State Bank of India (SBI) customers cannot withdraw more than Rs. 20,000 from October 31. The cash withdrawal limit on the SBI Classic debit card has been halved from Rs. 40,000 amid growing concern over the cloning of ATM cards, the country’s largest bank had said earlier this month. In the festival season, the SBI decision is expected to impact more than 42 crore bank customers, reported the Press Trust of India (PTI).
Ten things to know about SBI’s new ATM cash withdrawal limits:
- From 31st October, SBI customers using the Classic debit card will be able to take out a maximum of Rs. 20,000 every day from ATMs in a day.
- The move – aimed at checking fraudulent transactions – is in line with the Reserve Bank of India (RBI)’s directive on migration to EMV chip-and-pin cards.
- The Classic debit card is one among the many types of debit cards provided by SBI.
- The Classic debit card is not chip-based and so there are concerns about its security, PTI had cited a senior SBI official as saying.
- “The bank has been receiving many complaints regarding cloning. Due to this the decision is taken to reduce the withdrawal limit on these cards,” the official explained………Read More>>