SBI Customers can withdraw upto only Rs 20000 from select SBI Cards

State Bank of India (SBI), the largest lender of the country, has reduced the daily cash withdrawal limit on select debit cards with effect from Wednesday. Customers who hold SBI Classic and Maestro debit cards can now withdraw only Rs. 20,000 per day, the lender said. Earlier, the daily withdrawal limit for SBI Classic and Maestro debit card holders was Rs. 40,000. Customers who require a higher daily cash withdrawal limit can apply for higher variants of SBI cards, the bank said on its website sbi.co.in.

Limit has been reduced to check growing instances of ATM related frauds and is in line with RBI directions to go for chip based cards and to reduce withdrawal limits in other cards.Since the SBI classic and maestro are not chip based,SBI has reduced the limits and is offering customers holding non-chip based cards free replacement.RBI has setDecember 31  as the deadline for moving over to chip-based cards.