State of Bank of India has decided to reduce the daily cash withdrawal limit for some of its debit cards from Rs 40,000 to Rs 20,000 per day. Here's all you need to know.
India’s largest bank, State of Bank of India (SBI) has decided to reduce the daily cash withdrawal limit for Classic and Maestro debit cards from Rs 40,000 to Rs 20,000 per day. The bank has taken this decision ‘in view of the increased number of complaints around fraudulent transactions at ATMs and to encourage digital and cashless transactions’. In a statement, SBI said that the new withdrawal limit will be applicable from October 31 and those who have higher daily cash withdrawal requirements can apply for other debit card variants that have a higher daily withdrawal limit.
“It has been decided to decrease the cash withdrawal limits of debit cards issued/being issued on Classic and Maestro platforms from Rs 40,000 to Rs 20,000 with effect from Oct-31-2018. The list of BIN numbers of all such cards with existing and revised limits have been enclosed as Annexure-I,” an e-circular by the SBI in possession with Financial Express Online, said.
“Daily cash withdrawal limits for Classic and Maestro debit cards reduced from Rs 40,000 to Rs 20,000 per day with effect from 31st Oct 2018. If you require a higher daily cash withdrawal limit, please apply for a higher card variant,” it added.
The SBI Gold and Platinum debit cards will continue to have daily ATM withdrawal limit of Rs 50,000 and Rs 1 lakh, respectively.
Earlier this month, in an interview with PTI, SBI Managing Director PK Gupta had said that the move intends to protect customers from fraudulent cash withdrawals from ATMs. “We analysed all the ATM transactions and we found that most of them are less than Rs 20,000 a day. In case of frauds reported to us, we found that in all such cases withdrawals of Rs 40,000 (the maximum) have happened. So this is basically to protect the customers and secondly, we want that more such (digital) transactions should happen,” Gupta had said.
Explaining why the decision was taken ahead of the festive season, Gupta had said that the customers can always visit a branch to draw more cash or use digital means. “Let us see if customers can do more transactions through digital means also, there are so many digital payment mechanisms available,” Gupta had said.