With an aim to reduce fraudulent transactions and give a fillip to digital transactions, State Bank of India has reduced the withdrawal limits at its ATMs from Rs 40,000 to Rs 20,000, Financial Express has reported. This applies only to SBI’s Classic and Maestro Debit Cards.
“In view of the increase in number of complaints received by the bank around fraudulent transactions at ATMs, and to encourage digital/cashless transactions, it has been decided to decrease the cash withdrawal limits of debit cards issued/being issued on Classic and Maestro platforms from Rs 40,000 to Rs 20,000, with effect from 31 October, 2018,” an internal circular of the SBI dated 29 September said.
As per the Banking Codes and Standards Board of India (BCSBI), at least 30 days’ notice has to be served to the customers before any changes in terms and conditions are put into practice. Therefore, it has directed all branches to display the notice before the new rule is put into practice.
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