In India withdrawal limit has been imposed on all types of bank accounts from savings to current accounts. Cheque withdrawal limit in India for taking cash using cheque has been mentioned by Reserve Bank of Inida. Limit on withdrawals started from 10 November 2016, after Narendra Modi said that all Rs.500, Rs.1000 Indian notes will have no legal tender value. On announcing that all Indian rupees notes of values 500, 1000 are just of value of paper from midnight of 8th November 2016, shocked whole Nation.
This act by Indian Prime Minister Narendra Modi and RBI was to prevent circulation of fake notes, black money, Pakistan currency business.etc. Still it affected lives of common people and it made everyone stand in queses in front of bank branches and ATM’s for long hours. Withdrawal of money from banks can be made by giving cheques or withdrawal slips. So before withdrawing money you have to know what is cheque withdrawal limit from our bank account. There are two types of bank accounts namely Savings, Current account. There are separate cheque withdrawal limits for both these accounts. Withdrawal using cheque is commonly done by everyone. Issuing of payments was done through cheques by businessmen.
Most high value cheques are accepted and credited into accounts of account holders. But there is no way to withdraw this amount as cash over and above the limit imposed by Reserve Bank of India from 10th November 2016. There is also a weekly limit on amount that can be withdrawn from a bank account in a week. So it is important to know these limits before you go to your bank’s branch. Also in case of savings and current accounts there are separate limits specified by Government.
These withdrawal limits in bank accounts will be raised or fully removed as currency circulation becomes clear and rush in banks decrease.
Withdrawal from a bank branch is possible through ATM, withdrawal slip and cheque. If you are trying to withdraw money using cheque, it is better to know amount that can be withdrawn this week, before writing amount in cheque.
If you write a higher amount that withdrawable amount this week, you will have to cancel that cheque. Weekly limit of cheque withdrawal includes any cash withdrawal done by you in that week in this account through withdrawal slips or through ATM.
Even if you withdraw money from this account from another branch, this will reflect in your account. Calculation of any ATM withdrawals you have done in this week has to be lessened before writing amount in cheque.
So confirm withdraw-able balance amount in your account at your branch.
Cheque Withdrawal Limit in India – Savings, Current
Let us get into details of separate withdrawal limits applicable for savings account and current account in India. In beginning withdrawal limit was restricted to just Rs.20000 a week with Rs.10000 daily limit.
From 29-11-2016 all cash deposits made in new currency notes can be withdrawn any time without any weekly limit. It is available only on cheque or slip withdrawals and not available on ATM withdrawal.
Savings Account – Up to Rs.24000 Weekly limit
Cheque Withdrawal from savings accounts of customers can be up to Rs. 24000 per week. There is a weekly limit on withdrawal which is up to Rs.24000. Any other cash withdrawals from this account using ATM will be deducted and only balance amount can be withdrawn this week.
Current Account – Up to Rs.50000 Weekly limit
Cheque Withdrawal from Current accounts of customers can be up to Rs. 50000 per week. Only Current accounts that have KYC given and has atleast 3 months of working will b allowed to withdraw Rs.50,000.
From Monday, 14th November 2016, RBI increased the limit of amount that can be withdrawn per week. Daily limit on withdrawals was removed and only weekly limit was placed.
Withdrawal of money from ATM’s for savings account holders is allowed up to Rs.2500 per day only.
Special permissions for withdrawal of money was given to families were marriages are coming up. There is also permission given to farmers.