RBI removes withdrawal limits for current accounts
New Delhi: The Reserve Bank of India on Monday revoked all limits on current account withdrawals with immediate effect, an announcement said.
It has also removed all limits on cash withdrawals from cash credit accounts, overdraft accounts.
However the apex bank has decided to continue with the current withdrawal limit for the savings accounts at Rs 24,000 per week while annulled limits placed on cash withdrawals from ATMs. It said that the limits on savings account will be considered for withdrawal in near future.
The Centre had placed limits on cash withdrawal on wake of November 8 note ban decision to scrap high value currency of Rs 1000 and Rs 500. Subsequently, the RBI has progressively increased the cash withdrawal limits to Rs 10,000 per day from ATMs and Rs 24,000 per week.