Are we really not going to have ATM card of many people from March 16, will be blocked?

-

Are we really not going to have ATM card of many people from March 16, will be blocked?

Mumbai. There is going to be a change in the rules for withdrawing money from ATM card (RBI allows card holders to enable disable cards for online) from 16 March 2020 across the country. According to the RBI, new rules have been introduced to make transactions (transactions of money) from debit cards i.e. ATM and credit cards more easy. Also, securing the money deposited in the account, these new rules (RBI allows use modify transaction limits).
Let us tell you that earlier also, from January 1, 2020, SBI had issued new rules to withdraw cash from ATMs. Now SBI has started one time password based cash withdrawal system at ATMs. Under this, to withdraw cash from the ATM from 8 am to 8 am, you have to tell the OTP on the mobile number registered with the bank. This rule is applicable to cash transactions of more than 10 thousand rupees.


Let's know what new RBI rules are coming into effect from 16 March 2020 ...


  1. The Reserve Bank of India (RBI) has asked banks to approve transactions only with domestic cards at ATMs and POS terminals in the country while issuing / reissuing cards, i.e. those who do not have to travel abroad and now Overseas facility will not be available on their bank card. Now these services will start only after applying to the bank. Till now banks start all these services without demand. If the customer needs the service of transactions abroad, online transactions and contactless transactions, then he has to take these facilities separately on his card. This means that if you want the convenience of abroad or online or contactless transactions, then you have to take this service separately.
  2. Those who currently have the card will decide on their own risk whether they want to disable their domestic and international card transactions. That is, if you want, you can also disable your debit or credit card. It will be mandatory to discontinue these facilities in those cards which have not yet had online / international / contactless transactions.
  3. Customers can turn on / off their card or change the transaction limit at any time round the clock, 24 hours a day. For this, they can resort to mobile app or internet banking or ATM or IVR.
  4. Banks should now allow their customers to change the transaction limit for POS / ATM / online transactions / contactless transactions both domestically and overseas. Along with this, banks will also have to allow the card to switch off and switch on.
  5. Let us tell you that these new rules will not be applicable on prepaid gift cards and metro cards.


Don't forget to share @ShaikhInside


Loved our content? To support us for More Content , you can help us via UPI :
Paytm : ShaikhInside@paytm
GooglePay : Enquiry2Info@okaxis
📲 Google Pay : Enquiry2Info@okaxis

Join me on Google Pay, UPI a secure app for money transfers, bills and recharges. Enter my code 1n9g4 to earn ₹21 back on your first payment! https://g.co/payinvite/1n9g4

Connect With Us:
Facebook Twitter Instagram Pinterest Telegram
Subscribe to all our social networks:
Instagram - instagram.com/shaikhinside
Telegram - t.me/shaikhinside
Twitter - twitter.com/shaikhinside

Comments

Post a Comment

Popular posts from this blog

iPhone XR Most Selling Phone 2019 global best-selling chart, iPhone 11 comes in second

-
Image
iPhone XR Most Selling Phone 2019 global best-selling chart, iPhone 11 comes in second: Shaikh Inside The iPhone 11 proved a real hit for Apple. The successor to the  iPhone XR  is doing even better than its predecessor, dominating sales around the globe. According to the latest report from  Counterpoint Research , the iPhone 11 was the second best selling phone in 2019 with a 2.1% share of all global smartphone sales, trailing only the iPhone XR which commanded a 3% share. Keep in mind that the XR was available throughout 2019, whereas the 11 only came at the end of September. The Samsung Galaxy A50 rounds out the podium with 1.8% of all global sales. Apple and Samsung continued their domination throughout the top-10 chart while Oppo and its A5 was the only other company in the global top-10 ranking as per  Counterpoint Research . 2019 Global Smartphone Top 10 Model Sales Market Share Going on a per-region basis, Apple unsurprisin...
Read more

6 two-wheel vehicle riders die every single hour in India.

-
Image
6 two-wheel vehicle riders die every single hour in India. That’s more than 50,000 people a year. Moving about is unavoidable. Public transport, though very vast, just isn’t enough. Cars are too expensive for the country’s price-sensitive population. Hence, two-wheelers. It is quite common for us to see families of 3 or 4 people riding on one 2-wheel vehicle. Needless to say, this is very unsafe. The lawmakers have tried. Certified helmets are mandatory. Only 2 people are legally allowed. But again, that has not been enough. In that light, another question to be asked is, why not make cars cheaper? An effort has been put towards that. Seeing a family of 4 on a bike get soaked in the rains, a certain automobile chairman decided to change things. Hey, have you tried Upstox? I've been trading with them and thought you’d love it too! Upstox is one of India's largest and fastest-growing investment platforms with over 60 lakh users. Recently they’ve introduced a new app, which is swi...
Read more

Why You Can’t Withdraw the Rs 200 Note From an ATM Anytime Soon : Shaikh Inside

-
Image
Why You Can’t Withdraw the Rs 200 Note From an ATM Anytime Soon : Shaikh Inside As of 4 January 2017, the Reserve Bank of India has ordered banks to recalibrate all 2.2 lakh ATMs across the country to ensure the dispensation of the new, yellow Rs 200 notes. Even though the new note was introduced in the market in August 2017, it remains somewhat of a novelty and  available only with banks  because of its size! Its dimensions (66 mm x 146 mm) are different from the existing currency in circulation, including the new Rs 500 and Rs 2000, due to which ATMs have to be recalibrated. After demonetisation in November 2016, banks went through a complete overhaul of all ATMs, having had to recalibrate the trays which hold and dispense notes inside the machine to fit the new dimensions of the Rs 500 and Rs 2000 note. This led to months of despair and disruption as people were unable to access their money easily and instead had to endure long lines in banks to withdraw ...
Read more