This Article is From Oct 31, 2018

From Today, You Can Withdraw Only 20,000 Rupees From Select SBI Cards: 10 Points

State Bank of India (SBI) has issued new daily cash withdrawal limits for Classic and Maestro cards to prevent growing instances of ATM frauds.

From Today, You Can Withdraw Only 20,000 Rupees From Select SBI Cards: 10 Points

SBI's latest rule is in line with the directives of Reserve Bank of India on safe banking practices.

Highlights

  • 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
State Bank of India (SBI), the largest lender of the country, has reduced the daily cash withdrawal limit on select debit cards with effect from Wednesday. Customers who hold SBI Classic and Maestro debit cards can now withdraw only Rs 20,000 per day, the lender said. Earlier, the daily withdrawal limit for SBI Classic and Maestro debit card holders was Rs 40,000. Customers who require a higher daily cash withdrawal limit can apply for higher variants of SBI cards, the bank said on its website sbi.co.in.

Here are 10 things to know about SBI's latest ATM cash withdrawal rule:

  1. SBI has issued the new daily cash withdrawal limits for Classic and Maestro cards in order to prevent growing instances of ATM frauds.

  2. The latest rule is in line with the directives of Reserve Bank of India (RBI) on safe banking practices.

  3. RBI has directed lenders to move to EMV chip (Europay, Mastercard and Visa) cards to curb fraudulent transactions.

  4. SBI has been making its customers aware about the use of EMV chip cards.

  5. 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.

  6. "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)

  7. SBI is offering customers who have old debit cards a free-of-cost replacement with EMV chip cards.

  8. 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.

  9. RBI has set a deadline of December 31 for all lenders to move to safe EMV chip cards.

  10. 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)



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