Mumbai, October 1, 2018: State Bank of India (SBI) has reduced the daily cash withdrawal limit for select debit cards from ₹40,000 to ₹20,000.

The revised limit will come into effect from October 31, 2018, and will apply to customers using SBI’s Classic and Maestro debit cards.

The move comes as the bank looks to strengthen the security of ATM transactions and encourage customers to adopt safer digital payment methods.

New Withdrawal Limit for SBI Debit Cardholders

Under the revised rules, customers with the affected debit cards will be able to withdraw a maximum of ₹20,000 in cash per day through ATMs, compared with the earlier limit of ₹40,000.

The change is aimed at reducing the potential impact of fraudulent ATM transactions and improving overall transaction security.

The bank has also been encouraging customers to move away from older magnetic-strip cards and towards more secure EMV chip-based debit cards.

Focus on Safer Banking

The reduction in the ATM withdrawal limit comes amid growing concerns around card-related fraud and skimming incidents.

For customers who need to make larger payments, digital banking and other electronic payment options provide alternatives to cash withdrawals.

SBI is expected to communicate the revised limit to customers through its branches and other banking channels ahead of the implementation date.