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 There has been a limit on cash amount that can be withdrawn using ATM – Debit card.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. As per latest information India ATM withdrawal limit per day is just Rs.2500.
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 set to just Rs.2500.
Few days back there were discussions going on to increase ATM withdrawal limit to Rs.4000 per day. At this time it was noticed that lot of people were havinbg multiple accounts in banks and making withdrawals using many ATM cards. 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 are increased to Rs.4000, 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.2500 per savings bank account.
Amount withdrawn per day will be included in weekly limit of Rs.24000 from a savings account.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 not to increase the ATM withdrawal limit to Rs 4,000 a day by this weekend as majority of the ATMs are yet to be recalibrated for dispensing new Rs 500 and Rs 2,000 notes.
ATM withdrawal limit from savings bank accounts will continue at Rs 2,500 a day for the time being. The limit set after Prime Minister Narendra Modi on Sunday night reviewed the demonetization of higher currency notes.
Even though Rs.2500 is allowed for withdrawal from an ATM, many ATM’s are not equipped with new Rs.500 notes. From such ATM’s only Rs.2000 can be taken at present.
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.2500, which will be included in weekly limit.
What are ATM Transaction fees, charges
Another doubt of many people is regarding ATM transaction fees that is deductible by Banks. Till 7th November there was ATM Fees for making withdrawals from other Bank ATM’s. 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.