New Banking Rules – In a significant update that could impact millions of bank customers across South Africa, new banking rules set to take effect from June 15, 2025, will bring major changes to ATM withdrawal limits, card usage policies, and security protocols. The South African Reserve Bank (SARB) and major retail banks have jointly rolled out this reform to enhance transaction transparency, reduce fraud, and align with global digital banking trends. These revised policies will directly affect how South Africans use their debit and credit cards, especially at ATMs and point-of-sale terminals. Several changes have already sparked concerns among consumers, particularly around lower withdrawal caps and mandatory security features. The revised guidelines are expected to simplify banking operations while introducing tighter control on large cash transactions, primarily to address money laundering risks and reduce ATM-related crimes. With cashless transactions gaining momentum, banks are also encouraging digital payments by incentivizing e-wallets and contactless options over cash handling. It’s crucial for customers to understand these changes and plan their financial transactions accordingly to avoid inconvenience. Below is a comprehensive breakdown of what’s changing from June 15, who will be impacted, and what you need to do to stay compliant.
New Banking Rules Coming Into Effect
The new rules focus on strengthening digital banking and limiting high-risk cash transactions. Here’s a quick summary of what’s changing:
- Daily ATM withdrawal limits have been revised.
- Mandatory OTPs (One Time Pins) for all transactions above R1,000.
- Chip-enabled cards will now be mandatory.
- New card replacement rules for expired or damaged cards.
- Debit card charges restructured to promote digital banking.
- ATM usage fees slightly increased for non-home bank users.
- Biometric authentication introduced for mobile banking logins.
Updated New Banking Rules
Each bank has published updated daily withdrawal limits effective June 15. Customers are urged to check their bank’s limit and adjust accordingly.
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| Bank Name |
Old Daily Limit |
New Daily Limit |
Fee per Withdrawal |
Digital Wallet Incentive |
| Absa Bank |
R5,000 |
R3,000 |
R10 |
R50 cashback/month |
| Standard Bank |
R6,000 |
R3,500 |
R8 |
2% back on mobile spend |
| FNB |
R7,000 |
R3,000 |
R10 |
Free eWallet withdrawals |
| Nedbank |
R5,000 |
R2,500 |
R12 |
1% interest on wallet bal |
| Capitec Bank |
R4,000 |
R2,000 |
R8 |
No fee for digital pay |
| Discovery Bank |
R6,000 |
R3,000 |
R9 |
Bonus Vitality points |
| TymeBank |
R3,000 |
R2,000 |
R6 |
Double points via USSD |
| African Bank |
R4,000 |
R2,500 |
R10 |
Airtime rewards |
New Banking Rules – Security Features Now Mandatory for All Bank Cards
With growing cyber threats, SARB has enforced stringent security features. Customers using outdated cards will be required to upgrade immediately.
- All debit/credit cards must now have EMV chip + PIN features.
- Magnetic stripe-only cards will be blocked from July 2025.
- Contactless tap-to-pay will be limited to R500 per tap.
- OTPs are mandatory for online and large in-store transactions.
- Banks must verify cardholders during every PIN reset or update.
New Banking Rules – Updated Card Types and Their Functional Restrictions
| Card Type |
Security Feature |
Tap-to-Pay Limit |
Expiry Requirement |
Online Use |
| Classic Debit Card |
EMV Chip + PIN |
R500 |
Max 5 Years |
OTP Needed |
| Platinum Credit Card |
Chip + Contactless + OTP |
R1,000 |
Max 3 Years |
OTP Needed |
| Virtual Cards |
Tokenized, No Physical |
Unlimited |
No Expiry |
OTP Needed |
| Store Cards (linked) |
Stripe + PIN |
Disabled |
Max 2 Years |
Limited |
New Banking Rules – Revised Banking Fee Structures
As part of this shift, banks have made adjustments to their fee structures to encourage digital banking behavior and discourage frequent ATM withdrawals.
- Card swipe fees remain unchanged for now.
- Mobile transfers below R1,000 are now free with most banks.
- Higher ATM withdrawal fees for multiple transactions in a day.
- Charges for card re-issuance increased to R150 in most banks.
Fee Comparison Across Popular Transactions
| Transaction Type |
Previous Fee |
New Fee |
Free Threshold |
| ATM Withdrawal |
R6 – R10 |
R8 – R12 |
1 per day |
| Card Replacement |
R100 |
R150 |
1 in 2 years |
| Digital Transfers |
R5 |
Free |
Up to R1,000/day |
| Online Purchases OTP |
Free |
Free |
Unlimited |
| Balance Inquiry |
R2 |
R2 |
Free via App |
How Senior Citizens and Rural Users Will Be Affected
This new rule impacts groups who rely more on cash withdrawals and less on digital methods. Special guidelines have been announced for them.
- Withdrawal limits will remain slightly higher for pensioners.
- Mobile van banking services will be expanded in rural areas.
- Older users will get free card replacements till December 2025.
Pensioner-Specific Card Benefits Introduced
| Feature |
Description |
| Higher ATM Limit |
R4,000 per day for pensioners |
| Replacement Fee Waiver |
Free until 31 Dec 2025 |
| Biometric Login Support |
Introduced via new simplified app |
| Banking Vans in Rural Areas |
500 new vans to launch by August 2025 |
Banking App and USSD Features Expanded
To bridge the digital divide, all major banks will expand USSD and mobile banking features, especially for rural areas and low-income groups.
- Offline balance checking via USSD available 24/7.
- Transaction receipts will now be SMS-based for USSD users.
- Reduced data usage for app transactions.
Biometric and Facial Recognition Introduced
As part of a broader modernization plan, mobile banking apps will begin to roll out biometric login and facial recognition features.
- Fingerprint and face ID will be standard login options.
- Voice verification in beta testing with two major banks.
- Reduces the need for multiple passwords or OTPs.
Impact on Cash-Based Merchants and Market Vendors
Cash-heavy businesses and informal traders will need to adapt to a low-cash environment.
- Government will subsidize 50,000 POS terminals to promote card usage.
- Informal traders to receive 2% tax rebate for digital transactions.
- New QR code system to be introduced in partnership with banks.
These changes mark a major shift in South Africa’s banking ecosystem, aimed at tightening security, reducing fraud, and moving the economy toward a cashless future. While the rules may seem inconvenient initially, they are designed to protect consumers and modernize financial services. Stay informed, speak to your bank, and prepare for a more digital, secure banking experience.
FAQs of New Banking Rules
1. Will my current card stop working after June 15?
Only if your card lacks a chip or is past its expiry. You’ll need to replace it at your bank branch.
2. How do I check if I qualify for free digital transfers?
Most banks will automatically enroll customers with mobile banking for this benefit. Check your app or bank website for details.
3. What happens if I exceed the ATM withdrawal limit?
Your transaction may be declined, or you may be charged a higher fee. Plan larger withdrawals over multiple days.
4. Are rural and older users exempt from the rules?
Some relaxations are in place till December 2025, like higher limits and no card replacement fees.
5. Can I still use tap-to-pay for big purchases?
Tap-to-pay will now be limited to R500. Above that, you must insert the card and enter a PIN.
