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SBI ATM withdrawal limit revised from Rs 40,000 to Rs 20,000
Posted on: 31/Oct/2018 2:33:13 PM
The latest update from State Bank of India confirmed the revised ATM limits for SBI classic and Maestro debit cards reduced from Rs 40,000 to Rs 20,000. With the central government’s promotion on cashless transaction SBI is constantly moving towards the same motto. Though the actions of limiting the ATM limit and extra charges after considerable transaction brings in more negative feedback from customers, SBI’s new revised amount will be effective from today as confirmed from the bank’s press release.
If customers have higher amount of money transaction on daily basis then they can opt for other debit card variants other than classic and maestro cards. But the minimum balance for other card variants may vary in accordance with the bank’s scheme. The official website of SBI confirmed the reduction of ATM withdrawal limit effective from 31 October, 2018.
State Bank of India, one of the largest banks of India in terms of customers has a network of nearly 22,500 branches and 59,000 ATMs all over the nation. In spite of the public opposition about the newly introduced charging methods and ATM withdrawal limits SBI holds 40 crore active customer accounts. SBI retained the old gold and platinum debit card limits that are Rs 50,000 and Rs 1 lakh, respectively.
One of the key officials of SBI reported that the bank’s measure to reduce the ATM transaction limit is to reduce the fraudulence and cyber theft over the bank accounts encouraging more cashless transactions. On the contrary the cashless transaction of the country is less than 10 percent compared to the humungous rural population of India.
Also the bank reports that most of the transaction are less than Rs 20,000 on a given day. The uncommon thefts mostly happens with the maximum limit of Rs 40,000 and so the bank decided to reduce the limit. Customer feedback recognizes the bank and government’s action to reduce the theft but not the transaction limit that infers with the customer rights.
SBI also requesting all the account holders to convert the magnetic stripe debit cards to chip-based cards. The replacing is entirely free and customers can apply for the change of card online or by visiting the respective branches directly. Chip based EMV cards are more secure and compatible when compared to the earlier magstripe debit cards.
On the benefit of customers SBI has allowed the submission of Form 15G/H in any branches. Customers need not submit the form only in home branch and also the form can be submitted online. Banks have to deduct TDS if the particular interest income exceeds a threshold limit. Form 15G and Form 15H should be submitted to confirm TDS not deducted on your income. Also SBI has removed the limit of depositing money in non-home branches which was Rs 25,000 on the earlier norms.
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