The State Bank of India is India’s largest bank in terms of the number of branches and its market capitalisation. In light of a spate of fraudulent ATM transactions taking place, the bank has decided to reduce the amount of money that can be withdrawn in a day. The limit has now been capped at Rs 20,000 from the existing Rs 40,000 a day.
If you are an account holder with the bank then here are some changes that you ought to be aware of.
1. This move by the bank aims to keep a tab on all fraudulent activities that criminals indulge in. It is also in line with the Reserve Bank of India (RBI)’s directive on migration to EMV (Europay, Mastercard and Visa) chip-and-pin cards.
An EMV Chip technology is the latest global standard for Debit Card payments. This technology features Debit Cards with an embedded microprocessor chip that stores and protects cardholder data. This is a much more secure technology as compared to the magnetic stripe variant of cards.
2. A deadline of December 31 has been set by the central bank for commercial banks to migrate from magnetic stripe-based cards to EMV chip-and-pin cards.
3. The bank is providing a free-of-cost upgrade of a debit card to its customers. The upgrade of an existing debit card to an EMV chip-and-PIN debit card offers enhanced security. To check if your card has been upgraded, you need to look for a chip located on the face (centre left position) of the debit card.
There will also be no change in the Annual Maintenance Charge as compared to the Magstripe Card.
4. The changes being made are applicable only to the Classic and the Maestro debit card holders. There are, however, no changes in the ATM withdrawal limits applicable to other State Bank of India debit cards.
5. To apply for this free upgrade, you can visit the website here.
If you are an SBI customer, do apply for the new card at the earliest.
(Edited by Gayatri Mishra)