

Real Time Gross Settlement System

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.

Other than the above rules the rules pertaining to LPG price revision is also expected to impact the lives of common man. In India, LPG price is revised by the state-run oil companies on a monthly basis and it is expected that the prices of cooking gases would change in December.