State Bank of India (SBI) has reduced the daily cash withdrawal limit starting today for account holders carrying Maestro and Classic debit cards. Now you will be able to withdraw just Rs 20,000 per day, which is half of its earlier limit of Rs 40,000 per day. The biggest public lender has taken this decision to reduce frauds at ATMs and promote digitisation through cashless transactions.
SBI mentioned in its website that the "daily cash withdrawal limit for Classic and Maestro debit cards has been reduced from Rs 40,000 to Rs 20,000 per day starting from 31st Oct 2018". Those who need to withdraw more cash on daily basis can opt for a different variant of debit cards.
SBI's latest cash withdrawal policy
The daily cash withdrawal limit on other debit cards remain unchanged. For example, SBI's platinum debit cards have a daily withdrawal limit of up to Rs 1 lakh.
SBI has reduced the cash withdrawal limit on Maestro and Classic cards to reduce fraudulent activities at ATMs and promote cashless transactions.
SBI has requested its account holders who still use magstripe debit cards to switch to chip-based EMV debit cards.
The bank is replacing magstripe debit cards free of cost as chip-based EMV cards are much more secure than the magstripe cards.