SBI withdrawal limit: SBI Managing Director PK Gupta said that the move was taken in order to exhort more digital transactions and check fraudulent cash withdrawals from ATMs.

SBI withdrawal limit: Users of State Bank of India (SBI) Classic and Maestro Debit Cards will be able to withdraw Rs 40,000 per day starting from Wednesday i.e October 31. However, the customers will be able to withdraw Rs 20,000 per day. The announcement was made by SBI authorities.

In a circular, SBI stated, “In view of the increase in numbers of complaints received by the Bank around fraudulent transactions at ATMs, and to encourage digital/cashless transactions, it has been decided to decrease the cash withdrawal limits of Debit cards issued/ being issued on Classic and Maestro platforms from Rs 40,000 to Rs 20,00 with effect from October 31, 2018.”

SBI Managing Director PK Gupta said that the move was taken in order to exhort more digital transactions and check fraudulent cash withdrawals from ATMs. Gupta said that after analysing all the ATM transactions and the authorities found that most of the withdrawals are less than Rs 20,000 per day. Gupta, however, claimed that all of the fraudulent withdrawals amounted to Rs 40,000. “So this is basically to protect the customers and secondly, we want that more such (digital) transactions should happen,” Gupta was quoted as saying by PTI.

Gupta also said, “Let us see if customers can do more transactions through digital means also, there are so many digital payment mechanisms available.”

Here is what you can do

The bank authority said that if one requires a higher daily cash withdrawal limit, please apply for a higher card variant.