SBI ATM withdrawal limit – Rs.20000 per day starting Oct 31

SBI ATM withdrawal – India’s biggest lender State Bank Of India announced that it had changed its ATM withdrawal policy. Come the 31st of October, SBI card holders will be able to withdraw Rs.20,000 per day, halving the current transaction amount of Rs.40, 000 per day. The move was taken by the SBI in a bid to promote digital transactions among its users and to prevent ATM fraud. The new rule only applies to SBI Maestro and Classic variants of debit cards.

SBI ATM withdrawal

“In view of the increase in the number of complaints received by banks around fraudulent transactions at ATMs and to encourage digital and cashless transactions, it has been decided to decrease the cash withdrawal limits of debit cards issued or being issued on ‘Classic’ and ‘Maestro’ platforms,” said a bank communication.

Must Read: SBI Blocks half a million debit cards after suspicious transaction

SBI ATM withdrawal move has been taken largely to prevent fraudulent cash transactions. Skimmers install hidden cameras and electronic devices to steal debit cards’ PIN. According to recent reports, the number of cases of unsuspecting customers reporting their PIN being stolen has gone up, making debit cards the most gullible to card frauds in the payment technology industry. Many debit cards still follow the magnetic stripe technology, making them comparatively more prone to fraud.

With SBI introducing a new cap on its daily withdrawal limit, we bring you the ATM daily withdrawal limit offered by other banks.

SBI ATM withdrawal

HDFC Bank: Withdraw up to Rs. 1 lakh per day from ATMs with the platinum chip debit card. 

ICICI Bank: Withdraw up to Rs 50,000/day. The limit for High Net Worth Individuals is Rs 100000/day.

Punjab National Bank: 

Platinum card

– Cash withdrawal limit per day – Rs 50,000

– Cash withdrawal limit one time – Rs 15000

– ECOM/POS consolidated limit – Rs 125000

– Accidental/Disability insurance – Rs 200000

Classic card (according to PNB official website):

– Cash withdrawal limit per day- Rs 25000

– Cash withdrawal limit one time – Rs 15000

– ECOM/POS Consolidated limit – Rs 60,000

– Accidental/Disability Insurance – Rs 50,000

Must Read: Limit of Exchanging Notes drops from 4500 to 2000

Axis Bank: The Burgundy Debit Card allows a daily cash withdrawal limit of Rs 3 lakh. Titanium Prime and Plus debit cards of the banks provide Rs 50,000 withdrawal limit per day respectively. Using the RuPay Platinum Debit Card, one can withdraw Rs 40,000 in a day.

Bank of Baroda: Bank of Baroda’s RuPay Classic Card has a withdrawal limit of Rs 25,000/- per day. 
Limits on other cards are: 
– Baroda Master Platinum Card – Rs. 50,000/- per day
– RuPay Platinum Card -Rs. 50,000/- per day 
– Visa Electron Card – Rs. 25,000/- per day
– Master Classic Card- Rs 25,000/- per day
– VISA Platinum Chip Card – Rs 1,00,000/- per day 

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