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October 01, 2018

SBI cuts ATM withdrawal Limit

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In an attempt to address the growing incidence of ATM frauds and boost digital transactions, India's largest lender State Bank of India (SBI) today halved the daily ATM cash withdrawal limit to Rs. 20,000 from Rs. 40,000. The revised ATM withdrawal limit will be effective from 31st October 2018.

In view of the increase in the number of complaints received by banks around fraudulent transactions at ATMs and to encourage digital and cashless transactions, it has been decided to decrease the cash withdrawal limits of debit cards issued or being issued on ‘Classic’ and ‘Maestro’ platforms,” the bank stated in an official announcement.

This restriction is applicable for only the Classic Debit Card holders. Whereas SBI Platinum International Debit Card allows ATM withdrawals of up to Rs 1 lakh daily while the SBI Gold debit card allows Rs 50,000 per day.

But these cards are issued to only those customers, who are maintaining a higher minimum balance in their bank accounts.

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