SBI has reduced the per day cash withdrawal limit on select Debit Cards holders from Rs. 40,000 to Rs. 20,000
New Delhi: State Bank of India (SBI) has reduced the per day cash withdrawal limit for all Classic and Maestro Debit Cards holders from Rs. 40,000 to Rs. 20,000 with effect from Wednesday.
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.
If any customer wants a higher limit of cash withdrawal, he or she can ask for a higher variant card.
When asked how many such customers/cards are to be impacted due to this reduced limit, he said a very large number of customers fall into this category.
“If you require a higher daily cash withdrawal limit, please apply for a higher card variant.”
The decision has reportedly been taken by the bank to curb increasing instances of ATM frauds.
