Withdrawal limit from Current account, cash credit, overdraft accounts has been increased to 1 Lakh (Rs.1,00,000) per week. ATM withdrawal limit has been increased to Rs.10,000 from Rs.4500 from Monday, 16th January 2017. ATM Withdrawal limits is now Rs.10,000 per day in January 2017 and there is a weekly maximum limit of Rs.24,000 which remains same. 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. So what are new Bank withdrawal limit India is having as on date in January 2017 is explained in detail.
New cash deposits from 29 November 2016 using existing currencies can be withdrawn without any weekly limits.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 All cash deposits from 29-11-16 using new existing currency denominations other than old Rs.500, Rs.1000 can be withdrawn any time without any weekly limit.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.24000 is weekly limit as on date for savings accounts and Rs.1,00,000 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. 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 So as per new weekly limit instructions from RBI, only Rs.24000 can be withdrawn till Friday, 18 November 2016.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
Ten Thousand rupees can be withdrawn in a single transaction from ATM counter. From 16-1-2017, Rs.10000 can be withdrawn per day 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.24000.
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 is increased to Rs 1,00,000 per week from Monday, 16 January 2017. With this new limit banking correspondents (BCs) who has current account for past 3 months will be able to withdraw Rs.1,00,000 per week.
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
Like the case of current accounts that got increase in withdrawal limits, Cash credit accounts, Over draft accounts are also allowed to withdraw up to Rs.1,00,000 per week. Eligible accounts should have met KYC and operating at least 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.
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.