no limits on cash withdrawals from savings bank accounts
Removal of limits on withdrawal of cash from Saving Bank Accounts
Please refer to our circular DCM (Plg) 2905/10.27.00/2016-17 dated January 30, 2017 on the captioned subject.
- In the wake of withdrawal of Specified Bank Notes (SBNs) since November 09, 2016 Reserve Bank had placed certain limits on cash withdrawals from Savings / Current / Cash credit /Overdraft accounts and withdrawals through ATMs. On a review of the pace of remonetisation, Reserve Bank partially restored status quo ante by removing the restrictions on cash withdrawals from Current / Cash credit / Overdraft accounts and ATMs effective January 31, 2017 and February 01, 2017 respectively. However, the limits on cash withdrawal from Savings Bank accounts continued to be in place.
- In line with the pace of remonetisation, it has now been decided to remove the restrictions on cash withdrawals from Saving Bank accounts (including accounts opened under PMJDY) in a two step process as under:
- Effective February 20, 2017, the limits on cash withdrawals from the 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 on cash withdrawals from Savings Bank accounts.
(P Vijaya Kumar)
Chief General Manager