New Delhi: The State Bank of India (SBI) on Monday announced the lowering of daily cash withdrawal limit to Rs. 20,000 from the earlier limit of Rs. 40,000. This will be in effect from October 31, 2018.
This move of SBI comes in the wake of the alarming increase in the number of complaints regarding fraudulent transactions at ATMs. Besides, by limiting the withdrawal limit of debit cards issued or being issued on ‘Classic’ and ‘Maestro’, the bank said it aims to encourage digital and cashless transactions.
It has been reported in multiple cases that fraudsters steal the PIN for debit cards from unsuspecting customers using hidden cameras and electronic devices. SBI further informed that Debit card holders who have a requirement of a higher daily withdrawal limit can apply for higher card variants which have higher limits. The restriction on cash withdrawals through ATMs comes just before the festival season.