What are latest Weekly Cash withdrawal limits today as per RBI instructions in Indian banks

As on 1 February 2017 Reserve Bank of India (RBI) has announced that all cash withdrawal limit on bank accounts have been removed with immediate effect excluding savings accounts. ATM withdrawal daily limit from savings accounts have been removed. Now all account holders can withdraw up to Rs.24,000 which is weekly limit which has not been changed. Reserve Bank of India (RBI) had imposed weekly cash withdrawal limit due to cash shortage after demonetisation. Physical cash circulation has gone down due to shortage of new currency notes of Rs.2000, Rs.500 denominations. Old currency notes of values Rs.1000, Rs.500 has been demonetized on 8 November 2016.

This decision was taken by Indian Prime Minister Narendra Modi under NDA – BJP led government. India has gone through many difficulties with limiting cash that can be withdrawn per day and per week. These limits on cash withdrawing was introduced to overcome shortage of currency notes and to make people aware of importance of cashless transactions. Online mode of payments was promoted using official wallets like BHIM in Inida. Other private wallet companies like Paytm, Freecharge, Airtel money, Jio money were other wallets that helped customers in making payments without currency notes. Present weekly cash withdrawal limit is Rs 24,000 for savings bank account holders. This current limit is expected to continue for few more weeks.

RBI has also not confirmed about any plans to increase weekly withdrawal limit from Rs.24000 to a higher amount. There are chances that within 3 weeks or 1 month weekly cash withdrawal limit may be changed. All banks operating in India are functioning under guidelines of Reserve Bank of India (RBI). So they have to strictly adhere to weekly limits as mentioned in circular issued by RBI.

 

Old News Updates –  Will weekly limit on withdrawal of cash from savings accounts be removed was a main concern for account holders.After demonetization of currency people are depending on different modes of transactions for withdrawing money. From all withdrawals made from banks using cheques, withdrawal slips, ATM cash there is a limit of Rs.24,000 per week. In case of ATM’s daily withdrawal limit is increased to Rs.10,000 and it will be included in 24,000 limit per week.

In case of online transactions or payments using debit cards, ATM cards, credit cards there is no new limits. Online transaction withdrawals using these options will have only limit specified by concerned banks.

ATM transaction charges are also introduced for any number of transactions exceeding 5 in a month from ATM counters. Banks have requested Reserve Bank of India (RBI) to bring down free transactions per month from 5 to 3, which may be implemented soon.

From now on all your transactions including balance inquiry, Mini statement, Cash withdrawal, No cash available in ATM .etc. will be counted towards your transactions. If you have completed all free transactions your account will be debited by ATM transaction fees which may vary from Rs.20 to Rs.30 based on different banks.

Cash withdrawal limit india 2017

Cash withdrawal limit in India from Bank accounts

As on 1 February 2017 (1-2-2017) cash withdrawal limit on Cash Credit Accounts, Current Account, Over Draft Accounts in India has been removed. Now only savings account have Rs.24,000 weekly limit which will be removed soon in coming days.

Savings Accounts

Below mentioned amounts are only for KYC compliant bank accounts.

ATM Cash withdrawal

  • Weekly limit is Rs.24,000
  • Daily limit is Rs.24,000

Cheque Withdrawal

  • Weekly limit is Rs.24,000
  • Daily limit is Rs.24,000

Withdrawal Slip

  • Weekly limit is Rs.24,000
  • Daily limit is Rs.24,000

Current Account

All Limits have been removed with efect from 1-2-2017.

Over Draft Accounts

All Limits have been removed with efect from 1-2-2017.

Cash Credit Accounts

All Limits have been removed with efect from 1-2-2017.

How to overcome hurdle of ATM fees for transactions ? If you plan to withdraw money from your savings account, make sure you do it for highest amount of Rs.10,000 in a single transaction. You can do it by planning ahead of making a withdrawal. Make a simple calculation of how much money you will need this month or week. Now on wards you cannot withdraw money without incurring ATM charges when a need arises.

Also start doing online payments at shopping malls, small shops, hotels, restaurants.etc. Make sure you ask whether Card payment is accepted at these places before making payments. By this way you can have physical cash in your purse ready to overcome any sudden needs without depending of ATM’s.