RBI Reviews Limits on Cash withdrawals from Current/ Savings Bank Accounts and ATMs; removes limit of Rs.50,000 from Current/ CC/ OD Accounts; also removes limit of Rs. 10,000 daily ATM withdrawal
RBI had placed limits on Cash withdrawals from Current/ Savings Bank Accounts (including from ATMs) post demonetization of Specified Bank Notes (SBNs), i.e. Rs. 500 and Rs. 1000, followed with relaxations from time to time on case to case basis, e.g. for Marriages, for Farmers, etc.
In view of pace of remonitisation/ availability of new currency, RBI has decided to remove Rs. 50,000 limit on cash withdrawals from Current/ CC/ OD Accounts with immediate effect. Also, RBI has removed daily ATM cash withdrawal limit of Rs. 10,000 from ATMs, however SB A/c cash withdrawal limit of Rs. 24,000/ week will continue till further review.
Limits placed on cash withdrawals from ATMs stand withdrawn from 1 Feb. 2017, however, banks may have their own operating limits as was the case upto 8 Nov. 2016.
Further, RBI has requested Banks to encourage customers to prefer e-payments/ digital payments, i.e. to move from cash mode to non-cash mode.