SBI Reduces Withdrawal Limit of Classic Debit Cards

The cash withdrawal limit of SBI classic Debit card is reduced to half by State Bank of India as a part of security measures to avoid fraud on ATM cards. Customers of the State Bank of India (SBI) cannot withdraw more than Rs. 20,000 a day, from Wednesday, October 31. SBI’s  decision is expected to impact more than 42 crore bank customers especially at a time when it’s festival season in India. Customers usually spend more during Diwali which falls in the first week of November. Banking experts feel that the decision has come at a wrong time of the year as this change is going to affect the customer’s spirit of the festival