Withdrawal limit removed for different types of ban accounts in India from 1 February 2017. As per Reserve Bank of India (RBI) instructions withdrawal limit removed completely on current accounts, cash credit accounts, overdraft accounts. RBI has removed limit on withdrawal from these accounts with immediate effect from 1-2-17 to improve business related transactions, which has been facing problems after demonetization. After 8 November 2016 when demonetisation of old currency notes happened every one was facing cash crisis which affected all types of transactions.
Restrictions on amount withdrawn per day from savings accounts have been removed. But weekly limit of Rs.24,000 has not been changed. This is still applicable and is expected to be removed completely after few weeks. Daily withdrawal limit removed for ATM transactions for Savings bank accounts. Earlier it was just Rs.2500 which was raised to Rs.4500, then Rs.10,000 and then to Rs.24,000 per week as of 1 February 2017. As availability of cash increased, ATM withdrawals up to Rs.24,000 is possible in a single day.
Reserve Bank of India (RBI) has removed the withdrawal limit from current accounts, cash credit accounts and overdrafts accounts with immediate effect. Savings bank accounts now have weekly limit of Rs.24,000 for withdrawals from ATM, Cheque, Withdrawal slips .etc. Removal of limit on Savings account withdrawal from banks directly through withdrawal slips, cheques will be an important decision which is expected to come soon. Savings bank account customers are requesting for removal of Rs.24000 limit too. Even if it’s removed the daily limit will be around Rs.50,000 which was applicable earlier before currency demonetization.
News that Reserve Bank of India has lifted limits on withdrawals from 1 February 2017 has been a big relief to everyone.
Now only savings account withdrawals has to be removed completely. Digitization of transactions is recommended by banks. Considering ease of making and receiving payments in bank accounts, online payment apps recognized by Indian government is becoming popular.
Aadhar Pay app is an official mobile app which will make payments using bank accounts by just using finger prints or Aadhar number linked to bank accounts. Bhim app has received good response from people of India in making online transactions.
RBI lift cash withdrawal limit from ATM
Asianet News – RBI removes cash withdrawal limits from ATMs
Present withdrawal limits applicable in India for bank accounts from 1 February 2017 (1-2-17).
- Current accounts – No limit on withdrawals, deposits in Current accounts.
- Cash credit accounts – No limit on withdrawals, deposits in Cash credit .
- Overdraft accounts – No limit on withdrawals, deposits in Overdraft accounts.
- Savings accounts – They have limit of Rs.24,000 per week and no daily limit.
- ATM – Withdrawal limit is Rs.24000 per week.