Banking News

Restriction on Cash withdrawal limits from bank and ATM to go: RBI

The Reserve Bank of India (RBI) today Feb 8, 2017 (Wednesday) announced that all restrictions on cash withdrawal from savings bank account will be removed in two phases.In the first phase, the withdrawal limit will be raised to Rs 50,000 from existing Rs 24,000 a week, effective February 20. In the second phase, from March 13, 2017, the cash withdrawal limit from the bank as well as ATM following the demonitisation of Rs.500/1000/-on Nov 9, would be completely removed from March 13, 2017.

On 30th January 2017 RBI removed the cash withdrawal limit from current accounts, cash credit accounts and overdrafts.The withdrawal in a single day from a savings bank account or from an ATM was raised to ₹24,000 from Feb 1, but the cap on ₹24,000 a week remained.

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