SBI halves ATM withdrawal limit from Rs 40,000 per day, says report

Beginning today, State Bank of India (SBI) account-holders will not be able to withdraw more than Rs 20,000 from their accounts at ATMs, The Economic Times reported. The earlier daily withdrawal limit was Rs 40,000.

“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,” SBI said.

SBI’s ‘Classic’ cards hold a major part of SBI’s card portfolio and in the recent past, frauds have been caused by stealing pin codes via hidden cameras and electronic devices, the report said. The changes in the withdrawal limits come right before the festive season.