State Bank of India, or SBI, India’s biggest lender, has halved the maximum amount an account holder can withdraw per day. SBI has lowered the limit to ₹ 20,000 from ₹ 40,000. The new ATM cash withdrawal rules, applicable on SBI Classic and Maestro debit cards, will come into effect from 31 October. “Daily cash withdrawal limits for Classic and Maestro debit cards reduced from ₹ 40,000 to ₹ 20,000 per day with effect from 31 October 2018," SBI said on its website.
Here are 5 things to know about the latest SBI ATM withdrawal rules:
SBI account holders who have a requirement of a higher daily withdrawal limit can apply for higher card variants, which have higher limits, SBI said. “If you require a higher daily cash withdrawal limit, please apply for a higher card variant," SBI said.
SBI’s debit card variants come with different ATM withdrawal limits. The popular SBI Classic debit card comes with a daily ATM cash withdrawal limit of ₹ 40,000.
SBI has lowered the daily ATM cash withdrawal limit to prevent fraudulent transactions at ATMs and to promote digital transactions.
“In view of the increase in the number of complaints received by banks around fraudulent transactions at ATMs and to encourage digital and cashless transactions, it has been decided to decrease the cash withdrawal limits of debit cards issued or being issued on ‘Classic’ and ‘Maestro’ platforms," the bank said in a communication to its branches, according to Economic Times.
SBI has been urging its account holders who still have magstripe ATM-cum-debit cards to change to new EMV chip debit cards by the end of this year. For card replacement, SBI ATM-cum-debit card-holders can visit their home branch or apply online through internet banking. The conversion process is absolutely safe and comes with no charges. Earlier, SBI had removed the limit on the amount that can be deposited in a non-home branch.