Exclusive for PNB Customers, Rules to Be Changed from December 1

Story Highlights
  • Punjab National Bank is going to provide its customers more security in cash withdrawal from ATMs
  • From December 1, PNB 2.0 (PNB, eOBC, eUBI) will implement OTP (One Time Password) based cash withdrawal facility
  • The bank has also Tweeted about this change on their official Twitter handle

Financial: Punjab National Bank announced Major changes in the way customer withdraws money from ATMs from 1 December. PNB has taken this action to protect customers from fraudulent ATM transactions.

According to PNB’s official handle on Twitter, cash withdrawals of more than Rs.10,000/- from PNB 2.0 ATMs will be OTP based between 1 PM and 8 AM from December 1, which means, PNB customers will need OTP sent to their mobile numbers while withdrawing an amount of more than 10,000/- in night hours, starting from the afternoon and continuing till early morning. So, customers will need their mobile phones for withdrawals cash above 10,000/-.

“Save the dates! PNB 2.0 is launching OTP based cash withdrawals from 1st December 2020. Making withdrawals easy, banking easier.” – Tweeted the bank on their official Twitter handle.

Contextually, United Bank of India (UBI) and Oriental Bank of Commerce (OBC) have been merged in Punjab National Bank since April 1, 2020. PNB 2.0 is the entity that came into existence after the merge took place.

It is clear from the Tweet and messages by the bank that the OTP-based cash withdrawal will be applicable only for PNB 2.0 ATMs. Which means, this OTP based cash withdrawal system is not going to be applicable if the money withdrawal is done from ATMs of other banks with PNB ATM Card/Debit Card.

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