From Today, You Can Withdraw Only 20,000 Rupees From Select SBI Cards: 10 Points
- SBI has issued the new daily cash withdrawal limits for Classic and Maestro cards in order to prevent growing instances of ATM frauds.
- The latest rule is in line with the directives of Reserve Bank of India (RBI) on safe banking practices.
- RBI has directed lenders to move to EMV chip (Europay, Mastercard and Visa) cards to curb fraudulent transactions.
- SBI has been making its customers aware about the use of EMV chip cards.
- SBI Classic debit card is not chip-based. That is why there are concerns about its security, news agency Press Trust of India (PTI) had reported earlier, citing a senior SBI official.
- "The bank has been receiving many complaints regarding cloning. Due to this the decision is taken to reduce the withdrawal limit on these cards," the official explained. (Also Read: SBI Announces Discount On E-Tailer SaleBhai Through Mobile App YONO, Details Here)
- SBI is offering customers who have old debit cards a free-of-cost replacement with EMV chip cards.
- SBI customers can apply for the new EMV chip cards either by approaching the bank branch or via net banking, SBI says on its website onlinesbi.com.
- RBI has set a deadline of December 31 for all lenders to move to safe EMV chip cards.
- Besides the Classic debit card, SBI offers a range of cards like SBI Silver International Debit card, SBI global International Debit card, and SBI Platinum International Debit Card, among others. (With agency inputs)
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