With this 'Cardless Cash Withdrawal' process, customers can obtain cash from an HDFC Bank ATM even when they are not carrying their debit cards.
The company is providing UPI-enabled interoperable cardless cash withdrawing system in the country. Under this system, anyone can withdraw cash from the ATM by just scanning the QR Code through the UPI App.
According to the changed rule, cash withdrawals from Punjab National Bank ATMs will now not be possible without an OTP.
Bank of Baroda had made certain changes with effect from November 1, 2020, with regard to the number of free cash deposits and withdrawals per month. Opposition political parties had also protested against the move.
Banking sources said ICICI Bank is not levying charges on the basic savings bank deposit account (BSBA) and Jan Dhan accounts.
Bank of Baroda (BOB) will start charging its customers for transactions beyond the prescribed limits from today. Names of other banks like Bank of India, PNB, Axis Bank and Central Bank are also emerging in reports, but they are yet to take a final call on the matter.
The ‘contactless' solution, currently under demo at interested banks, enables a customer perform all the steps required to withdraw cash from an ATM using the mobile app itself.
Withdrawing cash from bank ATM soon to become costly as India's ATM operators' association has written to the Reserve Bank of India (RBI) seeking a hike in the interchange fee paid by customers.
Holding Savings Account in ICICI Bank? Then brace up to pay more for transactions like withdrawing, depositing cash. ICICI Bank said that account holders will have to pay more for transactions from December 15, 2019.
Bank ATM users alert: Bank of Baroda (BoB) and State Bank of India (SBI) have put cash withdrawal limitations for customers at micro-ATM terminals of other banks, in a move that would majorly impact banking services in rural areas.
"Now your ATM cash withdrawals in Canara Bank ATMs get safer and more secured with OTP facility on cash withdrawals above ₹10,000 in a day. This additional factor of authentication protects from unauthorized ATM cash withdrawals for the bank card holders," the bank said.
Plugging loopholes, the government on Thursday brought an amendment to its Budget proposal to levy tax on high value cash withdrawals, saying a two per cent tax will be charged if aggregate cash withdrawal from one or more accounts exceeds Rs 1 crore.
Withdrawing a cumulative Rs 10 lakh a year can attract 3-5 per cent tax if a proposal going around in the Finance Ministry takes shape in the Budget to track high value cash deals and make digital payments mandatory.
As per the bank’s new order, every cash withdrawal from the bank’s ATM by a customer will attract a charge of Rs 25
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