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RBI Relaxes ATM Cash Limits, Caps On Current Account Withdrawals

Limits on savings bank accounts, which currently stand at ₹24,000 a week may be withdrawn in the near future.

30/01/2017 5:53 PM IST | Updated 30/01/2017 6:06 PM IST
INDRANIL MUKHERJEE via Getty Images

The Reserve Bank of India (RBI) will remove limits placed on daily cash withdrawals from automated teller machines from 1 February and will also lift all curbs on branch withdrawals from current account, cash credit and overdraft accounts with immediate effect, it said in a circular on Monday.

The RBI, however, allowed banks to use their "discretion" in placing their own daily cash withdrawal limits at ATMs, as was the case prior to 8 November, when the government had announced its move to abolish all high-value notes that accounted for 86% of the bills in circulation.

Cash withdrawal limits for over-the-counter savings bank accounts, which currently stand at ₹24,000 a week may be withdrawn in the near future, the RBI said.

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