State Bank of India imposes fresh limit on ATM cash withdrawal! These customers can't do this now

State Bank of India ATM cash withdrawal limit per day: Effective from today, lakhs of State Bak of India customers will not be able to withdraw more than Rs 20,000/day from bank ATMs.

SBI Classic and Maestro debit card users were alerted about the cash withdrawal limit about a month ago. Image Source: Reuters

State Bank of India ATM cash withdrawal limit per day: Effective from today, lakhs of State Bank of India customers will not be able to withdraw more than Rs 20,000/day from bank ATMs. The country's largest public lender, SBI has halved the daily cash withdrawal limit from ATMs for certain debit-card holders to Rs 20,000 from today. The withdrawal limit has been restricted on Classic and Maestro debit cards, held by a large number of the bank customers.

SBI customers with other variants of SBI debit card can continue to enjoy higher daily withdrawal from ATMs, the public lender has said. New agency PTI quoted a senior SBI official as saying that the average cash withdrawal from ATMs per card is less than Rs 20,000. The fresh limit on cash withdrawal will help in checking frauds and promote digital transaction, the official said.

SBI Classic and Maestro debit card users were alerted about the cash withdrawal limit about a month ago. "Daily cash withdrawal limit for Classic and Maestro debit cards has been reduced from Rs 40,000 to Rs 20,000 per day with effect from October 31. If you require higher daily cash withdrawal limit, please apply for a higher card variant," SBI had said on its official website.

PTI had quoted SBI Managing Director PK Gupta as saying that the reduction in withdrawal intends to protect customers from fraudulent cash withdrawals from ATMs and also to spur more digital transactions. "We analysed all the ATM transactions and we found that most of them are less than Rs 20,000 a day. In case of frauds reported to us, we found that in all such cases withdrawals of Rs 40,000 (the maximum) have happened. So, this is basically to protect the customers and secondly, we want that more digital transactions should happen," Gupta said.

When asked about how many such customers/cards are to be impacted due to this reduced limit, Gupta has said a very large number of customers fall into this category. However, the bank has lots of customers with higher variant debit card, so they are not impacted. MORE DETAILS HERE

Want more cash?

If you use SBI Classic and Maestro debit cards and want to withdraw more cash per day, you can aske the bank for a higher variant card.

More restrictions

SBI has announced a few more restrictions in a bid to make banking more secure and hassle-free for the customers. These are: First, the SBI is shutting down its mobile wallet SBI Buddy from November 1 (tomorrow). The bank has replaced Buddy with YONO App. Second, all SBI customers must register their mobile numbers with the bank, or else they will not be able to avail internet banking facility from December 1. Third, all magnetic stripe-based SBI debit cards will stop working from December 31. Customers can get a free replacement from the bank. MORE DETAILS HERE

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State Bank of India