Daily cash withdrawal limit reduced to prevent frauds: SBI MD

P K Gupta, Managing Director (MD) of the State Bank of India (SBI), on Monday said that the step to reduce the per day cash withdrawal limit for all Classic and Maestro Debit Cards holders to Rs 20,000 has been taken for fraud prevention.

"We have taken this step for fraud prevention. A customer who wants to withdraw an amount higher than Rs 20,000 can take a card with a higher limit from the bank," Gupta said. Last month, SBI had reduced the per day cash withdrawal limit for all Classic and Maestro Debit Cards holders from Rs 40,000 to Rs 20,000.

"Daily cash withdrawal limit for Classic and Maestro Debit cards reduced from Rs 40,000 to Rs 20,000 per day with effect from October 31, 2018. If you require higher daily cash withdrawal limit, please apply for a higher card variant," read a statement from the bank. The decision was taken reportedly by the bank to curb increasing instances of ATM frauds.