Cash withdrawal limit from banks in India using Cheque, withdrawal slips after Currency demonetization

From 29th Nov 2016 (29-11-2016) cash deposits made in new currencies can be withdrawn using cheque or slips without any weekly limit. Old deposits till 28-11-2016 can be withdrawn based on weekly limit only. What is existing cash withdrawal limit from bank by cheque in India. Withdrawal and issuing is being done for lakhs to crores every day. But after demonetization of currency on 8-11-16, around 80% of currencies in India was withdrawn all of a sudden causing cash crisis.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 just Rs.10,000 per day limit to a maximum of Rs.20,000 a week. Few days later on 14-11-16, this limit was changed 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.50,000. Earlier it was just Twenty Thousand. Through this Current accounts withdrawal limit from bank by cheque (check) is Rs.50000. ATM cash withdrawals is presently only Rs.2500 per day. 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). After this old notes can be exchanged only at Reserve Bank of India offices.

ReadNew Changes in Withdrawal Limits from 29-11-2016

Cash withdrawal limit from bank by cheque

As per latest news / RBI circular withdrawal limits using cheques in India is as follows.

  • Savings Account Rs.24000 is Cheque withdrawal amount.
  • Current Account Rs.50000 is Cheque withdrawal amount.

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.

So we can expect that there will be withdrawal limits from ATM, Bank branches using cheques till specified date on 30-12-16.

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.