ATM LIMIT FOR CURRENT ACCOUNT WITHDRAWS DONE AWAY WITH BY RBI
RBI gifts customers prior to budget
With the budget session to roll down soon, the Reserve Bank of India (RBI) has removed cash withdrawal limit from ATMs from February 1 from current accounts, cash credit accounts and overdrafts. It is the same day when the budget is going to be tabled in parliament for the first time on 1st of February. The move comes no less then 15 days after the previous one when Cash withdrawal limit from ATMs were capped at Rs. 10,000 per day as per the 16 January 2017 order.
Giving no ease to the saving accounts customers, withdrawal limits on savings accounts – which is capped at Rs 24,000 a week, will continue.
“The limits on Savings Bank accounts will continue for the present and are under consideration for withdrawal in the near future,” RBI said in a circular dated 30th January 2017.
RBI said banks can put their own limits on cash withdrawals from ATMs, as it was the case before November 8. Banks typically cap ATM cash withdrawals at Rs. 25,000 per transaction, though some banks offer higher limits for high net worth individuals. Hope the saving account customers get some relief in the budget declaration soon.