From 1 February 2017, daily ATM withdrawal limit has been increased to Rs.24,000. But there will be no change in weekly withdrawal amount of Rs.24000. ATM Transactions Charges has been started by all banks including State Bank of Inida (SBI) from January 2017. So if your ATM transactions exceeds 5 in a month, then you will be charged Rs.20 or more as ATM fees for each transaction. With cancelling of Indian Rs.500, Rs.1000 notes at India, new withdrawal limits have come into force from 11 November 2016. There has been a limit on cash amount that can be withdrawn using ATM – Debit card. There is a weekly and daily limit on total amount for withdrawal. India ATM withdrawal limit per day is just Rs.2500 till 31 December 2016. After that India ATM withdrawal limit has been increased to Rs.24,000 from 1-2-2017.
Few days back this was just Rs.2000 and based on launch of new Rs.500 notes in ATM machines it was decided to hike withdrawal limit by Rs.500. Now new withdrawal limit per week from Automated Teller Machines (ATM) is just Rs.500. Previously before demonetization withdrawal limit was around Rs.50000 for many debit cards, while there was restriction of about Rs.10000-20000 from a single ATM. In those cases a savings bank account customer could withdraw larger amounts. Banks also promoted doing ATM Transactions than withdrawal at bank branches.
Now situations have changed with calling back of Indian rupee notes of Rs.500, Rs.1000. Everyone is facing difficulties due to India ATM withdrawal limit that has been increased to Rs.24,000. Withdrawal habit by people showed that they were trying in distress to deposit old notes in bank accounts through branches or Cash deposit machines. At the same time they were trying to withdraw cash through ATM counters. If withdrawal limit of cash through ATM’s is increased to Rs.10,000, cash at these ATM’s will be emptied by few persons using multiple debit cards.
This was why Reserve Bank of India (RBI) decided not to increase daily withdrawal limit of cash from ATM’s. Present withdrawal limit applicable on all ATM’s per day is Rs.24,000 per savings bank account from 1-2-2017.
Amount withdrawn per day will be included in weekly limit of Rs.24000 from a savings account. If you go to bank to withdraw money using cheque leaf or withdrawal slip you can only withdraw balance amount. It will be calculated after deducting ATM withdrawal’s in that week from withdrawal limit of Rs.24000.
Government has decided to increase ATM withdrawal limit to Rs 10,000 a day. ATM withdrawal limit from savings bank accounts will continue at Rs 24,000 a day for the time being, even though weekly limit is capped to Rs.24000 per week.
Economic Affairs Secretary Shaktikanta Das confirmed about new regulations on ATM withdrawals in India.
ATM withdrawal limit per day from a bank account is now Rs.24,000 which will be included in weekly limit.
What are new ATM Transaction fees charges in 2017
Another doubt of many people is regarding ATM transaction fees that is deductible by Banks in India from 2017.
ATM Transaction fees will be applicable on all transactions in a month exceeding first Five free transactions. It is expected that free transactions will eb further decreased to 3 in coming days.Most transactions done are charged ATM fees from 1 January 2017 (1-1-17) They are as follows,
- Withdrawal of cash
- Balance Enquriy
- Mini Statement
If you want to withdraw Rs.24000 make sure you do it in a single or 2 transactions based on ATM counter rules. If not your ATM transactions limit will soon exceed five per month.
Old News till 31 December 2016
Earlier there was ATM fees applicable if number of Free ATM withdrawals exceed a limit. With demonetization of Indian currencies from 8th November 2016, most savings account customers depended on ATM’s to withdraw cash. Number of cash withdrawals through ATM’s exceeded all limits.
Considering importance of ATM withdrawals in this crisis period, Reserve Bank of India (RBI) decided to give directions to all Banks to waive of ATM charges.So there will be no problems in making more than 5 withdrawals from an ATM till 30-12-2016.
From 8-11-2016 to 30-12-2016 no ATM transaction fees or charges are applicable on ATM withdrawals by account holders. There will be no extra charges for online transactions using debit cards or credit cards too till 30 December 2016.
Now again ATM fees is levied from 1 January 2017 in all banks in India including State Bank of India (SBI), State Bank of Travancore (SBT).etc.