RBI relaxes ATM withdrawal limits

The Reserve Bank of India has decided to remove cash withdrawal limits for current accounts, cash credit accounts and overdraft accounts from February 1. The apex bank, however, retained the weekly withdrawal limit from savings account at Rs 24,000.

“On a review of the pace of remonetisation, it has been decided to partially restore status quo ante on limits placed  on cash withdrawals from current accounts/ cash credit accounts/ overdraft accounts with immediate effect,” the RBI said.

Limits placed on cash withdrawals from ATMs stand withdrawn from February 1, 2017. However, banks may, at their discretion, have their own operating limits as was the case before November 8, 2016,” the RBI added.The RBI also said that it is considering hiking withdrawal limit for savings account holders.

“The limits on savings bank accounts will continue for the present and are under consideration for withdrawal in the near future,” the RBI said. Savings account holders were allowed to withdraw Rs 2,500 per day per card from November 8. The limit was raised to Rs 4,500 on December 30 and then to Rs 10,000 on January 16, 2017.