The Reserve Bank of India vide its Notification dated February 08, 2017 has announced for Removal of Cash withdrawals limit from Saving Bank Accounts.
In the said notification it is said that on a review of the pace of remonetisation, Reserve Bank partially restored status quo ante by removing the restrictions on cash withdrawals from Current / Cash credit / Overdraft accounts and ATMs effective January 31, 2017 and February 01, 2017 respectively.
In line with the pace of remonetisation, it has now been decided to remove the restrictions on cash withdrawals from Saving Bank accounts (including accounts opened under PMJDY) in a two step process as under:
- Effective February 20, 2017, the limits on cash withdrawals from the 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 LIMIT on cash withdrawals from Savings Bank accounts.