From Wednesday, SBI Classic debit card users will be able to take out a maximum of Rs 20,000/day from ATM
- From Wednesday, SBI customers using the Classic debit card will be able to take out a maximum of Rs 20,000 every day from ATMs in a day.
- The move - aimed at checking fraudulent transactions - is in line with the Reserve Bank of India (RBI)'s directive on migration to EMV chip-and-pin cards.
- The Classic debit card is one among the many types of debit cards provided by SBI.
- The Classic debit card is not chip-based and so there are concerns about its security, PTI had cited a senior SBI official as saying.
- "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.
- There is no change in the daily ATM withdrawal limits applicable to other SBI cards.
- The SBI Classic debit card, the agency reported, is the most popular ATM-cum-debit card provided by the bank.
- SBI provides free-of-cost upgrade of debit card to its customers. The upgrade of existing debit card to an EMV chip-and-PIN debit card offers enhanced security, according to the bank.
- RBI has set a December 31 deadline for commercial banks to migrate from magnetic stripe-based cards to EMV chip-and-pin cards.
- SBI issued over 39.5 crore debit cards with around 26 crore actively-used debit cards, as of March 2018.
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