SBI Changes ATM Rules For Its Debit Card: 5 Things To Know

State Bank of India (SBI) will allow cash withdrawals of up to Rs 20,000 a day from its classic debit card. From October 31, a daily withdrawal limit of Rs 20,000 will be applicable to the bank's classic debit card, as against Rs 40,000 at present, according to a report by news agency Press Trust of India. The classic debit card is one among many types of debit cards offered by State Bank of India (SBI) -  the country's largest bank - to its customers. That means SBI customers using the bank's classic debit card will now be able to take out a maximum of Rs 20,000 from ATM in a day, instead of the existing limit of Rs 40,000 per day. In other words, the country's largest bank has halved the daily withdrawal ATM limit applicable to its classic debit card. 

Here are five things to know about new ATM limits applicable to SBI debit cards:

1. When will new limits be applicable? The new limit on the classic debit card will take effect on October 31, according to the agency.

2. Limits applicable to other cards: There is no change in the daily withdrawal limits applicable to other cards.

3. The SBI classic debit card, the agency reported, is the most popular ATM-cum-debit card provided by the bank.

4. This card variant is not chip-based and so there are concerns about its security, Press Trust of India cited a senior bank official as saying.

5. Meanwhile, 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.

The Reserve Bank of India (RBI) has set a December 31 deadline for commercial banks to migrate from magnetic stripe-based cards to EMV chip-and-pin cards.