It’s going to be tough times again for the common man as India’s largest bank State Bank of India (SBI) has brought down the daily cash withdrawal limit from ATMs to Rs 20,000 per day from October 31st.
Till yesterday, the daily cash withdrawal limit for classic and Maestro debit cards used to be Rs 40,000. A decision has been taken to slash the limit by half from today to keep a cheque on frauds and promote digital transactions.
SBI MD PK Gupta explained, ‘Majority of the ATM Transactions are less than Rs 20,000 per day. Rs 40,000 withdrawals happened mostly when fraudsters are involved. So, We decided to take a decision in the best interest of the customers’.
Several SBI Customers will be impacted by this move. Customers who prefer more cash withdrawals can apply for the higher variant card.