RBI to raise weekly withdrawal limit for savings accounts to Rs 50,000 from Feb 20, no limit from March 13

The RBI added that there will be no limit on withdrawals from March 13 onward.

By: Express Web Desk | New Delhi | Updated: February 8, 2017 4:39 pm
RBI, weekly withdrawal limit, withdrawal limit ATM, withdrawal limit banks, RBI withdrawal limit, cash withdrawal limit After demonetisation move by the government last year, withdrawing the legal tender status of Rs 500 and Rs 1,000 notes, the central bank changed the withdrawal limits several times.

In a major relief to people across the country, the Reserve Bank of India announced on Wednesday that the weekly withdrawal limit from savings account will be raised to Rs 50,000 from February 20, while adding there will be no limit from March 13 onward. The central bank has last month retained the weekly withdrawal limit of Rs 24,000 on savings bank accounts despite the Election Commission asking it to relax the weekly limits for candidates contesting the Assembly elections in five states.

“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. “Effective February 22, 2017, the limits from cash withdrawal from savings bank accounts will be enhanced to Rs 50,000 per week from the current limit of Rs 24,000 per week (and) effective March 13, 2017, there will be no limits prescribed by RBI on cash withdrawal from savings bank accounts.”

He was speaking to the media, along with RBI Governor Urjit Patel, after the central bank announced the sixth bi-monthly monetary policy review. After demonetisation move by the government last year, withdrawing the legal tender status of Rs 500 and Rs 1,000 notes, the central bank changed the withdrawal limits several times.

ALSO READ: RBI lifts curbs on withdrawals from ATMs, current accounts

Initially, it had put curbs on cash withdrawals and set a daily withdrawal limit of Rs 2,500 from the ATMs and Rs 24,000 from bank accounts per day from November 10.

READ: RBI keeps repo rate on hold at 6.25 per cent

Meanwhile, RBI Governor Urjit Patel today cut the economic growth forecast to 6.9 per cent for the current fiscal from 7.1 per cent estimated earlier, even as he said the economy will bounce back to 7.4 per cent rate next fiscal. The central bank also kept key interest rates unchanged saying it wants to assess how the transitory effects of demonetisation on inflation and the output gap play out.

(with inputs from agencies)

For all the latest Business News, download Indian Express App

  1. A
    Abhinav Gour
    Feb 8, 2017 at 10:30 am
    What happened to cashless society
    (0)(0)
    Reply
    1. A
      Ash
      Feb 8, 2017 at 11:53 am
      Details of money deposited in Banks still not disclosed by RBI.It is really unprofessional on RBI's part not to be able to disclose the amount deposited.Or is it that, they don't want to disclose?
      (0)(0)
      Reply
      1. A
        Ash
        Feb 8, 2017 at 11:46 am
        Well done,Sir.U have sucessfully lowered the rate of growth by performing surgery on economy.lt;br/gt;lt;br/gt;Inspite of advance preparations by u,it will be 4 months before all restrictions will be lifted on withdrawals from savings accounts.Ofcourse it is nice to say that in 10 days u can withdraw 50,000 per week from saving accts.However in many places in rural areas u can only draw Rs3000 at a time instead of the 24,000 allowed.lt;br/gt;In Delhi at end of Dec,people were restricted to 10,000 RS at many places.
        (0)(0)
        Reply
        1. H
          Hindustan Hamara
          Feb 8, 2017 at 11:00 am
          Everything is going according to encounter babu's plan. See the election phases in UP and correlate with RBI decisions. UP they wanna win by hook or crook, only god knows who will win.
          (0)(0)
          Reply
          1. H
            Hindustan Hamara
            Feb 8, 2017 at 11:02 am
            First they wanna win UP, then cashless. Their priorities change according to ground realities, they sense going is getting tougher day by day in UP. They wanna win all elections by hook or crook.
            (0)(0)
            Reply
            1. Load More Comments