Reserve Bank raises ATM withdrawal limit from Rs. 4,500 to Rs. 10,000 a day

Mangalore Today News Network

New Delhi, Jan 16, 2017 :  Starting tomorrow, you can pull out 10,000 per day from an ATM, though a weekly limit of Rs. 24,000 for savings accounts remains unchanged.

 

The RBI has increased the daily limit for ATM withdrawals from Rs. 4,500 which has been in place for a few weeks now.

The weekly withdrawal limit for current accounts had been increased from Rs. 50,000 to Rs. 1 lakh.

The notification read: "The limit on withdrawals from ATMs has been enhanced from the current limit of Rs.4,500/- to Rs.10,000/- per day per card (It will be operative within the existing overall weekly limit)".

It also said the withdrawal limit from current account extends to overdraft and cash credit accounts also.

Earlier this month, Union finance minister Arun Jaitley had said the Reserve Bank will remove restrictions on cash withdrawals "after assessing market situation".

Currently, savings account holders can withdraw Rs. 24,000 a week from bank counters and Rs. 4,500 per day from ATM.

The 50-day demonetisation exercise - which was announced by Prime Minister Narendra Modi on November 8 - involving depositing and exchanging of defunct Rs. 500 and Rs. 1000 notes, closed on December 30.

Courtesy:NDTV