RBI Removes All Limits on Savings Accounts

The RBI on Monday removed all the limits on cash withdrawals on savings bank account that were imposed on November 8. The RBI had removed limits on the branch withdrawals from the current account, cash credit and overdraft accounts on January 30. Also, limits placed on daily cash withdrawals from ATMs were removed from February 1.

In February the cash withdrawal limit of every savings bank account was raised from Rs. 24,000 to Rs. 50,000 per week. RBI Deputy Governor Rama Subramaniam Gandhi on February 8 said, “The limits on cash withdrawal from savings bank accounts continue to be in place. In line with the pace of remonetisation, it has now been decided to remove these limits in two stages. Effective February 22, 2017, the limits from cash withdrawal from 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 prescribed by RBI on cash withdrawal from savings bank accounts.”