ATM daily withdrawal limits on bank accounts is Rs.50,000 per week from 20 February 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. Soon this limit will also be removed completely. Now there are only 5 free transactions per month which may be reduced to 3 soon. 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.
Old Updates – New cash deposits from 29 November 2016 using existing currencies can be withdrawn without any weekly limits.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 All cash deposits from 29-11-16 using new existing currency denominations other than old Rs.500, Rs.1000 can be withdrawn any time without any weekly limit.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.
Rs.50000 is weekly limit as on date for savings accounts from 20 Feb 2017 and 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.
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 So as per new weekly limit instructions from RBI, only Rs.24000 can be withdrawn till Friday, 18 November 2016.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.
ATM Withdrawal Limits, ATM Fees
So what are new Bank withdrawal limit India is having as on date on 1 February 2017 is explained in detail.
Up to Fifty Thousand rupees can be withdrawn from ATM counter based on cash availability in a single day or week. From 20-2-2017, Rs.50,000 can be withdrawn per week from ATM’s and there is no change in weekly limit which is still Rs.24,000. Weekly limit of withdrawal including Bank account direct withdrawal from bank account and ATM transactions is Rs.50000.
Now ATM charges will be deducted from accounts of all customers who do more than 5 transactions in a month. This new change has come from 1 January 2017. All banks including State Bank of India has started ATM transaction fees on all transactions which exceeds 5 per month.
ATM Fees is ranging from Rs.20 to Rs.35 based on different banks and transaction types. From now on all your ATM transactions like Balance enquiry, Mini statement, cash withdrawals .etc. will be charged if you exceed 5 transactions in a month.
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.
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.