Bank customers can soon withdraw up to Rs one lakh in a single day from ATM machines, and can shop for even an higher amount of Rs 1.25 lakh with their debit cards. Also, as much as Rs three lakh can be transferred in a day to another account through ATMs as also over phone.
The enhanced limits for ATM withdrawals, debit card swiping and fund transfers would save the consumers from running to bank branches, that too within banking hours, for such large transactions. Currently, the maximum the customers of most of the banks can withdraw through ATMs is Rs 50,000 in a day.
While HDFC Bank is allowing these enhanced banking limits to its customers with effect from June 1, other banks might soon follow the suit.
The ATM withdrawal limit for HDFC Bank Imperia Gold Debit Cards now stands increased to Rs 1 lakh, and that for shopping to Rs 1.25 lakh, from Rs 50,000 per day.
Besides, the ATM card and shopping limit for Easy Shop Regular International/ Maestro/ NRO Debit Cards would stand increased to Rs 25,000 and Rs 40,000 respectively, from Rs 15,000 and 25,000 respectively.
The bank is currently in the process of informing its customers about these enhanced debit card limits. Given the competitive nature of the banking business, other banks would have to soon follow HDFC Bank in increasing their own card limits for ATM withdrawals, shopping and fund transfers, a senior official at a rival bank said.
Also the holders of Kid’s Advantage Debit Cards can withdraw and shop for Rs 2,500 in a single day, higher from Rs 1,500 and Rs 1,000 currently.
Further, for Women debit Card holders will get to withdraw Rs 25,000 from ATMs from Rs 20,000. Also customers can shop for up to Rs 40,000 crore with debit cards, from the present Rs 30,000.
“The above revised limit are not applicable to the card holders whose current limit are different from the ones stated above and will continue to enjoy their requested/offered limits as sanctioned before,” HDFC said.
This is merely going to increase the risk of the ATM users. Because none of the ATMs have armed guards and most have no guards at all.