Weekly limit of Cash Withdrawl hiked

Mumbai, February 21: Here is the good news for more money seekers, which was announced by the Reserve Bank of India (RBI) Deputy Governor R. Gandhi on Monday.

The limit of cash withdrawals from savings bank accounts became effective with the weekly limit rising to Rs 50,000 per account from Rs 24,000

Cash withdrawal limits are slated to cease from March 13.



On January 30, the RBI ended all curbs on withdrawals from Current Accounts, Cash Credit Accounts and Overdraft Accounts.

The limits were placed following the November 8 demonetisation of Rs 1,000 and Rs 500 currency notes. The upper limit for withdrawals from ATMs was Rs 2,500 initially and was later raised to Rs 4,500.

In January, the RBI hiked the daily ATM withdrawal limit to Rs 10,000 and doubled the weekly Current Account withdrawal limit to Rs 1 lakh.

The upper limit for weekly withdrawal from bank accounts was raised to Rs 24,000 from Rs 20,000 in November.

The lifting of ATM withdrawal limits from March 13 will represent a coming full circle for these machines.