In a good news for millions of ATM card holders, the Reserve Bank of India (RBI) on Monday revised the daily withdrawal limit from Rs 4,500 to Rs 10,000 with immediate effect.
The limit on withdrawal from current accounts has also been increased from Rs 50,000 per week to Rs 1,00,000 per week.
RBI’s instructions to banks are as under:
(i) 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 (operative within the existing overall weekly limit).
(ii) The limit on withdrawal from current accounts has been enhanced from the current limit of Rs 50,000 per week to Rs 1,00,000 per week, extending to overdraft and cash credit accounts as well.
Meanwhile, no change has been made to the weekly withdrawal limit of Rs 24,000 from savings account.
Following the demonetisation of Rs 500 and Rs 1000 notes on November 9, the RBI had placed a limit on cash withdrawals from both ATMs and bank accounts.
The earlier daily withdrawal limit of Rs 2,500 had been revised to Rs 4,500 from January 1, 2017.
The decision to increase the withdrawal limit will bring respite to millions of Indians, many of whom have been facing a cash crunch owing to the earlier limit.
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