The daily cash withdrawal limit for the customers of the State Bank of India which was reduced from Rs 40,000 to Rs 20,000 comes into effect from Wednesday (October 31).
As of March 2018, SBI had issued over 39.50 crore debit cards while around 26 crore cards were being actively used.
The daily cash withdrawal limit for the customers of the State Bank of India which was reduced from Rs 40,000 to Rs 20,000 comes into effect from Wednesday (October 31).
On October 3, the bank in a statement had said SBI account holders having higher daily cash withdrawal requirements can apply for other debit card variants that have a higher daily withdrawal limit.
“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," SBI said on its website.
Speaking to the news agency PTI, SBI managing Director, PK Gupta said, "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".
However, the bank has also confirmed that daily cash withdrawal limits for the other cardholders will not be affected under the new rules. Report says, SBI’s Gold and Platinum debit cards have a daily ATM withdrawal limit of Rs 50,000 and Rs 1 lakh, respectively.
Reports say the new rules were introduced to reduce fraudulent transactions at ATMs in the country. “The bank has been receiving many complaints regarding cloning. Due to this, the decision is taken to reduce the withdrawal limit on these cards,” a Press Trust of India report cited an SBI official as saying.
(With inputs from PTI)