After SBI, PNB brings in new rules to withdraw cash from ATMs

After SBI, PNB brings in new rules to withdraw cash from ATMs
Punjab National BankBCCL
  • The Punjab National Bank (PNB) has introduced a new One Time Password (OTP) system for account holders looking to withdraw cash from ATMs.
  • However, the OTP verification is only required for withdrawals of over ₹10,000.
  • Withdrawals of over ₹10,000 will also only be permitted between 8:00 am to 8:00 pm.
After India’s largest public sector bank, the State Bank of India (SBI), brought in new rules for how customers could withdraw from ATMs, the Punjab National Bank (PNB) is following suit.

The new rules come into effect today, but you only have to worry about the change if you plan to withdraw more than ₹10,000 at a time.

Changes to PNB’s ATM rules
Starting December 1, PNB account holders will now need a One Time Password (OTP) to withdraw cash of ₹10,000 or above from ATMs.

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Withdrawals of amounts greater than ₹10,000 will also only be available between 8:00 am to 08:00 pm.

This means that if any customer has changed their registered mobile number, they will need to update their details with the bank in order to withdraw money.

How to use PNB’s new OTP-based system?

  • If you’re looking to withdraw more than ₹ 10,000 from an ATM, make sure you’re carrying your mobile phone with you.
  • Once you check-in at a PNB ATM, insert your debit/ATM card.
  • Enter the required details on the screen.
  • An OTP will be sent to your mobile phone to verify your identity.
  • Enter the OTP on the ATM machine.
  • If the OTP is approved, the cash will be released.
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