Punjab National Bank’s New Rule: Penalty for Insufficient Funds in ATM Transactions and Debit Card Payments

  • 2 min read
  • Apr 07, 2023
Punjab National Bank's New Rule: Penalty for Insufficient Funds in ATM Transactions and Debit Card Payments

If you are a customer of Punjab National Bank (PNB), you may have already heard about the new rule that the bank is set to implement from 1st May 2023. This rule states that if you withdraw cash from an ATM and there is no money in your account, you may have to pay a charge.

According to the PNB website, if you attempt to withdraw cash from an ATM and your account balance is insufficient, the transaction will fail, and you will be charged Rs 10 + GST for cash withdrawal transactions. The bank has already informed its customers of this change, saying, “Dear Customer, w.e.f. 01.05.2023, a charge of Rs 10 + GST ​​will be levied on domestic ATM cash withdrawal transactions that fail due to insufficient balance.”

Apart from the new ATM cash withdrawal charges, PNB is also revising its debit card and prepaid card issuance charges and annual maintenance charges. Additionally, Point of Sale (PoS) and e-commerce transactions done through debit cards will be charged, but this charge will only apply if the customer’s bank account does not have sufficient funds and the transaction fails because of this.

For instance, if you are shopping online on Amazon or Flipkart and try to pay using your PNB debit card, but there is not enough balance in your account, and the transaction fails, the bank may impose a penalty.

However, PNB has also laid out guidelines for failed ATM transactions on its website. Customers are advised to file a complaint regarding failed ATM transactions within seven working days. If the transaction fails to take place within 30 days from the date of failure, the bank will compensate the customer with Rs 100 per day.

If customers have any problems or complaints, they can contact PNB’s customer care number at 0120-2490000 or 18001802222, 1800 103 2222.

This new rule has caused some concern among PNB customers who fear that they may be charged unfairly. However, PNB has assured its customers that the charges will only be levied if there is insufficient balance in the account, and the transaction fails as a result.

This move by PNB to charge customers for failed ATM transactions and debit card payments with insufficient funds is not unique. Many other banks have also implemented similar charges as a way to discourage customers from making transactions when they do not have enough money in their account.

Overall, it is essential for PNB customers to ensure that they have sufficient funds in their account before making any transactions to avoid being charged unnecessarily. Additionally, they should make use of the compensation policy put in place by the bank in case of any failed ATM transactions.