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  • Category: Miscellaneous

    Attention SBI customers! Change in ATM withdrawal limit

    The State Bank of India (SBI) customers must pay attention! Yesterday the Bank has issued a circular. The circular states that SBI Classic and Maestro Debit Card holders would not be able to withdraw Rs. 40,000/- per day. Instead the SBI customers would be able to withdraw Rs. 20,000/- per day. The Managing Director of SBI, Mr. PK Gupta has stated that this step (to reduce the limit) has been taken basically for two reasons. The first reason is to encourage cashless transaction. The second reason for reducing the withdrawal limit is due to the fact that complaints of fraudulent transactions at ATMs have been increasing.

    This change has become effective from today (31st October, 2018). SBI customers, please note this change.
  • #651957
    The first reason as mentioned by the MD is well understood in which people would prefer to use digital methods of payment since there is a restriction. But the second reason is somehow not clear. There are many cases reported from different locations where fraudulent withdrawals took place, but reducing the limit may not be able to address the issue.

    In case of withdrawal by fraudulent means, the limit of instant loss may be reduced to some extent but it won't be able to stop fraudulent transactions completely. I have raised this thread on the particular issue of reducing fraud through ATM transactions and there I doubted this second reason too. Now, let's wait and see if there is any check after the new circular on reduced withdrawal limits.

    Sankalan

    "Life is easier when you enjoy what you do"

  • #651958
    That's a good move taken by SBI. As per them they have done it due to the fradulant transaction are increasing day by. Further as per them most of the transactions are less then 20k done daily whereas most of the fradulant transactions are more than 40k rupees so they have reduced the withdrawal limit.

    Further they have asked the account holders to switch over to chip based debit cards as these are more secured.

    Sanjeev

    " It is better to be hated for what you are than to be loved for what you are not" ... Andre Gide

  • #651966
    This is an important information for the SBI card holders as the cash withdrawal limit is reduced. This may help the Bank to manage the cash situation in their ATMs in a better way as many times we are seeing that there is no cash available there.

    They have also announced another measure that they will now not be sending the SMS related to your transactions to your registered mobile and instead you will have to give them a miss call at a specified number to get the details of your last transactions or balance. This is probably another way to achieve the security in the protection of confidential messages though I am not very sure how this second measure is going to achieve it. They may be resorting to this practice may be due to some operating hassles in their online platform.

    Knowledge is power.

  • #651970
    Mr.Partha. Please correct the spelling of customer in the heading.

    A good information. The debit card limit for withdrawal per day from ATMs is changed and already it is in force from yesterday. I don't know how this will be helpful to the customers. Many of the cardholders will not draw more money as these days many people are going for cashless transactions. I feel sending SMS to the mobile number will be helpful to the individual as he will immediately know about any transaction that has taken place in his account. I think it is not good to stop this practice. If it is not coming we have no chance of knowing any transaction that has taken place immediately. SBI should think about this and I think they should continue the present practice.

    drrao
    always confident

  • #651971
    Thanks Dr. Rao! I have corrected the mistake.
    Beware! I question everything and everybody.

  • #651980
    Yes, I also came to know about this news yesterday after reading the newspaper. Thanks, Mr Partha to share this information here so that the members may be able to arrange their money accordingly.
    Honesty is the best policy.


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