New Delhi: The State Bank of India (SBI), country’s largest lender on Tuesday halved the daily cash withdrawal limits for Classic and Maestro Debit Card holders from Rs 40,000 to Rs 20,000 with effect from 31st Oct 2018. However, customers with other variants of debit cards can continue to withdraw higher amount from their respective ATMs.
“Daily cash withdrawal limit for Classic and Maestro debit cards has been reduced from Rs 40,000 to Rs 20,000 per day with effect from October 31. If you require higher daily cash withdrawal limit, please apply for a higher card variant,” the bank notified its customers.
Speaking to PTI, one of the bank officials claimed that the latest move will promote digital transactions and help in checking frauds.
SBI Managing Director PK Gupta said the reduction in withdrawal intends to protect customers from fraudulent cash withdrawals from ATMs and also to spur more digital transactions.
“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 digital transactions should happen,” Gupta had said.
On being asked how many such customers/cards are to be impacted due to this reduced limit, he said a very large number of customers fall into this category.
A month ago, the bank had alerted its customers holding Classic and Maestro debit cards regarding the reduction of cash withdrawal limit to Rs 20,000 a day from ATM starting October 31.
(With inputs from agencies)