The limitations on ATM cash withdrawals and Point of Sale (POS) transactions for clients of public sector lender Punjab National Bank (PNB) may shortly change. The bank posted a message on its website informing users that the transaction limitations will shortly be updated, although it did not provide a date. Customers should not fear, though, since the bank is boosting the daily cap rather than lowering it for their convenience. The bank will adjust the Debit Card transaction limit for high-end variant cards, according to the notice.
According to the PNB, the daily ATM cash withdrawal limit for all platinum versions of MasterCard, Rupay, and VISA Gold Debit Cards will increase from Rs 50,000 to Rs 1,00,000, while the daily POS limit will rise from Rs 1,25,000 to Rs 3,00,000. The ATM cash withdrawal cap for Rupay Select and Visa Signature debit cards will be increased from the current Rs 50,000 to Rs 1,50,000, the bank added. The daily cap on POS transactions for these cards will increase from Rs. 1,25,000 to Rs. 5,00,000.
‘For the specific type of the debit card, the maximum daily transaction limit will be as stated above. Customers are encouraged to set their personalised limit using Internet Banking, Mobile Banking, PNB ATMs, IVR, or by going to the base branch ‘, the Bank stated.
Although it’s a smart move, it could backfire if there’s a cyber fraud. By logging into the Punjab National Bank’s net banking or mobile banking app, customers can lower the daily transaction limit as needed. For PNB customers who have a traditional debit card that the bank has issued, the daily cash withdrawal limit is Rs 25,000, and the most that can be withheld from an ATM in a single transaction is Rs 20,000. For these customers, a maximum of Rs 60,000 in POS transactions is permitted each day.