From Wednesday, SBI Classic debit card users will be able to take out a maximum of Rs 20,000/day from ATMThe new ATM cash withdrawal limits of State Bank of India (SBI) will come into effect on Wednesday, October 31.
Halving the cash withdrawal limit to Rs 20,000 per day, from the existing Rs 40,000, the country's largest bank had said earlier this month that the new limit - applicable to its Classic debit card - would come into effect from October 31, according to news agency Press Trust of India (PTI).
The move is expected to impact more than 42 crore SBI customers, the agency reported.Here are 10 things to know about SBI's new ATM cash withdrawal limits:1.
The development means that from Wednesday, 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 against the current limit of Rs 40,000 per day.2.
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.3.
The Classic debit card is one among the many types of debit cards provided by SBI.4.
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.5.
"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.6.
There is no change in the daily ATM withdrawal limits applicable to other SBI cards.7.
The SBI Classic debit card, the agency reported, is the most popular ATM-cum-debit card provided by the bank.8.
SBI provides free-of-cost upgrade of debit card to its customers.
The upgrade of existing debit card to an EMV chip-and-PIN debit card offers enhanced security, according to the bank.9.
The central bank has set a December 31 deadline for commercial banks to migrate from magnetic stripe-based cards to EMV chip-and-pin cards.10.
SBI issued over 39.50 crore debit cards with around 26 crore actively-used debit cards, as of March 2018.