Banks raising ATM withdrawal limits – HDFC, ICICI Bank leading the pack

Indian Banks are one of the best in their segments, across the globe. They are more consumer friendly and offer plethora of features and cross banking functionalities.

We can withdraw money from the ATMs of other banks, Rs10,000 per transaction, and five such transactions a month. Where else in the globe you will find these easiness ??

Adding to these, banks have now started raising the money withdrawal limit and the shopping limit for their customers.

Effective June 1, HDFC Bank has raised the withdrawal limit and shopping limit of all debit cards. The ATM withdrawal and shopping limits for the Gold card is now Rs.1 lakh and Rs1.25 lakh respectively. It was Rs50,000 per day before.

ICICI Bank already allows withdrawals up to Rs.1 lakh and shopping transaction limit of Rs1.5 lakh on its Titanium, Platinum and Signature debit cards per day. Its Gold card has a withdrawal as well as a transaction limit of Rs50,000. Axis Bank’s Gold card offers a withdrawal limit of Rs50,000, but a shopping limit of Rs1.75 lakh per day. Most Other banks offer a withdrawal limit of up to Rs50,000 per day on their debit cards.

We do need to mention, premium debit cards of many banks in the country like HSBC, CITI, Axis, ICICI, HDFC .. already have 1 Lakh and above withdrawal limits apart from other features.

Banks set cash withdrawal limits for customers according to Reserve Bank of India guidelines. Withdrawal limits set by banks usually depend on their customer bases and their transaction sizes.

With many banks increasing their daily ATM money withdrawal limits, it only means people have started spending more and the overall spending power of the country is gradually increasing. All on lines of the country becoming next major World Consumers. What say ?