While going through newspapers and online news last day I got stuck with the news stating – HDFC Bank raises limit for ATM withdrawal – further stating –
“The ATM withdrawal and shopping limits, respectively, for the Imperia Gold card is now Rs1 lakh and Rs1.25 lakh, up from Rs50, 000 per day; Easy Shop Regular International/Maestro/NRO cards Rs25, 000 and Rs40, 000, up from Rs15, 000 and 25,000; Kid’s Advantage card Rs2, 500, up from Rs1, 500 and Rs1, 000; Women’s card Rs25, 000, up from Rs20, 000.” The same comes in effect w.e.f 1st of June 2010.
As per RBI banks can set cash withdrawal limit for its customers. But it’s doubtful how many other banks with line up here. If the preferred customers are allowed such transactions I doubt how cash will be available in the ATM’s for others. Although we need to see how many of the customer’s feel ease in withdrawing such a huge amount from ATM. But this has also given the customer’s a chance in saving time and avoiding from standing in queue.
But there is also another question in my mind. What if somebody’s pocket gets picked up? The time the customer will realise the same and gets his / her debit card hot listed or block, the account of the customer will definitely get debit by Rs 1Lakh. With the raise in shopping limit also is an indication of danger. Do you support the decision of HDFC raising the limit for ATM withdrawal?