From today(31st October 2018) SBI will reduce the daily cash withdrawal limit for account holders who have classic and Maestro debit cards. The cash withdrawal limit on SBI classic and Maestro debit cards reduced to Rs. 20,000 from Rs. 40,000 with effect from 31st Oct 2018. Those having higher daily cash withdrawal limit can apply for other debit card variants that come with a higher daily cash limit, SBI added. Though the actions of limiting the ATM limit and extra charges after considerable transaction brings in more negative feedback from the customer. In spite of the public opposition about the newly introduced charging methods and ATM withdrawal limits SBI holds 40 crore active customer accounts. SBI retained the old gold and platinum debit card limits that are Rs 50,000 and Rs 1 lakh, respectively.
SBI is one of the largest banks of India in terms of customers has a network of nearly 22,500 branches and 59,000 ATMs all over the nation.
One of the higher officials of State Bank of India stated that bank’s motive is to reduce the ATM transaction limit is to reduce the fraudulence and cyber theft over the bank accounts.
The bank reports that most of the transaction are less than Rs. 20,000 on a given day. The uncommon thefts mostly happens with the maximum limit of Rs. 40,000 and so the bank decided to reduce the limit.
State Bank of India requesting all the customers to convert the magnetic stripe debit cards to chip based cards. Chip based cards are more safer than magnetic stripe cards. The replacement of debit cards to chip is entirely free and account holders can apply for the change of card online or by visiting the branches.
On the benefit of customers State Bank of India has allowed the submission of Form 15G and Form 15H in any branches. The form can also be submitted through online. SBI has removed the limit of depositing money in non-home branches which was Rs. 25,000 on the earlier norms.