If you are a customer of Punjab National Bank, pay attention. If you have a non-EMV ATM card, then you will not be able to transact after February 1. This restriction will be applicable on all types of transactions. Customers will not be able to withdraw cash nor check balance at a non-EMV ATM.
EMV Chip card
PNB’s tweet has come, in which the bank is taking this step to protect its customers from fraud through ATM such as card cloning. Following the RBI directive, all banks in the country have already banned transactions with only Magstripe debit cards. They are replaced by cards with EMV chips, which are more secure.
What are non-EMV ATMs
A non-EMV ATM is a machine that does not hold the debit card until the transaction is completed. After putting the card in these machines, it can be withdrawn before the transaction is completed after it is read. These machines read data from the debit card magstripe. At the same time, data in EMV ATM is read by a chip on the debit card. After inserting the card in such machines, it cannot be withdrawn until the transaction is complete.
Bank of Baroda charges
Explain that last year, Bank of Baroda had charged customers for depositing their money in banks and withdrawals. Other banks can also do this. Bank of Baroda had fixed charges for depositing and withdrawing money in current account, cash credit limit and overdraft account. Separate charges for deposit withdrawals have been fixed in Savings Bank Account. From next month, every time customers withdraw money from the account after 3 times in a month, they will have to pay a charge of Rs 150.
It will be free to deposit money only for 3 times.
It will be free for customers of Savings Account to deposit money up to 3 times, but if the money is deposited in the account for the fourth time, then you will have to pay 40 rupees as charge. Banks have not given any relief even for senior citizens. However, Jan Dhan account holders will not have to pay any fee for depositing the money, but will have to pay a charge of 100 rupees for withdrawal.
How much will Fees take?
Cash Credit Limit, Current Account and Overdraft Account holder are free to deposit up to one lakh rupees per day. But for depositing more money than this, banks will charge. For depositing more than 1 lakh of account holders, one rupee will have to be charged for every 1 thousand rupees. The minimum limit for this is 50 and the maximum limit is 20 thousand rupees. If cash is withdrawn from credit limit, current account and overdraft accounts 3 times in 1 month, no charge will be levied. On withdrawal for the fourth time, every transaction will be charged 150 rupees.
How much charge on Savings Bank Account?
Savings bank account depositing up to 3 times will be free for the account holders. From the fourth time, every time a deposit of 40 rupees will have to be paid. For withdrawal, 3 transactions per month will be free on every account. On the fourth transaction, customers will be charged a charge of 100 rupees each time. Also Read: LIC policy news: savings of 160 rupees will become a hefty amount of 23 lakh rupees, know what is the plan
