Doing bank ATM, online money transaction? Rules for bank account holders changed from this date
Bank ATM, online money transaction rules have been changed. Yes, and all those bank account holders who want to do their financial transactions online, should be aware of them and follow them scrupulously otherwise they will receive a big surprise when they get a 'transaction failed' message on their screen.
The date these ATM, online money transaction rules changed is December 1, 2020.
Bank ATM, online money transaction rules
Everyday you receive messages on your mobile as well as on your mail from banks warning you about the dangers of not being alert while doing online transactions. Yes, people can lose their money if they do not follow the rules scrupulously. While most of the times, the lost money can be retrieved, there are occasions when this does not happen. Also, account holders have to spend a lot of time worrying about what fate awaits them regarding the return of their funds in case they lose money during an online money transaction. Source: IANS
Bank ATM, online money transaction rules listing
Punjab National Bank has declared that it too will offer One Time Password (OTP) based cash withdrawal facility to its account holders. Punjab National Bank, one of the biggest banks in India, has announced that it will offer this safe feature to its account holders. From the date mentioned, it will offer One Time Password (OTP) based cash withdrawal system. The chances of account holders losing money will reduce drastically this way. The timing of the same is applicable betwen 8 pm to 8 am. So, don't just grab your PNB ATM card before heading to the nearest dispenser, what you need to do is to keep your mobile phone in your pocket too. That is where the bank will send the OTP and you have to use it to get the cash. However, you need to know something more about it. PNB said that ATM cash withdrawals in excess of Rs 10,000 at a time between the abovementioned timing, from PNB 2.0 (PNB, eOBC, eUNI) ATMs will now be OTP based. So, for any ATM cash withdrawal of over Rs 10000, you will need OTP. Source: PTI
How to use PNB OTP based cash withdrawal
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. Source: PTI
Real Time Gross Settlement System
To start with, new timings for Real Time Gross Settlement System (RTGS) has been announced. 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. RTGS was 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. RBI had 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. Source: PTI