Cash Withdrawal limit From Savings Account increased To 50,000

The Reserve Bank of India (RBI) on Wednesday announced that all restrictions on cash withdrawal from savings bank account will be removed from 13 March. But this will be done in two phases. Beginning 20 February, the cash withdrawal limit will be increased to Rs50,000 per week from the existing Rs24,000.

Earlier, the RBI had removed cash withdrawal limits from ATMs from 1 February. In a notification, the RBI had also removed all limits on current account and overdraft accounts with immediate effect. The banking regulator had at that time said that “cash withdrawal limits on savings bank accounts will continue for the present and are under consideration for withdrawal in the near future.”

The cash withdrawal limit at automated teller machines (ATMs) was earlier enhanced to Rs10,000 per day per saving bank account on 16 January. The limit was set within the existing overall cash withdrawal cap of Rs24,000 per week per account at both banks and ATMs.

The Narendra Modi government had imposed restrictions on cash withdrawal and deposits since it announced the decision to demonetise old Rs500, Rs1,000 currency notes on 8 November 2016.

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