ATM withdrawal limit hiked to Rs 10k

ATM withdrawal limit hiked to Rs 10k

The Reserve Bank of India (RBI) on Monday enhanced the withdrawal limit in ATMs to Rs 10,000 per day from the present Rs 4,500 with immediate effect.

“On a review of limits placed on withdrawals from ATMs and current accounts, it has been decided to enhance the same. The limit on withdrawals from ATMs has been enhanced from the current limit of Rs 4,500 to Rs 10,000 per day per card. The limit will be operative within the existing overall weekly limit,” RBI said.

An official from a private bank said, “By tonight (Monday night), ATMs should be able to dispense as per the new limits as the software update takes time.”

Some bankers, however, said, “Though RBI says with immediate effect, the software at present has been set in such a manner that if you put any amount above Rs 4,500 the ATM machine declines the transaction. So resetting the programme will take some time. Customers should be able to withdraw higher amounts from Tuesday.”

Current account
The RBI also enhanced the withdrawal limit on current accounts from the current limit of Rs 50,000 per week to Rs 1 lakh per week and it extends to overdraft and cash credit accounts also.

Following demonetisation of old Rs 1,000 and Rs 500 notes, the RBI had announced a cap of Rs 2,500 on withdrawal from ATMs. This limit was increased to Rs 4,500 with effect from January 1. During this relaxation, the RBI circular had specifically stated that the disbursals should predominantly be in the new Rs 500 notes.

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