SBI Slashes ATM Withdrawal Limit To Rs 20,000 For Certain Card Holders
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.
-
Ten Things I Learnt This Samvat
Patience can be a trap. Cheap stocks can stay cheap. Leverage can wipe you out. What did Samvat 2082 teach us? Niraj Shah writes on 10 lessons from the year gone by.
-
Talking Points This Week: Tech Nerves, FII Buying, And A Faraway Banking Shock
The global markets are not shining this Diwali. The exception in the large markets is, India.
-
Midterm Rally Lasted A Day. The Hard Reality Of A Divided US May Last Two Years | Opinion
Between a contested AI boom, a debt ceiling that arrives in 2027 and a president with every incentive to act alone, the next two years may prove more volatile than the first day's rally suggests.
-
Blue Wave Will Derail the AI Trade but Won't Dismantle the AI Era | Unhedged Position
The Democrats' sweep of the US Congress will see politics collide with economic forces both over the long and short term.
-
It's Time To Take The GST Council's Bet On Trust Global
Payment records can prove India's services exports, and clear, proportionate rules can bring foreign digital sellers into the tax net.
-
Opinion | India at 38: From Innovation Overperformer to Innovation Powerhouse
India now has 453 VC-backed deep science startups, 18 of them late-stage, after 117 percent growth since 2020. Laurus Labs, at USD 9.3 billion, is the most valuable deep science company in any middle-income economy outside China.
-
Navigating Energy Crossroads: S Jaishankar's Call For Diversified Supply Chains At G20 Ministerial Meeting
As geopolitical fault lines continue to test maritime trade routes and commodity flows, Jaishankar's message remains pertinent: true economic resilience requires open markets, protected transit lines, and a genuine commitment to multilateral cooperation rather than coercion.
-
Indians Are Travelling, But Not Every Journey Is A Holiday | The Week In Whys
Pilgrims, patients and working women are the real travellers, and the system hasn't quite caught up with them.
-
Getting To Work Costs Women More | The Reason Why
It is not just about women paying more than men. It is about women paying much more in cities than in villages.
