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State Bank of India has decided to halve the daily cash withdrawal limits for ‘Classic’ and ‘Maestro debit cards to Rs 20,000 per day with effect from October 31, 2018.
This move comes in view of the increase in the number of complaints received by the bank regarding fraudulent transactions at ATMs and to encourage digital/ cashless transactions.
According to the bank, if customers require a higher daily cash withdrawal limit, they can apply for a higher card variant.
According to guidelines of the Banking Codes & Standards Board of India (BCSBI), at least 30 days’ notice has to be given to customers for any changes in the terms and conditions or charges.
Accordingly, the bank had asked all the branches to display the following message on their notice boards by September 29, 2018. The message has also been displayed on the bank's website.
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