What is current ATM withdrawal limit in India today. This is now most asked question by all after demonetisation on 8th November 2016. Now after lot of struggles standing in queue for hours and getting little cash withdrawal per day everyone is felling tired. Narendra Modi led BJP Government’s decision to withdraw higher value notes of Rs.1000, Rs.500 was criticized by media due to problems to common man. So what is ATM withdrawal limit from Wednesday, 1st February 2017 in India. Withdrawal limit from ATM’s is Rs.24,000 per day, while weekly limit is continuing as Rs.24,000. New daily ATM withdrawal limit from 1 February 2017 is set to Twenty Four Thousand rupees per day.
So now after a long gap from 8th November 2016 to 16 January 2017, India is expected to come back to normal living. Let us hope that Rs.100, Rs.500 notes are available in ATM machines. Till now most ATM’s have only Rs.2000 note in it. For those people who need lesser denominations in cash are not able to withdraw because less availability of these denominations. And for people who have less balance than Rs.2000 cannot withdraw. So from 2017 if low denomination notes are available in huge quantity most problems in ATM will be solved.
After news about changes in withdrawal limits in ATM’s came out every one was asking whether bank withdrawal limit will also be removed. If ATM withdrawal limit for cash is removed there will be definitely changes to amount of cash that can be withdrawn through bank branches. Rs.24,000 is daily withdrawal limit from ATM counters while weekly limit is Rs.24,000. This weekly limit which still prevails in bank accounts will affect normal cash spending of consumers.
More details regarding such changes will be announced by Indian Finance Ministry, Reserve Bank of India based on prevailing situations.
It was expected that after 30 December 2016 there will be No cash withdrawal limit from ATM’s. But still withdrawal limits are imposed on bank accounts.
Now there is limit on number of free ATM transactions per month. After free transactions there will be ATM charges applicable. Withdrawal limit for ATM cards will be like that in past before demonetization rule.
Presently till 30-12-2016 daily withdrawal of cash from ATM’s is just Rs.2500. From 1 January 2017 new ATM limit is set to Rs.4500. And from 16 January 2017 new daily limit is Rs.10,000. Now in latest news from 1st February 2017 the ATM limit is Rs.24,000 per day and for per week.
Weekly cash withdrawal limit from banks is limited to just Rs.24,000. If total withdrawal limit using cheques, ATM cards and withdrawal slips was increased from Rs.24000 per week to another big amount it would have been better. As per news reports there is limited availability of currency notes and so weekly limit cannot be removed.
Also Indian Government is trying to give more awareness to online transactions and started a new Unified Payment Interface linked with Aadhar number. It is known as BHIM app which was launched by Indian Prime Minister Narendra Modi for making e-payments with use of 4 digit PI number or finger prints.
For savings account withdrawal limit is Rs.24,000 and for current account, demat account .etc. withdrawal limit have been completely removed.
Last date for changing old Rs.500, Rs.1000 notes in banks is 30th December 2016. Old notes can be exchanged at RBI till 31 March 2017 (31-3-17) by giving ID Proof details.