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Punjab National Bank launches OTP-based cash withdrawals; Check details here

Punjab National Bank launches OTP-based cash withdrawals; Check details here

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NEW DELHI: After the State Bank of India (SBI), now Punjab National Bank (PNB) has introduced new rules for withdrawing cash from ATMs.

From now on, PNB customers will have to use One Time Password (OTP) to withdraw cash from ATMs.

The rule, which was introduced last week, will be applicable starting today (December 1). With this move, the bank has added another layer of security for cash withdrawals.

According to the changed rule, PNB account holders will now need an OTP for cash withdrawal of ₹10,000 and above from ATMs. It should also be noted that cash withdrawals from Punjab National Bank ATMs will not be possible without an OTP.

Going by the bank statement, customers can now easily withdraw money above ₹10,000 between 8 PM to 8 AM.

On its official Twitter handle, the bank has also shared a video to explain how the new procedure would work.

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The bank informed about the new rule last week and wrote, "Save the dates!
PNB 2.0 is launching OTP based cash withdrawals from 1st December 2020.

Follow the below-mentioned steps to withdraw cash using OTP:

  1. Insert your debit/ATM card into the machine
  2. Enter the necessary details
  3. If you are withdrawing more than ₹10000 at a time, you will receive an OTP on your registered mobile number
  4. Enter the OTP on the ATM machine
  5. You can easily withdraw cash from the PNB ATM

Prior to the Punjab National Bank, the State Bank of India (SBI) too had introduced OTP-based cash withdrawal for ₹10,000 and above applicable for all its ATMs across the country.

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