SBI customers can’t do this from October 31; Check what HDFC, PNB, BoB, Axis, ICICI Banks offer

SBI customers can’t do this from October 31; Check what HDFC, PNB, BoB, Axis, ICICI Banks offer

ATM Cash Withdrawal Limit: Come October 31 and the State Bank of India (SBI) customers will not be able to withdraw as much cash from ATMs as they have been till now. The bank has put a restriction on cash withdrawal from ATMs which will be effective from October 31. Recently, India’s largest lender (SBI) said on its website, “Daily cash withdrawal limit for Classic and Maestro debit cards has been reduced from Rs 40,000 to Rs 20,000 per day with effect from October 31. If you require higher daily cash withdrawal limit, please apply for a higher card variant.”

However, this will apply only to maestro and classic debit card users of SBI.

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SBI has put a limit on cash withdrawal in an attempt to protect customers from fraudulent cash withdrawals from ATMs and also to spur more digital transactions.

SBI Managing Director PK Gupta told PTI, “We analysed all the ATM transactions and we found that most of them are less than Rs 20,000 a day. In the case of frauds reported to us, we found that in all such cases withdrawals of Rs 40,000 (the maximum) have happened. So this is basically to protect the customers and secondly, we want that more such (digital) transactions should happen.”

While the SBI put a restriction on ATM withdrawals, other banks continue to allow big cash withdrawals. Some even allow withdrawals over Rs 1 lakh in a day. Take a look:

HDFC Bank: Withdraw up to Rs. 1 lakh/day from ATMs with the platinum chip debit card.

ICICI Bank: Withdraw up to Rs 50,000/day from any of its ATMs. The limit for High Net Worth Individuals is Rs 100000/day. On ICICI signature debit card, the withdrawal limit is Rs 1,50,000/day.

Punjab National Bank: PNB has separate withdrawal limits for Platinum and Classic card users. Both cards come in Rupay and Master variants.

Platinum card (according to PNB official website):

– Cash withdrawal limit per day – Rs 50,000

– Cash withdrawal limit one time – Rs 15000

– ECOM/POS consolidated limit – Rs 125000

– Accidental/Disability insurance – Rs 200000

Classic card (according to PNB official website):

– Cash withdrawal limit per day- Rs 25000

– Cash withdrawal limit one time – Rs 15000

– ECOM/POS Consolidated limit – Rs 60,000

– Accidental/Disability Insurance – Rs 50,000

Axis Bank: Axis Bank offers over a dozen types of debit cards. Its Burgundy Debit Card allowing a daily cash withdrawal limit of Rs 3 lakh, according to the official website of the lender. Titanium Prime and Plus debit cards of the banks provide Rs 50,000 withdrawal limit for a day respectively. With the RuPay Platinum Debit Card, one can withdraw Rs 40,000  in a day. (Check the official website for more details: https://www.axisbank.com/retail/cards/debit-cards)

Bank of Baroda: Bank of Baroda’s Rupay Classic Card has a withdrawal limit of  Rs 25,000/- per day.
Limits on other cards are:
– Baroda Master Platinum Card – Rs. 50,000/- per day
– RuPay Platinum Card -Rs. 50,000/- per day
– Visa Electron Card – Rs. 25,000/- per day
– Master Classic Card- Rs 25,000/- per day
– VISA Platinum Chip Card – Rs 1,00,000/- per day

Source:- zeebiz

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