Latest Withdrawal Limits of Cash through Bank Accounts, ATM’s in India

New cash deposits from 29 November 2016 using existing currencies can be withdrawn without any weekly limits. RBI decision has been made to increase cash availability and circulation of new currencies. All cash deposits from 29-11-16 using new existing currency denominations other than old Rs.500, Rs.1000 can be withdrawn any time without any weekly limit. This withdrawal can be made only through banks using cheques or withdrawal slips. This is not possible on ATM withdrawals which is still Rs.2500 only. So what are new Bank withdrawal limit India is having as on date in November 2016 is explained in detail.

Rs.24000 is weekly limit as on date for savings accounts and Rs.50,000 for current, cash credit, overdraft accounts. Demonetization of Indian rupee notes like Rs.500, Rs.1000 on 8th November 2016 has been announced by Indian Prime Minister Narendra Modi. With this decision people of India are anxious to know about latest circulars from Reserve Bank of India (RBI) regarding new withdrawal limits. Based on availability and circulation of new cash in values of Rs.2000 notes, withdrawal limits from bank accounts, ATM’s are being changed. There is protests going on against limiting withdrawal of money that is deposited in a person’s account. Many urgent personal needs of people are getting affected. Everyone knows that this limit has been set to ensure that black money is not converted easily and to make sure that money circulation becomes equal.

As per circular on Sunday, 13 November 2016 RBI has given instructions to all banks to raise withdrawal limit from Rs.20,000 per week to Rs.24,000 per week. From 10 November 2016 to 13 November 2016, withdrawal limit per day was just Rs.10,000. So as per new weekly limit instructions from RBI, only Rs.24000 can be withdrawn till Friday, 18 November 2016. From Saturday, 19th November 2016 new weekly limit starts for making withdrawals. Above mentioned withdrawal limits are including transactions from ATM counters and direct transactions at bank.

Everyone feels that they have become poor from 8 November 2016 night to present. Only people who are familiar with wallets like Paytm, Airtel Money .etc. doing wallet transactions is surviving these situations.

Indian prime Minister Narendra Modi has encouraged online card payments, wallet transactions using cashless online transactions. Using plastic money such as debit cards, credit cards is recommended by banks. In metro cities people who are familiar with these activities are able to do it.

Common man including older generations who do not know what is a debit or credit card and how to use it are now in a tight fix. Queue’s before ATM Counters and Bank branches are now continuing for hours from morning to night. This is a new experience for people of India after Independence. Considering difficulties faced by older people standing in quees, RBI has asked banks to make arrangements for separate queue to senior citizens, disabled persons.etc.

Over draft, Cash credit accounts will be able to withdraw cash upto Rs.50000 (Fifty Thousand) per week. People having to wait for hours to withdraw money in few thousands with limit per day or week. Not being able to withdraw money from a savings or current bank account, even though there is balance in it is really miserable.

Main motive of withdrawal of old currencies was to avoid black money in India. Also fake currencies being supplied and circulated in India by enemy countries like Pakistan can be decreased. With demonetizing old currencies in India, black money that is in hands of people are being deposited in banks as old currencies have no legal tender.

Current Weekly limit Dates

ReadNew Changes in Withdrawal Limits from 29-11-2016

Weekly limit dates at present is from Friday, 18-November 2016 (18-11-16) to Thursday, 24 Nov 2016 (24-11-2016). In this time you can make a single or multiple withdrawals using cheque of withdrawal slip up to maximum Rs.24000 from savings account, if you have not withdrawn using ATM. In case of Current account, this limit is Rs.50000

New week limit will start from Friday, 25-November 2016 (25-11-16) to Thursday, 1 December 2016 (1-12-2016).

Cash Withdrawal Limits from Savings Account

Rs.24000 per week can be withdrawn as cash from a bank account , including transaction at ATM or cheques.

Per day limit of Rs.10000 has been removed.

Example Illustration of per week withdrawal

  • If you have made ATM Withdrawal Rs.4000 or any other amount. Then amount that can be withdrawn this week is as follows,

Cash withdrawal from Bank Saving account = Rs.24000 (weekly limit) – Rs.4000 ATM transaction = Rs.20,000 can be withdrawn.

  • If you have made Rs.2000 ATM Withdrawal and you have done Rs.10,000 withdrawal this week from bank account and Rs. 5000 cash cheque withdrawal. Then balance amount that can be withdrawn this weekas per withdrawal limit is as follows,

Cash withdrawal from Bank Saving account = Rs.24000 (weekly limit) – Rs.2000 ATM transaction – Rs.5000 Cheque withdrawal – Rs.10,000 bank withdrawal = Rs.7,000 can be withdrawn this week.

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Current Account Cash Withdrawal Limit

Withdrawal limit of current accounts in India is increased to Rs 50,000 per week from Monday, 14 November 2016. With this new limit banking correspondents (BCs) who has current account for past 3 months will be able to withdraw Rs.50,000 per week.

ATM Withdrawal Limits

Rs.2500 can be withdrawn per day from ATM’s. Weekly limit of withdrawal including Bank account direct withdrawal from bank account and ATM transactions is Rs.24000.

This new limit of Rs.2500 per day has been set from 14 November 2016. Earlier it was just Rs.2000 per day that can be withdrawn from ATM.

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RBI Circular Withdrawal limits

Online / NEFT / Debit / Credit / Wallet Transactions

Withdrawal limit is not applicable on all online transactions including wallet like Paytm, debit, credit card transfers.

Withdrawal limit is Nil. Indian Government is promoting online banking and asking citizens to do cashless transactions. Banks are providing Mobile banking services at many places when Mobile ATM’s are arriving at crowded places.

There will be no ATM charges or fees on transactions from 10 November 2016 to 30 December 2016. Also there will be zero charges on debit, credit card transactions.

Wallets like Paytm, SBI Buddy, Airtel Money, PayzApp, Citrus Wallet, Free Charge, m-pesa, Oxygen Wallet, Pockets are recommended to be used for online withdrawals.

Weekly Limit Confusion in Dates

Withdrawal and exchange of notes started through banks from 10 November 2016. Last date for exchanging old notes was changed to Thursday, 24 November 2016 as a way of tightening demonetisation. From ATM’s cash withdrawal started on 11 November 2016. All banks have to abide by rules of Reserve Bank of India and have set weekly withdrawal limit.

So what is actual dates when weekly limit will end. Withdrawal through banks started from 10 November, so if a week is set then withdrawal should limit should end by night 12.00 on 18 November. From 19 November 2016 new week starts and this will be same for ATM’s too. You can withdraw up to Rs.24000 from 19-11-16 from your savings bank accounts. There is no per day limit. Present limit on ATM’s is Rs.2500 per day. Earlier there was newsthat ATM limit may be increased to Rs.4000. But it is not sanctioned. You can only withdraw up to rs.2500 from ATM counters in a day.

Official clarification regarding dates is still not available. Hopefully we can expect that new weekly limit will start from 18 November to 25 November 2016. In this period all saving account customers can withdraw an amount of Rs.24000 including ATM, Direct withdrawals from bank.

Old Cash Notes Changing limit of Rs.500, Rs.1000

Old notes exchanging through banks was stopped from 24-11-2016. So after this date from 26th November, old notes can be deposited only at bank accounts.

Old news – Rs.1000, Rs.500 notes up to Rs.4500 can be changed by filling an application form, submitted along with copy of ID proof at Banks or Post offices.Limit for changing old currencies has been hiked to Rs.4500 per person for 1 time. This limit has been earlier Rs.4000 only. There has been a misunderstanding that a person can change Rs.4000 and get new notes for many times.

It has been clarified that a person can change Rs.4500 only once. If a person has changed old Rs.4000 last week to get new notes, he can change remaining Rs.500 only.

New Rs.500 notes were launched by RBI from Sunday. 13 November 2016. In coming days all branches of banks functioning in India will supply new Rs.500 notes.

On depositing cold cash you have to write down serial numbers of Rs.500, Rs.1000 notes on application form. this direction was issued few days ago. As per a new circular, ink mark will be done on index fingers of all persons who exchange money. Ink mark will be done on people who deposit money in non-home accounts.

Co-Operative Banks

Customers of Co Operative banks(Sahakarana Bank) in states like Kerala are facing most problems. It is believed that Crores of money is deposited in co-operative banks under binami or fake names. This has affected real customers too who have deposited their hard earned legal money.

Co Operative banks are not allowed to give new Rs.2000 or Rs.500 notes to account holders. And they are also not allowed to exchange old demonetized notes and give new currencies. Through this way money deposited in these accounts cannot be withdrawn.

Cash Credit Accounts, Over Draft Accounts

Like the case of current accounts that got increase in withdrawal limits, Cash credit accounts and Over draft accounts are also allowed to withdraw up to Rs.50,000 per week. Eligible accounts should have met KYC and operating atleast for 3 months.

Cash Deposit Limits

There is actually no limit regarding depositing cash in savings bank accounts. Cash below Rs.50,000 can be deposited without any difficulty in own savings account. If you have money amounting Rs.50,000 or more to deposit at a single time you will have to write your PAN number.

All cash or ATM CDM deposits amounting to more than Rs.2,50,000 from 10 November 2016 to 30 December 2016 will be under scrutiny of Income Tax Department. If it’s found that you have undisclosed money for which source cannot be mentioned, you will have to pay tax of 30% and 200% additional fine. So you will be left with only 10% of money which has no source. f you file your Income tax papers correctly and has source of income then you don’t have to worry.

2 thoughts on “Latest Withdrawal Limits of Cash through Bank Accounts, ATM’s in India

  1. Limit will be imposed till Friday, 18-11-16. From Saturday 19th or Monday 21st new weekly limit will start. You should make use of online wallets or do neft, debit, credit card transactions.That’s only way at present.

  2. When will withdrawal limit on bank accounts changed ? I cant withdraw money for 9 days from 10th nov, as i already withdraw 24000. I am in urgent need of money.

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