RBI: No limit on weekly cash withdrawal from March 13
Posted on: 08/Feb/2017 4:27:31 PM
Reserve Bank of India has announced that to phase out weekly limit on cash withdrawal from savings accounts in two stages.
From February 20, the weekly withdrawal limit for savings accounts will be raised to Rs 50,000.
From March 13, there will be no limit on cash withdrawal from savings accounts, the RBI said.
The Prime Minister Narendra Modi made the announcement of demonetization (declaring the old Rs. 500/- and Rs. 1000/- currency notes as invalid) on 8th November 2016. Following this, severe restrictions were imposed on withdrawal of cash from the bank savings account or current account.
After a period of 50 days, the regulations were gradually relaxed. As the next step, the reserve Bank of India has announced this latest measure. As per this announcement, from February 20, the public can withdraw up to a maximum of Rs. 50000/- per week from their bank savings account.
From March 13, there will be no limit on weekly cash withdrawal.
