Submitted by business_centrik on 31/01/2017
All limits on cash withdrawals from current accounts removed with immediate effect.
The Reserve Bank of India (RBI) has removed the cash withdrawal limit from current accounts, cash credit accounts and overdrafts, with immediate effect. The RBI also announced that from February 1, the withdrawal in a single day from a savings bank account from an ATM will be ₹24,000. But the cap on the limit — ₹24,000 a week, remains.
The daily withdrawal from an ATM now is ₹10,000.
“The limits on savings bank accounts will continue for the present and are under consideration for withdrawal in the near future,” the RBI said in a circular.
Banks can put their own limits on withdrawals from ATMs, as it was the case before November 8, the RBI said.
Banks typically cap ATM withdrawals at ₹25,000 a transaction, though some banks offer higher limits for high net worth individuals (HNWIs).