No maximum limit for cash withdrawal from ATMs
Posted on: 30/Jan/2017 6:16:11 PM
The Reserve Bank of India has withdrawn the limits on the maximum withdrawal amount in ATMs. This would be effective from 1st February. The central government declared that the old currency notes of Rs. 500/- and Rs. 1000/- as invalid on 8th November 2016.
After this, restrictions were imposed on the cash withdrawn from ATMs. Initially, this limit was set at Rs. 2000/- per day. Later, this was increased to Rs. 4500/- per day.
On 1st January, the amount limit was increased to Rs, 10000/-. However, there was a restriction of withdrawal of Rs. 25000/- per month from savings bank account.
In this scenario, the Reserve Bank of India has announced that the current restriction of maximum Rs. 10000/- is being removed, effective from 1st February. However, the restriction on bank savings accounts holders will continue.
Further, the Reserve Bank of India has suggested that each bank can take a decision on the maximum limit. However, the restrictions imposed on the current account holder are being withdrawn immediately.
