SBI reduces daily cash withdrawal limit to half on some debit cards

New Delhi, Oct 3 (KNN) The State Bank of India has decided to reduce the daily cash withdrawal limit of some of its debit cards from Rs 40,000 to Rs 20,000 from the end of this month.

This has been done keeping in view the growing number of complaints regarding the fraudulent transactions at ATMs as well as to give a boost to digital transactions, as per the bank.

In an internal circular, the SBI said, “In view of the increase in number of complaints received by the bank around fraudulent transactions at ATMs, and to encourage digital/cashless transactions, 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 31 October, 2018.”

The bank further said that as per the guidelines of the Banking Codes and Standards Board of India (BCSBI), at least 30 days’ notice has to be served to the customers for any changes in terms and conditions of charges.

“All the branches are hereby advised to display this message on the notice board for information to the customers,” it said in the circular sent to all of its branches and offices.

It may, however, be noted that the daily ATM cash withdrawal limit has been slashed only on the SBI’s Classic and Maestro Debit Cards.