ATM daily withdrawal limits on bank accounts are completely removed, now it’s possible to withdraw up to Rs.50,000 from a savings account daily. This is a great change after impact of demonetization in India. So from 13-3-2017 there be no bank withdrawal limit India applicable for transactions through ATM’s or direct cheque or withdrawal slips. In many savings bank accounts Rs.50,000 has been withdrawal limit per day and it will be like that from now on after 13 March 2017. Weekly limit applicable on savings accounts will be completely removed from 13 March 2017 (13-3-17). Savings account withdrawal limit will be applicable till 13th March. Presently there is no limit on cash credit, current accounts. Withdrawal limits from Current account, cash credit, overdraft accounts has been removed completely from Wednesday, 1 February 2017.
ATM withdrawal for savings bank accounts will be possible up to Rs.50,000 per day from 20-2-2017. With all daily ATM withdrawal limits changed every thing in Indian economy is trying to get back into regular flow as before. Banks have been asked not to takle any transaction fees for withdrawals or ATM transactions exceeding limits in a month. ATM charges will be deducted for transactions exceeding five in a month. Weekly limits have been removed from all types of bank accounts except savings accounts which have Rs.24,000 limit. Present withdrawal limits on cash in India will continue for 3 weeks or up to 1 month.
There will be no weekly limit for savings accounts from 13 March 2017. Rs.50000 will be daily ATM withdrawal limit. There is no limit on current, cash credit, overdraft accounts from 1 February 2017. 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.
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.
Old Updates – 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 So as per new weekly limit instructions from RBI, only Rs.24000 can be withdrawn till Friday, 18 November 2016.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.
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.4500 only.
ATM Withdrawal Limits, ATM Fees
So what are new Bank withdrawal limit India is having as on date on 13 March 2017 is explained in detail.
Up to Fifty Thousand rupees can be withdrawn from ATM counter based on cash availability in a single day. From 13-3-2017, there are no ATM limits or weekly limits on savings bank accounts. Weekly limit of withdrawal including Bank account direct withdrawal from bank account and ATM transactions is not applicable. There will be daily ATM or Card payment limit of Rs.50,000 applicable as before.
There will be no ATM charges deducted from accounts of all customers who do more than 5 transactions in a month. This is because Indian Government has asked all banks not to deduct any fees for using ATM transactions or keep any monthly limits.
Cash Withdrawal Limits from Savings Account
No limit from 13 March 2017.
Current Account Cash Withdrawal Limit
Withdrawal limit of current accounts in India has been removed with immediate effect from 1 February 2017 as per instructions of Reserve Bank of India (RBI).
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.
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.
Cash Credit Accounts, Over Draft Accounts
Withdrawal limit of Credit Accounts, Over Draft Accounts in India has been removed with immediate effect from 1 February 2017 as per instructions of Reserve Bank of India (RBI).
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.
Over draft, Cash credit accounts will be able to withdraw cash up to One Lakh 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.