RBI removes the limit on ATM cash withdrawals!

On Monday the Reserve Bank of India announced that there will be no limits placed on cash withdrawal from ATM’s. After Demonetisation, there have been long queues at banks as people waited to collect new currency notes. The present ATM withdrawal limit is Rs. 10,000 per day and Rs. 24,000 per week.

Also, according to the RBI, all the limits placed on cash withdrawal from cash credit accounts, overdraft accounts and current accounts have also been removed with immediate effect. But the limit on savings bank account will continue in the near future and is under consideration for withdrawal. The RBI also said that all the banks may levy their own limits according to their requirements.

After Demonetisation was announced in November, the daily withdrawal limit was set to Rs.2000 which was later increased to Rs. 2,500. This was later in December end raised to Rs. 4000 and in January first week was raised to Rs. 10000. But despite the change in daily limit the weekly withdrawal limit was kept constant at Rs. 24,000 which has now been removed.