State Bank of India, or SBI, India’s biggest lender, has halved the maximum amount an account holder can withdraw per day. SBI has lowered the limit to Rs 20,000 from Rs 40,000. The new ATM cash withdrawal rules, applicable on SBI Classic and Maestro debit cards, will come into effect from 31 October.
“Daily cash withdrawal limits for Classic and Maestro debit cards reduced from Rs 40,000 to Rs 20,000 per day with effect from 31 October 2018,” SBI said on its website.
Do not take a chance; get enhanced security for your #debit card by applying for the SBI EMV Chip Debit Card without any fee at your branch or through OnlineSBI. Visit: https://t.co/hgDrKXDjeX#SBI #StateBank #DebitCards #EMVChipDebitCard #EMV #RBI #Guidelines #MakeAChange pic.twitter.com/DcSgIJFD95
— State Bank of India (@TheOfficialSBI) October 1, 2018
Here are five things to know about new ATM limits applicable to SBI debit cards:
1. When will new limits be applicable?: The new limit on the classic debit card will take effect on October 31, according to the agency.
2. Limits applicable to other cards: There is no change in the daily withdrawal limits applicable to other cards.
3. The SBI classic debit card, the agency reported, is the most popular ATM-cum-debit card provided by the bank.
4. This card variant is not chip-based and so there are concerns about its security, Press Trust of India cited a senior bank official as saying.
5. Meanwhile, SBI provides free-of-cost upgrade of debit card to its customers. The upgrade of existing debit card to an EMV chip-and-PIN debit card offers enhanced security, according to the bank.