- Earlier, SBI Classic, Maestro card holders could withdraw Rs 40,000/ day
- Latest rule in line with RBI directives on safe banking practices
- SBI customers can get old cards replaced with EMV chip cards for free
Here are 10 things to know about SBI's latest ATM cash withdrawal rule:
SBI has issued the new daily cash withdrawal limits for Classic and Maestro cards in order to prevent growing instances of ATM frauds.
The latest rule is in line with the directives of Reserve Bank of India (RBI) on safe banking practices.
RBI has directed lenders to move to EMV chip (Europay, Mastercard and Visa) cards to curb fraudulent transactions.
SBI has been making its customers aware about the use of EMV chip cards.
SBI Classic debit card is not chip-based. That is why there are concerns about its security, news agency Press Trust of India (PTI) had reported earlier, citing a senior SBI official.
"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. (Also Read: SBI Announces Discount On E-Tailer SaleBhai Through Mobile App YONO, Details Here)
SBI is offering customers who have old debit cards a free-of-cost replacement with EMV chip cards.
SBI customers can apply for the new EMV chip cards either by approaching the bank branch or via net banking, SBI says on its website onlinesbi.com.
RBI has set a deadline of December 31 for all lenders to move to safe EMV chip cards.
Besides the Classic debit card, SBI offers a range of cards like SBI Silver International Debit card, SBI global International Debit card, and SBI Platinum International Debit Card, among others. (With agency inputs)