1. News

Check Important Changes Made in Insurance Premium, RTGS and ATM Withdrawal Rules from 1 December

Pronami Chetia
Pronami Chetia
bank

From today onwards, several changes will directly affect the lives of the common people at different levels as per the government rules. Keeping in mind the third wave of corona pandemic, MHA has issued new guidelines from December 1 for states/UTs along with the night curfew in many places. Including LPG price change to changes in withdrawal of money from ATMs, government has imposed different rules and restrictions in many levels. Although many come as a relief while few things can increase the burden of the common man. Moreover, it will directly impact on the lives of common people upto 31st December.

Let's know how life in India will be changed from today onwards.

LPG price revision:

The prices of LPG are expected to change in December. While LPG price is revised by the state-run oil companies on a monthly basis, the prices of cooking gas have not changed for the past six months. However, we might see changes in LPG price this time.

OTP For PNB Cash Withdrawal:

The country's second-largest lender Punjab National Bank (PNB) has changed the cash withdrawal facility recently. If you have a Punjab National Bank (PNB) ATM card, you might require an OTP (one-time-password) to withdraw cash. Moreover, PNB has introduced OTP-based ATM withdrawal for transactions above 10,000 between 8 pm to 8 am which will be effected from December 1.

Whenever the PNB account holders will come to withdraw money from ATM, they are advised to carry their mobile phone along with them as they will need OTP, sent on their registered mobile phone.

RTGS timings:

The Reserve Bank of India has allowed the transfer of funds through Real-Time Gross Settlement (RTGS) round-the-clock from December 1 in order to boost the adoption of digital payments.

The Reserve Bank of India (RBI) Governor Shaktikanta Das, in its October Monetary Policy announcements, had announced that the RTGS facility will be implemented round-the-clock on all days of the year. "With this, India will be one of the very few countries globally with a 24x7x365 large value real-time payment system," he had said after the meeting of the Monetary Policy Committee (MPC). Earlier, it was available only on working days and during working hours.

What is RTGS?

Real-Time Gross Settlement is a popular high-value fund transfer mode. The minimum amount that one can transfer through RTGS is Rs 2 lakh.

Changes in Insurance Premium :

An insurance policyholder will be able to reduce his/her premium by 50 per cent after 5 years, which means that he/she will be able to continue with the policy even at half the premium. This will effect from December 1.

Like this article?

Hey! I am Pronami Chetia. Did you liked this article and have suggestions to improve this article? Mail me your suggestions and feedback.

Share your comments

Subscribe to our Newsletter. You choose the topics of your interest and we'll send you handpicked news and latest updates based on your choice.

Subscribe Newsletters