Days before Diwali festival that falls on November 6th SBI plans to reduce ATM daily withdrawal limit to Rs 20,000 and this restriction comes into effect from October 31 onwards
“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”, SBI said in a communication sent to its branches
The announcement by the largest lender in the country comes just weeks before the festivals and will be effective days before Diwali.
“Our internal analysis shows most actual withdrawals are of smaller amounts. So, Rs 20,000 should be adequate for most customers. We are trying to see whether smaller withdrawals could minimise frauds,” SBI managing director PK Gupta told the media
The customers who want higher withdrawal limit can request for cards variants with such offers and such cards can be issued to account holders with the required higher minimum balance in their accounts.