Cash withdrawal limit increased by RBI

0
611

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.

Lines are bound to get shorter with an increase in withdrawal limits
Lines are bound to get shorter with an increase in withdrawal limits

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)
Savings account Rs.10,000 Rs.4,500 Rs.24,000 Rs.24,000
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.

All information, including but not limited to news articles, published on this website are strictly for general information purpose only. BankBazaarnews.com does not provide any warranty about the authenticity and accuracy of such information. BankBazaarnews.com will not be held responsible for any loss and/or damage that may arise or is incurred by use of such information. Rates and offers as may be applicable at the time of applying for any product may vary from the information mentioned above. Please visit www.bankbazaar.com for the latest rates/offers.

Copyright reserved © 2018 A & A Dukaan Financial Services Private Ltd. All rights reserved.

LEAVE A REPLY

Please enter your comment!
Please enter your name here