New SBI ATM withdrawal limits come into effect next week

For SBI account holders, new ATM cash withdrawal rules kick in from October 31. SBI, the country’s largest bank, will reduce the daily cash withdrawal limit for Classic and Maestro debit cards to Rs 20,000 per day, from Rs 40,000, with effect from 31 October 2018. SBI account holders having higher daily cash withdrawal requirements can apply for other debit card variants that have a higher daily withdrawal limit, the bank has said in a communication. As of March 2018, SBI had issued over 39.50 crore debit cards while around 26 crore cards were being actively used.

There will be no changes in the daily withdrawal limits on other SBI debit cards. For example, SBI’s Gold and Platinum debit cards have a daily ATM withdrawal limit of Rs 50,000 and Rs 1 lakh, respectively.

“Daily cash withdrawal limits for Classic and Maestro debit cards reduced from Rs 40,000 to Rs 20,000 per day with effect from 31st Oct 2018. If you require a higher daily cash withdrawal limit, please apply for a higher card variant,” SBI says on its website.

The move on part of SBI to reduce the daily withdrawal limit was to reduce fraudulent transactions at ATMs and to encourage digital and cashless transactions. “The bank has been receiving many complaints regarding cloning. Due to this, the decision is taken to reduce the withdrawal limit on these cards,” a Press Trust of India report cited an SBI official as saying.

In the recent past, SBI has announced many changes for the benefit of customers. SBI in a recent communication on Twitter has said that account holders can submit Form 15G/H at any SBI branch, instead of just the home branch. “No need to worry about going to the home branch anymore! Now, SBI accepts your form 15G/H at any and every SBI branch,” SBI said on Twitter. A home branch is the branch where a customer has a bank account. All other branches of the bank are non-home branches for the customer. SBI also allows submission of Form 15G/H online.

Banks have to deduct TDS when interest income crosses a certain threshold in a financial year. Form 15G and Form 15H can be submitted to make sure TDS is not deducted on your income. Form 15H is for senior citizens.

SBI has also removed the limit on the amount that can be deposited in a non-home branch. Earlier the limit was Rs 25,000.

Meanwhile, SBI has been urging its customers who hold magstripe debit cards to switch to chip-based debit cards. “Do not take a chance; get enhanced security for your #debit card by applying for the SBI EMV Chip debit card without any fee at your branch or through OnlineSBI,” said SBI in another tweet.

Those holding magstripe debit cards are required to change their EMV chip debit cards by the end of this year, according to RBI’s guidelines. EMV chip card technology, the latest global standard for debit card payments, helps protect against card fraud (skimming).

In another recent communication, SBI has also said account holders have to register their mobile numbers with the bank by 1 December 2018, failing which the bank will block access to their net banking accounts.