The Reserve Bank of India (RBI) removed all the limits on saving bank cash withdrawals from banks as well as ATMs put after the demonetization. On February 20, the RBI had said that the limit of withdrawal per week from saving bank accounts would be increased to ₹ 50,000 from the current ₹ 24000. Is that a Holi gift to all Indians?
RBI Deputy Governor R Gandhi on Monday said, “The limits on cash withdrawal from savings bank accounts continue to be in place. In line with the pace of remonetization, it has now been decided to remove these limits in two stages.”
There are no limits on the saving account withdrawals w.e.f 13 March.
The limits were in place post the November 8 announcement of demonetization of ₹ 1000 and ₹ 500 notes by PM Modi. Initially, the upper limit of withdrawals from ATM was just ₹ 2500 which was later raised to ₹ 4500.
In January, the RBI had hiked the limits to ₹ 10,000 along with doubling the current account withdrawal limit to ₹ one lakh.