Cash withdrawal limit for savings account raised to Rs 50,000 per week from today
Earlier, the cash withdrawal limit for savings accounts was Rs 24,000 a week.
New Delhi, Feb 20: The cash withdrawal limit for savings account has been raised to Rs 50,000 per week effective from Monday. An announcement in this regard was made in an Reserve Bank of India (RBI) notification on January 30. As per the new relaxation rule, savings accounts holders will now be able to withdraw up to Rs 50,000 per week. Earlier, the cash withdrawal limit for savings accounts was Rs 24,000 a week.
The limits on cash withdrawals from savings bank account will be withdrawn completely from March 13.
“The limits on savings bank cash withdrawals post-demonetisation are to be withdrawn in two stages,” said the Reserve Bank of India. “Cash withdrawal limit will be increased from Rs 24,000 to Rs 50,000 from February 20,” said the central bank. “There will be no restrictions on cash withdrawals from March 13,” it added.
As of now, there is no limit on current account while, there is a cap of Rs 50,000 per week for farmers and Rs 2.5 lakh for marriage.
The limit was earlier fixed at Rs. 50,000 per week. The notification was rolled out after over two months after Prime Minister Narendra Modi banned two high value currency notes, Rs 500 and Rs 1,000.
After the note ban on November 8, Reserve Bank had capped withdrawal limits on ATMs and bank branches. It raised limits from Rs 2,000 per day to Rs 4,500 per day to Rs 10,000 per day while maintaining the overall weekly ceiling of Rs 24,000.
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