SBI slashes ATM withdrawal limit to Rs 20,000


State Bank of India (SBI) has reduced the daily withdrawal cash limit for Classic and Maestro debit card holders from Rs 40,000 to Rs 20,000 with the new withdrawal rules coming into effect from today (Oct 31).

“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 20,000 with effect from October 31, 2018,” a circular issued by SBI stated.

The withdrawal limit on other SBI debit cards, however, remains unchanged.

Bank authorities said if one requires a higher daily cash withdrawal limit, they can apply for a higher card variant debit cards. Gold and Platinum debit cards, it may be mentioned, have a higher daily withdrawal limit of Rs 50,000 and Rs 1 lakh respectively.