Punjab National Bank customers will now withdraw cash from ATMs by using a One Time Password (OTP). OTP is a system-generated numeric string of characters that authenticates the user for a single transaction. 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, explaining how the new procedure would work.
Watch Video| Here's how to use PNB's OTP based cash withdrawal service at ATMs with these steps! pic.twitter.com/aw9yLeDrYb— Punjab National Bank (@pnbindia) November 29, 2020
PNB account holders should follow the below mentioned steps to withdraw cash from PNB ATMs 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 recieve 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.