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Cash withdrawal limit from Savings Accounts to stay till March 12: RBI

Wednesday February 8, 2017 5:43 PM, Agencies

Mumbai: The Reserve Bank of India (RBI) on Wednesday said the cap on weekly cash withdrawala from Savings Accounts will stay till March 12.

The RBI however said it intends to end the curb in two stages. In a first, the RBI said the weekly cash withdrawal limit from Savings Accounts will be raised to Rs 50,000 from the existing Rs 24,000 and in the next stage the curb will end completely March 13 onwards.

"The limits on cash withdrawal from savings bank accounts continue to be in place. In line with the pace of remonetisation, it has now been decided to remove these limits in two stages," said RBI Deputy Governor R Gandhi.

On January 30, the RBI had ended all curbs on withdrawals from Current Accounts, Cash Credit Accounts and Overdraft Accounts.

The limits were placed following the November 8 demonetisation of Rs 1,000 and Rs 500 notes. The upper limit at ATMs was just Rs 2,500 initially and was later raised to Rs 4,500.

In January, the RBI had hiked the daily ATM withdrawal limit to Rs 10,000 and doubled the weekly Current Account withdrawal limit to Rs 1 lakh.



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