There is going to be a big change in banking rules for common customers from the beginning of the new financial year. From April 1, some new rules related to cash withdrawal, transaction charges, and cash access from ATMs will be implemented. This important announcement has been made especially by HDFC, PNB, and Jio Payments Bank.
Largest private sector bank HDFC has clarified that now cash withdrawals made from ATMs through UPI will be counted towards the monthly free transaction limit. If a customer exceeds his monthly free limit, then he will have to pay Rs 23 (including tax) per transaction. Currently, customers get 5 free transactions at their own bank ATMs, while other bank ATMs have 3 free facilities for metro cities and 5 for non-metro cities.
Punjab National Bank (PNB) has revised the daily cash withdrawal limit for some of its debit cards. Depending on the type of card, customers can now withdraw between Rs 50,000 and Rs 75,000 per day. The bank has now reduced the limit for cards that previously had a withdrawal limit of up to Rs 1 lakh, keeping in mind risk management.
Similarly, Jio Payments Bank has launched a UPI-based cash withdrawal service. With this facility, customers can withdraw money from Business Correspondent (BC) points by simply scanning the QR code on their debit card. This will make digital banking even easier.
Therefore, to avoid additional charges, customers must stay updated about the new rules and transaction limits of their banks.
