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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Following demonetization of Rs 500 and Rs 1000 notes, the RBI placed limits on how much cash could be withdrawn.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In addition, the RBI also said that cash withdrawals limits from ATMs will be withdrawn from February 01, 2017.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.

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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.

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