wordpress blog stats
Connect with us

Hi, what are you looking for?

Withdrawal limits on current accounts removed by RBI

Withdrawal limits on current accounts, cash credit accounts, and overdraft accounts have been removed completely by the Reserve Bank of India (RBI). However, current limits on savings accounts still continue and the RBI will be looking into removing the limits in the near future, the notification read.

Following demonetization of Rs 500 and Rs 1000 notes, the RBI placed limits on how much cash could be withdrawn. Earlier this month, the limit on withdrawal from current accounts was enhanced from Rs 50,000 per week to Rs 1,00,000 per week and it extends to overdraft and cash credit accounts also.

In addition, the RBI also said that cash withdrawals limits from ATMs will be withdrawn from February 01, 2017. “However, banks may, at their discretion, have their own operating limits as was the case before November 8, 2016,” the notification read. Right now, citizens may withdraw Rs 10,000 from ATMs. However, the weekly withdrawal limits on savings accounts continue to be at Rs 24,000.

Note that the earlier withdrawal limits on Jan Dhan Yojana accounts placed in November are still in effect. In view of a large number of reports of money laundering through Jan Dhan Yojana bank accounts, the RBI limited cash withdrawals. Fully KYC compliant Jan Dhan account holders will be allowed to withdraw Rs 10,000 in a month while limited or non-KYC compliant account holders may be allowed to withdraw Rs 5,000 per month.

For weddings, the families can withdraw Rs 2.5 lakh from their own bank accounts. But this comes with its own set of conditions.

Advertisement. Scroll to continue reading.

Meanwhile, non-resident Indians can deposit old notes up to Rs 25,000 till June 30. For people residing in India, old notes can no longer be exchanged at banks but they can be deposited in bank accounts. Exchange of old notes will be only allowed at RBI offices till March 31, subject to regulations.

Written By

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

Views

News

India and US come to terms on how to deal with the equalisation levy in light of the impending Global Tax Deal.

News

Find out how people’s health data is understood to have value and who can benefit from that value.

News

The US and other countries' retreat from a laissez-faire approach to regulating markets presents India with a rare opportunity.

News

When news that Walmart would soon accept cryptocurrency turned out to be fake, it also became a teachable moment.

News

The DSCI's guidelines are patient-centric and act as a data privacy roadmap for healthcare service providers.

You May Also Like

News

Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...

Advert

135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...

News

Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...

News

By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Name:*
Your email address:*
*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ