If you are a SBI customer and frequently do cash transactions at a ATM, you should not be giving this piece of information a miss, as it could be crucial in the long run. From October 31, 2018, you will be able to withdraw limited cash of Rs. 20,000 per day as against Rs. 40,000 earlier. This is mainly for Classic and Maestro debit card holders, so those of you who engage in heavy cash transactions via ATM may now apply for other ATM card variants to not hurt their cash supply via use of ATMs.
On other debit cards, the cash withdrawal limit has been kept intact at Rs. 50,000 and Rs. 1 lakh respectively in case of SBI Gold and SBI platinum.
"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 by the largest public sector lender is in the wake of increased fraudulent transactions and as well an effort to boost digital transactions.
Also, SBI has eased varying processes for its customer segment as it now accepts form 15 G or 15H to avoid TDS deduction on interest payable by bank in any of the SBI branch which in a earlier case was restricted to home branch. Also, now one could deposit a higher amount in a non-home branch which earlier was capped at Rs. 25,000