Millions of citizens who were going around their business with hardly any money in hand can breathe a sigh of relief, for the RBI has increased the cash withdrawal limits in the country. One can now withdraw a maximum of Rs.10,000 per day per card from ATMs, an increase of Rs.5,500 over the previous limit of Rs.4,500. While the daily withdrawal limit has been increased, the weekly limit hasn’t been changed, staying Rs.24,000 per week. These limits are on those who wish to utilise their savings account to withdraw money from ATMs.
The RBI has also increased the amount one can withdraw from current accounts, doubling it to Rs.1 lakh per week. Individuals with overdraft and cash credit accounts can also utilise this new limit, ensuring that they have sufficient funds to meet expenses.
How much cash can you get in a week?
India has faced a cash crunch ever since Prime Minister Narendra Modi decided to demonetise high currency notes. The RBI has tried its best to ensure that there is a sufficient influx of cash in the nation, but the supply is yet to match the demand. The table below highlights the quantum of cash you can withdraw in a particular week, depending on the kind of account you have.
|Account type||Daily limit (New)||Daily limit (Old)||Weekly limit (Old)||Weekly limit (New)|
|Current account||NA||NA||Rs.50,000||Rs.1 lakh|
This new notification will be effective immediately, with the RBI keen on removing all sanctions once there is a sufficient influx of new currency notes in the market.
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