ATM cash withdrawals limits has been changed to Rs.50,000 per week from 20 February 2017. And from 13 March 2017 the weekly limits in savings bank accounts will be removed completely. Direct withdrawals from bank accounts using withdrawal slips of self cheques can be done easily to any allowed limit as before in bank branches. ATM withdrawal from savings account is possible up to Rs.50,000 without any daily limit. It is a big relief to every one as things are getting back to normal after 3 months of demonetization. Rs.24,000 per day from 1-2-2017 with weekly limit still Rs.24,000 is applicable till 19 February 2017. Withdrawal limits on bank accounts have been removed from 13-3-2017. What is existing cash withdrawal limit from bank by cheque in India.
Withdrawal and issuing is being done for lakhs to crores every day. After demonetization of currency on 8-11-16, around 80% of currencies in India was withdrawn all of a sudden causing cash crisis. To overcome it all kinds of withdrawals using ATM, Cheque, Withdrawal slips .etc. were given a lower limit. Withdrawals from banks using cheque was limited to Rs.24000 a week. So every savings account customer can withdraw up to a total sum of Rs.24000 using a single or multiple transactions. Weekly limit starts from dates 17-11-16 to 24-11-16. In this period a withdrawal of cash up to Rs. 24000 is allowed. This withdrawal includes all transactions done through ATM, Cheque, Withdrawal slips. Online debit / ATM card online transactions will not be included in weekly limit.
In case of Current accounts in India, weekly limit is up to a maximum of Rs.1,00,000. Through this Current accounts withdrawal limit from bank by cheque (check) is One Lakh. Decision to bring limit to cheque withdrawal from savings account, current account has caused difficulties to business men, rich and common man. With demonetization of old Rs.500, Rs.1000 notes in India poor and rich persons in society had become equal. From 8-11-16 everyone is forced to deposit money in their hands into bank accounts and pay taxes for it.
Within days of removing legal tender value of old currency, bank account deposits increased to lakhs of crores. All money which was in hands of black money handling people started coming out.
Exchange limit of old currency notes was allowed up to Rs.4500 for few days. From 19th November 2016, only Rs.2000 could be exchanged from bank branches. All old notes can be deposited in their own bank accounts till 30 December 2016 (30-12-16).
Old notes can be exchanged only at Reserve Bank of India offices till 31 March 2017. And for NRI’s exchange of old notes is allowed till 30 June 2017 (30-6-17) which is a big relief to them.
As per latest news / RBI circular withdrawal limits using cheques in India is as follows.
- Savings Account Rs.24000 is Cheque withdrawal amount till 19 Feb 2017, After that Rs.50,000 from 20-2-2017. From 13-3-2017 there will be no limit on savings accounts.
- Current Account no limits.
Prime Minister Narendra Modi has requested all citizens to bear with difficulties due to cash demonetization. Narendra Modi mentioned that everyone has to adjust to these limits for 50 days till 30 December 2016. Even after that many problems has not been solved. Now indian Government is focusing more on promoting online cashless transactions.
It’s expected that in coming days cash withdrawal limit from bank by cheque will be increased from Rs.24000 to a higher figure for savings account. In case of current accounts there will be a higher withdrawal limit fixed from December , as requirements for business to pay wages, salaries, expenses is more.
Present dates in weekly limit are from 17-11-2016 to 24-11-2016. Next weekly limit for cheque withdrawal amount will be from 25-11-16 to 1-12-16.
Now ATM withdrawal limit per day is Rs.50,000 from 20 February 2017 and withdrawal limit from current accounts have been removed completely.