Punjab National Bank ATM Rules: Now, Rs 10,000 Withdrawal Will Require OTP | Details

PNB account holders will now require a One Time Password (OTP) for cash withdrawal of ₹10,000 and above from ATMs.

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Punjab National Bank ATM Rules: After the country’s largest lender State Bank of India (SBI), Punjab National Bank (PNB) has now implemented new rules for withdrawing cash from ATMs. The new rules are applicable from today, 1 December 2020. Here are the changes that PNB customers need to note. Make sure to carry phone with your registered mobile number Firstly, PNB account holders will now require a One Time Password (OTP) for cash withdrawal of Rs 10,000 and above from ATMs. Hence, it is important to carry your phone because you will receive the OTP on your registered mobile number if you are looking to withdrawRs 10,000 or more. In absence of OTP, you will not able to withdraw cash for the said amount. Step-by-step procedure to withdraw cash at PNB ATMs through OTP-based system From now on, PNB customers will need an OTP to carry out ATM transactions of Rs 10,000. OTP is a system-generated numeric string of characters that authenticates the user for a single transaction. It will be sent to your registered mobile number. The bank on its official Twitter handle posted a tweet, "Save the dates! PNB 2.0 is launching OTP based cash withdrawals from 1st December 2020. Making withdrawals easy, banking easier."

PNB has shared a 47-second video clip explaining the steps of how OTP-cash withdrawal at ATM's will work. "Watch Video| Here's how to use PNB's OTP based cash withdrawal service at ATMs with these steps!," tweeted PNB.

- Visit the PNB ATM and insert your debit/ATM card card. - Then enter the necessary details. - In case you are taking out more than Rs 10000 at a time, you can’t do the transaction without the OTP sent on your registered mobile number. - Enter the OTP that you have received on your mobile number. - After entering OTP, you can easily collect the cash from the machine. Note the withdrawal timings According to the bank, customers can now easily withdraw money above Rs 10,000 between 8 PM to 8 AM. The bank has added another layer of security for cash withdrawals through the introduction of its OTP-based cash withdrawal facility. Similarly in September, SBI, also implemented OTP-based cash withdrawal for ₹10,000 and above throughout the day across all its ATMs across the country. Prior to that it was available for transactions at SBI ATMs between 8 pm and 8 am.