The State Bank of India (SBI) has now reduced the daily money withdrawal limits for its Classic and Maestro Debit Card holders. The limits decreased from Rs 40,000 to Rs 20,000 per day with impact from Wednesday, October 31, 2018.

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India’s biggest bank, SBI, in an announcement, stated, “Daily Cash withdrawal limits for Classic and Maestro Debit Cards diminished from Rs. 40,000/ – to Rs. 20,000/ – every day with impact from 31st Oct 2018.”

In August this year, the SBI had requested that its customers 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 that banks issue chip-based only and personal identification number-enabled debit and Mastercards to protect clients from cheats.

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EMV chip card ensures against fake (skimming) card fraud. EMV chip card and PIN secures against both fake (skimming) and lost and stolen card frauds.

At June-end, the SBI had 28.9 crore ATM-cum-debit cards, of which many are chip-based. A few different banks, as well, are replacing the magnetic stripe cards with EMV-equipped cards.

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