SBI Debit Cards: Cash withdrawal limit to be effective from October 31; All you need to know

New Delhi:

The country's largest public-sector lender State Bank of India (SBI) will limit cash withdrawals from ATMs to Rs 20,000 per day for debit card holders of the Classic and Maestro variants from Wednesday. Those who want to withdraw more can apply for a higher variant card.

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All you need to know: 

1. Daily cash withdrawal limit for SBI Classic and Maestro debit cards has been reduced from Rs 40,000 to Rs 20,000 per day with effect from October 31
2. If any customer wants higher limit of cash withdrawal, he or she can apply for a higher variant card.
3. SBI Managing Director PK Gupta told PTI that the move intends to protect customers from fraudulent cash withdrawals from ATMs and also to spur more digital transactions.

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"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 such (digital) transactions should happen," said SBI Managing Director, PK Gupta said.

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