Post today, there will be no cash withdrawal limits!
All restrictions on cash withdrawals from savings bank accounts will be removed Monday, according to a Reserve Bank of India (RBI) notification that was issued on 8 February.
The cash withdrawal limit was on 28 February increased to Rs50,000 per week from the earlier Rs24,000.
RBI had on 1 February removed cash withdrawal limits from ATMs. 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.