New ATM Rule: ATM rules are changing starting April 1st; cash can now be withdrawn using a QR code..
New ATM Rules: The first day of every month holds significance in many respects, as it is on this day that changes to various major regulations typically come into effect. Many of these changes directly impact the lives of the general public. Furthermore, since the new financial year commences on April 1st, most institutions choose this time to implement changes to their rules and policies. Starting April 1st, banks across the country are set to introduce several major changes regarding ATM services. These changes will become effective concurrently with the beginning of the new financial year. The new rules announced by major private and public sector banks will have an impact on cash withdrawal limits, ATM transaction charges, and the actual process of withdrawing money from ATMs.
HDFC Bank's New Rules
HDFC Bank has announced that, henceforth, cash withdrawals made at ATMs using UPI will also be counted towards your monthly limit of free transactions. Previously, UPI-based ATM withdrawals were counted separately; however, they will now be treated on par with standard ATM transactions. If you exceed your allotted free limit, you will be charged ₹23 per transaction (exclusive of taxes). Specifically, HDFC Bank offers a limit of 5 free transactions at its own ATMs. Conversely, at ATMs belonging to other banks, customers are entitled to 3 free transactions in metro cities and 5 free transactions in non-metro cities. While UPI-based ATM withdrawals were previously classified under a distinct category—and thus excluded from your free transaction quota—cash withdrawals executed via UPI will now be considered an integral part of your total count of free ATM transactions.
PNB's New Rules
Punjab National Bank (PNB) has also implemented certain changes. Under the new framework, customers holding specific types of debit cards will now be able to withdraw between ₹50,000 and ₹75,000 per day. This specific limit will vary depending on the type of debit card held by the customer. PNB has revised the daily cash withdrawal limits for certain categories of debit cards. Consequently, for some debit cards that previously permitted withdrawals of up to ₹1,00,000, the withdrawal limit has now been reduced.
Jio Payments Bank's New Initiative
Meanwhile, Jio Payments Bank has introduced a new method for transactions. Customers will now be able to withdraw cash by scanning a QR code. A bank representative will provide a UPI QR code. Customers will scan the QR code using their mobile phones and authorize the payment within their UPI app. Subsequently, they will receive the cash. This facility makes the cash withdrawal process even simpler and more secure.