PNB ATM withdrawals, LPG cylinders, and insurance policies — five major changes set to kick in on December 1

PNB ATM withdrawals, LPG cylinders, and insurance policies — five major changes set to kick in on December 1
Indane gas cylindersBCCL
  • The Punjab National Bank (PNB) has introduced new rules for customers looking to withdraw more than ₹ 10,000 from ATMs starting December 1.
  • The Reserve Bank of India’s (RBI) direction to make RTGS facilities available around the clock will be available starting today.
  • The Jhelum Express and Punjab Mail are also set to restart their operations on December 1. This after all railway services were suspended in view of the coronavirus pandemic.
Customers of Punjab National Bank (PNB) will now have to carry their mobile phone if they wish to withdraw more than ₹10,000, the price of LPG cylinders may change, and insurance holders can slash their premiums starting December 1.

Here all the changes kicking in today that have the potential to impact your day-to-day lives:

1.PNB changes ATM withdrawal rules for an amount greater than ₹10,000
PNB account holders will now be required to put in a One Time Password (OTP) when withdrawing amounts greater than ₹10,000. Withdrawal of large sums will also be limited to between 8:00 am to 8:00 pm.

2. Around the clock RTGS
Real-Time Gross Settlement (RTGS) is normally restricted to between 7:00 am to 6:00 pm. However, back in October, the Reserve Bank of India (RBI) announced that the service will be available 24/7 starting this month.
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This means the RTGS service will be online around the clock, all seven days of the week, except for on the second and fourth Saturdays of the month.

3. Two new trains set up make their comeback to the tracks
The Jhelum Express and Punjab Mail are set to restart their operations on December 1 after all railway services were suspended in view of the coronavirus pandemic.

Both these trains will run on a daily basis. Jhelum Express runs from Pune in Maharashtra to the country’s national capital, New Delhi before reaching its final destination in Jammu Tawi. The Punjab Mail is a superfast express train from Mumbai Central Station to Firozpur Cant.
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4. Insurance holders can change premiums
Insurance policy holders will be able to reduce the premiums on their life insurance policy by up to 50% if they have completed five years on the same policy. However, reduced premiums will also mean reduced cover.

5. LPG cylinder prices
The change in LPG cylinder prices is a monthly exercise. The prices get updated every month based on the fluctuations of crude prices and the rupee-dollar exchange rate. However, so far, there has been no change in the LPG price by Indian Oil.

Current prices of non-subsidised LPG cylinder:
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CityPrice of LPG cylinder
Delhi₹ 594
Mumbai ₹ 594
Kolkata₹ 620.50
Chennai₹ 610


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