If you are a SBI’s Classic or Maestro Debit Card holder, you can withdraw only Rs 20,000 in a day after October 30, 2018.
The biggest lender of India, State Bank of India (SBI), has halved the maximum cash a Classic or Maestro Debit Card holder can withdraw in a day. As per the information available on SBI’s official website, “Daily Cash withdrawal limits for Classic and Maestro Debit Cards reduced from Rs. 40,000/- to Rs. 20,000/- per day with effect from 31st Oct 2018.”
As per the statement made by the SBI, there are Three Points which need your attention.
1. The new ATM cash withdrawal rules, applicable only on SBI Classic and Maestro Debit Cards.
2. The rules will be effective from October 31, 2018.
3. Till October 30, 2018, you can withdraw Rs 40,000 in a day.
Reason Behind SBI’s Decision:
As far as why the SBI took such decision is concerned, as per media reports the bank in a communication to its branches said, “In view of the increase in the number of complaints received by banks around fraudulent transactions at ATMs and to encourage digital and cashless transactions, it has been decided to decrease the cash withdrawal limits of debit cards issued or being issued on ‘Classic’ and ‘Maestro’ platforms.” SBI has directed all its branches to display the message on notice boards.
So, the SBI has lowered the daily ATM cash withdrawal limit to serve two purposes. One, to prevent fraudulent transactions at ATMs; and second, to promote digital transactions.
As has always been reported in the media, skimmers steal the PIN for debit cards from unsuspecting customers using several tricks, including hidden cameras and electronic devices.
Moreover, such frauds at Point of Sale (PoS) terminals in merchant outlets and also by some people carrying mobile card swipe devices have also been reported in the media.
The SBI has also recommended its customers to apply for chip-based cards instead of magnetic stripe technology to avoid fraudulent transactions at ATMs and PoSs.
Way to Increase Daily Withdrawal Limit:
If any SBI account holder needs a higher daily cash withdrawal limit, he or she can apply for higher card variants which have a higher withdrawal limit.
Whether this step by the SBI to prevent fraudulent ATM transactions would be effective or not, only time will tell. If you have the requirement of higher daily withdrawal limit, you can apply for higher card variants as being a Classic or Maestro debit card holder You Can Withdraw Only Rs 20,000 In A Day after October 2018.
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