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.
Source : https://www.financialexpress.com/
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