5 major changes kick in from December 1 – Online money transfers, Domestic LPG Cylinders, New trains …

From December 1, many rules ranging from LPG Cylinder prices to new timings for Real Time Gross Settlement System (RTGS), insurance premiums, new trains and ATM cash withdrawal — things that have a major impact in the lives of common man are going to change.

Since these rules are going to affect your everyday life, it is important to know more about these changes in detail. Here are some rules that are going to change from December 1.

The Reserve Bank of India had in October 2020 said that Real Time Gross Settlement System (RTGS), used for large value transactions, will be made available round-the-clock from December 2020.

Currently, RTGS is available for customers from 7.00 am to 6.00 pm on all working days of a week, except second and fourth Saturdays of every month. Announcing the bi-monthly RBI Monetary Policy decision, RBI Governor Shaktikanta Das said, customers will get round-the-clock availability of Real Time Gross Settlement (RTGS) System. RTGS is a financial transaction system, where there is continuous and real-time settlement of fund transfers, individually on a transaction-by-transaction basis. RTGS transactions or transfers have no amount cap.

LPG Cylinder Prices

Oil marketing companies revise the prices of LPG on the first day of every month depending on the crude rates in the international markets. It is by and large expected that the OMCs will make announcement on revision of LPG Cylinder Prices.

Restoration of Train services

New trains like the Jhelum Express and Punjab Mail will start operation from December 1. These trains will run under the normal category only. 01077/78 Pune-Jammu Tawi Pune Jhelum Special and 02137/38 Mumbai Ferozepur Punjab Mail Special trains will run every day.

It is to be noted that rail services were stopped for few months due to coronavirus pandemic

Insurance Premium

Those policy holders who had a life insurance policy, running for 5 straight years, can continue it with reduced premium of up to 50 percent.

PNB OTP based ATM cash withdrawal

From December 1, if you are going to withdraw money from PNB ATM, between 8 pm and 8 am, it is advisable that you take your mobile phone along with you, for the ATM cash withdrawal will be OTP based now. Starting December 1, Punjab National Bank (PNB) will implement One Time Password (OTP) based cash withdrawal facility for its customers. The bank has said that cash withdrawals of more than Rs 10,000 at a time between 8 pm and 8 am from 1 December 2020 from PNB 2.0 (PNB, eOBC, eUNI) ATMs will now be OTP based. PNB customers will need OTP, sent on their registered mobile phone, to withdraw more than Rs 10,000 in these night hours.

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