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PNB customers to pay for EMV cards

The Indian bank has implemented a fee of $1.63 that customers must pay to get a compliant card before the ATM liability shift in 2017.

October 6, 2014

Customers of India's Punjab National Bank will have to pay to receive an EMV chip-enabled ATM-debit card, according to a report by Rupee Times. A charge of 100 rupees ($1.63) will be imposed for the chip card. If a photo is included on the card, the bank will charge an additional 25 rupees (33 cents).

Indian banks and payment providers currently are working on the changeover from mag stripe to EMV chip cards. Visa and MasterCard liability shifts for fraudulent ATM transactions in India will take effect in October 2017.

Rupee Times also has reported that PNB has implemented a charge as of this month for online funds transfers. The new rule will affect only transfers that use the National Electronic Fund Transfer network to move funds from a PNB account to an account at another bank, the report said.

Fees charged will vary according to the size of the transaction. Incoming transfers will not be charged, nor will charges apply to transfers between a customer's PNB banking accounts.