The State Bank of India (SBI) has alerted its customers holding Classic and Maestro debit cards regarding reduction of cash withdrawal limit to Rs 20,000 a day from ATM starting October 31.

The SBI had put out the following message on its website: "Daily cash withdrawal limit for Classic and Maestro debit cards has been reduced from Rs 40,000 to Rs 20,000 per day with effect from October 31."

SBI managing director PK Gupta said the reduction in withdrawal intends to protect customers from fraudulent cash withdrawals from ATMs and also to spur more digital transactions and if the customers require higher daily cash withdrawal limit, they can apply for a higher card variant.