State Bank of India Ltd. has halved its daily cash withdrawal limit for certain debit card holders which will be effective from tomorrow.
The public lender has now set a withdrawal limit of Rs 20,000 a day on the SBI Classic and Maestro debit cards. However, customers with other variants of SBI debit card can continue to enjoy higher daily withdrawal from ATMs.
About a month ago, the bank alerted its customers holding Classic and Maestro debit cards regarding reduction of cash withdrawal limit starting Oct. 31. “If you require higher daily cash withdrawal limit, please apply for a higher card variant,” its website said.
SBI Managing Director PK Gupta had 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.PK Gupta, Managing Director, SBI
When asked how many such customers are to be impacted due to this reduced limit, he said a very large number of customers fall into this category. However, the bank has many customers with higher variant debit card who will not be impacted.
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