Canara Bank hikes daily transaction limit for ATM withdrawals; Deets inside

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New Delhi: At one of the largest lenders in the public sector, Canara Bank, the daily transaction limit for ATM Cash, POS, and E-Commerce transactions has been increased. The increased limitations are officially stated to be effective immediately on the bank's website. The daily ATM cash withdrawal cap for the Classic Debit Card has been raised from Rs. 40,000 to Rs. 75,000 per day. For these cards, the daily POS cap has increased from 1 lakh to 2 lakh. For contactless NFC (near field communication) transactions done with a Canara Bank Classic Debit Card, the bank has maintained a daily restriction of 25,000.

The bank increased the daily cash transaction limit for Platinum/Business/Select Debit Cards from 50,000 to 1 lakh rupees and the daily transaction limit for POS/E-Commerce transactions from Rs 2 lakhs to 5 lakhs. While the daily transaction cap for NFC (contactless) transactions has remained at Rs 25,000. ()

On its website, Canara Bank states that "by default, cards issued are enabled for Domestic usage at ATMs & POS only. This is in accordance with RBI recommendations for better security on card transactions. When a contactless card is issued, the functionality for using it internationally, online, or contactless is deactivated. ()

Through ATM/Branch/Mobile Banking/Internet Banking/IVRS, customers can turn on/off and set limitations for their cards via various channels (POS/ATM/E-Commerce, domestic/international, NFCcontactless).