NEW DELHI: The nation's largest lender SBI has halved the day-to-day cash withdrawal restrict from ATMs for positive debit-card holders to Rs 20,000 from Wednesday.
The withdrawal restrict has been curtailed on Classic and Maestro debit playing cards, held via a large number of the financial institution consumers.
However, consumers with other variants of SBI debit card can proceed to revel in higher day-to-day withdrawal from ATMs.
As per a senior SBI professional, the average cash withdrawal from ATMs per card is not up to Rs 20,000 and the transfer will lend a hand in checking frauds and advertise digital transaction.
About a month in the past, the State Bank of India (SBI) had alerted its consumers protecting Classic and Maestro debit playing cards regarding relief of cash withdrawal restrict to Rs 20,000 a day from ATM starting October 31.
The SBI had put out the following message on its site:
"Daily cash withdrawal restrict for Classic and Maestro debit playing cards has been diminished from Rs 40,000 to Rs 20,000 per day with effect from October 31.
"If you require higher day-to-day cash withdrawal restrict, please apply for a better card variant."
SBI managing director PK Gupta had mentioned the relief in withdrawal intends to protect consumers from fraudulent cash withdrawals from ATMs and likewise to spur more digital transactions.
"We analysed all the ATM transactions and we found that most of them are not up to Rs 20,000 a day. In case of frauds reported to us, we found that during all such circumstances withdrawals of Rs 40,000 (the maximum) have happened. So, that is principally to protect the shoppers and secondly, we want that more digital transactions will have to occur," Gupta had mentioned.
If any buyer wants higher restrict of cash withdrawal, she or he can ask for a better variant card.
When requested what number of such consumers/playing cards are to be impacted because of this diminished restrict, he mentioned a very huge number of consumers fall into this class.
However, the financial institution has a whole lot of consumers with higher variant debit card, so they are not impacted.
The withdrawal restrict has been curtailed on Classic and Maestro debit playing cards, held via a large number of the financial institution consumers.
However, consumers with other variants of SBI debit card can proceed to revel in higher day-to-day withdrawal from ATMs.
As per a senior SBI professional, the average cash withdrawal from ATMs per card is not up to Rs 20,000 and the transfer will lend a hand in checking frauds and advertise digital transaction.
About a month in the past, the State Bank of India (SBI) had alerted its consumers protecting Classic and Maestro debit playing cards regarding relief of cash withdrawal restrict to Rs 20,000 a day from ATM starting October 31.
The SBI had put out the following message on its site:
"Daily cash withdrawal restrict for Classic and Maestro debit playing cards has been diminished from Rs 40,000 to Rs 20,000 per day with effect from October 31.
"If you require higher day-to-day cash withdrawal restrict, please apply for a better card variant."
SBI managing director PK Gupta had mentioned the relief in withdrawal intends to protect consumers from fraudulent cash withdrawals from ATMs and likewise to spur more digital transactions.
"We analysed all the ATM transactions and we found that most of them are not up to Rs 20,000 a day. In case of frauds reported to us, we found that during all such circumstances withdrawals of Rs 40,000 (the maximum) have happened. So, that is principally to protect the shoppers and secondly, we want that more digital transactions will have to occur," Gupta had mentioned.
If any buyer wants higher restrict of cash withdrawal, she or he can ask for a better variant card.
When requested what number of such consumers/playing cards are to be impacted because of this diminished restrict, he mentioned a very huge number of consumers fall into this class.
However, the financial institution has a whole lot of consumers with higher variant debit card, so they are not impacted.
SBI halves daily ATM withdrawal limit to Rs 20,000 for certain card holders from tomorrow
![SBI halves daily ATM withdrawal limit to Rs 20,000 for certain card holders from tomorrow]()
Reviewed by Kailash
on
October 30, 2018
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