Priyanka Sambhav
The last month of 2020 will change four rules related to your spending. From 1st December 2020, these rules will bring ease of banking and make your ATM transactions safer. Here is a list of new changes-
1)24×7 Real-Time Gross Payment Settlement (RTGS)
From December onwards Real-Time Gross Settlement, i.e. RTGS, will be available round the clock. Till now RTGS didn’t function on second and 4th Saturday of the month. But RBI in its October policy announced that from 1st December 2020 onwards people would be able to transfer money 24x7x365. The minimum amount that you can transfer through RTGS is Rs 2 lakh with no maximum limit. The payment is transferred in real-time. For an immediate transfer of fund above Rs 2 lakh RTGS is a preferred tool, especially for small businesses.
2)PNB ATM withdrawal
PNB is all set to launch a one-time password (OTP) based cash withdrawal service from 1st December 2020. For the ATM withdrawals from 8 pm to 8 am, and of amount more than Rs 10,000, only the PIN of your ATM card will not be sufficient. As soon as the bank customer swipes the card, he/she will receive an OTP on their registered mobile number. Only after you put in the OTP will ATM will dispense the cash.
3)Train Services
The trains which were shut during COVID-19 will start running again. Routes will re-open and trains like Mumbai- Howrah daily superfast, Jhelum Express, Reeva special and Jabalpur-Nagpur special will restart.
4)You can pay less premium for your insurance
If you have paid the premium of your insurance policy for continuously five years, you will be allowed to reduce the premium payment amount by 50%. An insurance policyholder will be able to continue with the policy even at half the premium.
