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State Bank of India limits ATM daily withdrawal, heres why

limit will be effective from October 31, as per media reports

A decision from one of the largest banker in India has surprised many and rightly so.

The State Bank of India has now limited the daily withdrawal from ATM to Rs 20000 from Rs 40000.

The bank sources said that this has been done to reduce the rising number of ATM fraud cases and give a boost to digital transactions.

The limit will be effective from October 31, as per media reports.

The announcement by the largest lender in the country comes just weeks before the festivals and will be effective days before Diwali.

The customers who want higher withdrawal limit can request for cards variants with such offers and such cards can be issued to account holders with the required higher minimum balance in their accounts.

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