SBI lowers ATM cash withdrawal limit to Rs 20,000 ahead of festive season

The restriction comes weeks before the festive season.

The State Bank of India (SBI) has lowered the ATM cash withdrawal limit to Rs 20,000 a day, from Rs 40,000. According to a report, the lower limit will be effective from October 31, in view of spurt in fraudulent transactions at ATMs and to encourage digital and cashless transactions. “In view of the increase in the number of complaints received by banks around fraudulent transactions at ATMs and to encourage digital and cashless transactions, it has been decided to decrease the cash withdrawal limits of debit cards issued or being issued on ‘Classic’ and ‘Maestro’ platforms,” said SBI official