Bhubaneswar: State Bank of India (SBI) ATM card holders! Here is something you should know about. From today, SBI has reduced the daily cash withdrawal limit for Classic and Maestro debit cards holders.

The cash withdrawal limit of SBI Classic and Maestro debit cards has reduced to Rs 20,000 from Rs 40,000 per day with effective from October 31, the bank said in a statement on its website.

“Customers having higher daily cash withdrawal limit can apply for other debit card variants that come with a higher daily cash withdrawal limit,” it added.

The bank has reduced the daily cash withdrawal limit on Classic and Maestro cards to reduce fraudulent transactions at ATMs and encourage digital and cashless transactions, said an official.

However, the withdrawal limit on SBI’s other debit cards has remained unchanged. For example, SBI’s Gold and Platinum debit cards have a daily ATM withdrawal limit of Rs 50,000 and Rs 1 lakh, respectively.

Earlier, SBI had asked its account holders, who have magstripe debit cards to switch to chip-based debit cards by the end of this year. The bank is replacing the cards free of cost. Account holders can apply online or visit their branches for the new debit card.