Ahead of festival season, the State Bank of India (SBI) has halved the daily cash withdrawal limit on its ATM cards. Citing fraudulent transactions, the state-run bank has reduced the daily cash withdrawal limit from existing Rs 40,000 to Rs 20,000.
“In view of the increase in number 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,” the bank said in a statement.
The new withdrawal limit will be effective from October 31 as under the Banking Codes & Standard Board of India guidelines, its mandatory to give at least 30-day notice to the customers for any change in terms and conditions or charges.
The bank has also directed all its branches across the country to inform customers about the change in the daily cash withdrawal limit on its ATMs. The changes, however, will be applicable on ATM cards issued on 'Classic' and 'Maestro' platforms.