State Bank of India will limit cash withdrawals from ATMs to Rs 20,000 per day for certain cardholders from October 31. The limit will be applicable on both Classic and Maestro variants of SBI debit cards. Customers wanting to withdraw more can apply for a higher variant card.
"Daily cash withdrawal limit
for Classic and Maestro debit cards has been reduced from Rs 40,000 to Rs 20,000 per day with effect from October 31. If you require higher daily cash withdrawal limit, please apply for a higher card variant," SBI said on its official website.
for Classic and Maestro debit cards has been reduced from Rs 40,000 to Rs 20,000 per day with effect from October 31. If you require higher daily cash withdrawal limit, please apply for a higher card variant," SBI said on its official website.
The largest commercial lender in the country has limited cash withdrawal in a bid to protect customers from fraudulent cash withdrawals from ATMs and also to spur more digital transactions. "We analysed all the ATM transactions and we found that most of them are less than Rs 20,000 a day. In the case of frauds reported to us, we found that in all such cases withdrawals of Rs 40,000 (the maximum) have happened. So this is basically to protect the customers and secondly, we want that more such (digital) transactions should happen," SBI Managing Director PK Gupta told PTI.
While classic and maestro debit card users of SBI will be able to withdraw just Rs 20,000, the withdrawal limit is different for other prominent banks. Take a look:
HDFC Bank
HDFC Bank allows customers to withdraw up to Rs. 1 lakh/day from ATMs with the platinum chip debit card.
ICICI Bank
As per official website of ICICI Bank, a customer can withdraw up to Rs 50,000/day from any of its ATMs The limit for High Net Worth Individuals, the limit is Rs 100000/day. On ICICI signature debit card, the withdrawal limit is Rs 1,50,000/day.
Punjab National Bank
PNB has separate withdrawal limits for Platinum and Classic card users. Both cards come in Rupay and Master variants.
Platinum card (according to PNB official website):
- 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
Axis Bank
Axis Bank offers over a dozen types of debit cards. Its Burgundy Debit Card allowing a daily cash withdrawal limit of Rs 3 lakh, according to the official website of the lender. Titanium Prime and Plus debit cards of the banks provide Rs 50,000 withdrawal limit for a day respectively. With the RuPay Platinum Debit Card, one can withdraw Rs 40,000 in a day. (Check the official website for more details: https://www.axisbank.com/retail/cards/debit-cards)
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
