ATM Rules Change: From April 1, with the start of the new financial year, banks in India are going to make changes in many rules related to the use of ATMs. These changes will have a direct impact on your cash withdrawal limit, transaction charges and withdrawal methods. Whether you live in a metro city or a small town, it is very important for you to know these new rules so that you do not face any problems and avoid unnecessary charges. Let us know what these changes are and how they will affect your pocket.
HDFC Bank: Cash withdrawal through UPI now included in free limit
HDFC Bank, a big private sector bank, has made an important change. Now, UPI-based cash withdrawal transactions from ATMs will also be counted towards your monthly limit of ‘Free Transactions’. Earlier these were kept in a separate category, due to which customers could withdraw cash more often through UPI. But this will not happen now.
What will be the effect?
If you use the ATM more times than your free transaction limit for the month, you will be charged ₹23 per additional transaction, excluding taxes. As of now, HDFC Bank customers can usually withdraw free cash five times every month from their bank’s ATM. Apart from this, the facility of free transactions from ATMs of other banks is available three times in metro cities and five times in non-metro areas. Now cash transactions through UPI will also be added to all these. This means that if you withdraw money from ATM using UPI, it will also count towards your free limit and if the limit is crossed, you will be charged. So, now you have to pay even more attention to your transactions.
Punjab National Bank: Change in limit for withdrawing cash from debit card
Major public sector bank Punjab National Bank (PNB) has also changed the daily cash withdrawal limit for some of its debit cards. As per the new rules, customers will now be able to withdraw cash ranging from ₹50,000 to ₹75,000 every day depending on the type of their debit card. This is a change for cardholders who previously had the facility to withdraw up to ₹1,00,000.
Why was this change made?
The bank says that the purpose of this step is to make the use of ATM more systematic and improve risk management. This change will ensure that all customers get a uniform and secure banking experience. If you are a PNB customer, you should contact the bank or visit their website for information about the new limit of your debit card.
Jio Payments Bank: New facility to withdraw cash from QR code
Amidst these big changes, Jio Payments Bank has taken a new and convenient initiative. They have started QR code-based cash withdrawal facility. Now Jio Payments Bank customers will be able to withdraw cash from the bank’s designated banking correspondents by scanning the UPI QR code and approving the transaction through their UPI app.
What is its benefit?
This feature is a big step towards promoting digital banking and can be beneficial for those who prefer cashless transactions or do not have a debit card. This shows that banks are now offering customers even easier and safer options to withdraw cash.
What do these changes mean?
All these changes reflect the increasing trend towards digital banking and the efforts of the banking sector to tighten control over the use of cash. The aim of banks is to provide convenience as well as security to the customers.
Before these new rules come into effect, it is very important that you check the new limits set by your bank. Monitor your ATM and UPI-based cash transactions carefully to avoid any additional charges. It will be beneficial for you to adapt your banking habits according to these new rules.
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