New Delhi: The State Bank of India (SBI) has reduced the daily cash withdrawal limits for its Classic and Maestro Debit Card holders. The withdrawal limits have been reduced from Rs 40,000 to Rs 20,000 per day with effect from Wednesday, October 31, 2018.
India's largest bank, SBI, in a statement, said, "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."
In August this year, the SBI had asked its customers to get their ATM-cum-debit cards with magnetic stripe replaced with the one with 'Europay MasterCard Visa' chip before December 31.
The Reserve Bank of India (RBI) had asked banks to issue only chip-based and personal identification number-enabled debit and credit cards to protect customers from frauds.
EMV chip card protects against counterfeit (skimming) card fraud. EMV chip card and PIN protects against both counterfeit (skimming) and lost and stolen card fraud.
At June-end, the SBI had 28.9 crore ATM-cum-debit cards, of which a large number of them are chip-based. Several other banks, too, are replacing the magnetic stripe cards with EMV-equipped cards.
It is easy to identify if a card has EMV or not. EMV cards have a golden chip embedded on the card on the front side.
(With inputs from PTI)