Bank Rules: Bank customers can now transact up to Rs 5000 with this new debit card without PIN, know what are the rules

Punjab National Bank has introduced a special kind of wearable debit card. You can get it in three designs. These designs are available in the form of – PVC key chains, leather key chains and mobile stickers. This will be a debit card on the back-end. This card will be directly linked to your PNB bank account. According to the official website of the bank, any person who has an account with the bank as per KYC and is otherwise eligible for issuance of debit card can apply for this debit card. The validity of these cards will be for 7 years.

What will be the transaction limit?

According to PNB, there is no limit on daily withdrawal of cash from ATM on this card. Yes, there is a daily transaction limit. Also keep in mind that this card will be used for domestic use only. With this card you can transact up to a maximum of Rs 60,000 every day. This limit is combined for both POS machines and e-commerce platforms. One thing that should also be kept in mind is that only contactless transactions can be done at POS. Lounge facility will not be available on this card.

Price of cards of all three designs

If you choose Leather Keychain Debit Card, you will have to pay Rs 450 plus tax for it. If someone wants to take a PVC key chain debit card then he will have to pay Rs 400 plus tax and if someone wants to take a mobile sticker designed debit card then he will have to pay Rs 450 plus tax. One more thing, for any of these three debit cards you will have to pay an annual maintenance charge and tax of Rs 150. Yes, you will not have to pay any charge for replacing these cards.

Up to two wearable debit cards on one account

This card can be used at all POS terminals, e-commerce websites/apps across India. A maximum of two wearable debit cards can be issued per bank account. Add-on card facility is not allowed. The wearable debit card can be hotlisted through PNB One mobile banking app, PNB internet banking services, WhatsApp banking, SMS, PNB call center and by visiting the nearest PNB branch. For this the back-end debit card number will have to be used.