Removal of limits on withdrawal of cash from Saving Bank Accounts

Removal of limits on withdrawal of cash from Saving Bank Accounts

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Removal of limits on withdrawal of cash from Saving Bank Accounts : Reserve Bank of India
decided to
remove the restrictions on cash withdrawals from Saving Bank accounts
(including accounts opened under PMJDY) in a two step process vide RBI/2016-17/224 DCM (Plg) 3107/10.27.00/2016-17 dated 08.02.2017

 

RESERVE BANK OF INDIA
www.rbi.org.in

RBI/2016-17/224

DCM (Plg) 3107/10.27.00/2016-17

February 08, 2017
All Banks
Dear Madam / Sir, 
Removal of limits on withdrawal of cash from Saving Bank Accounts
Please refer to our

circular DCM (Plg) 2905/10.27.00/2016-17 dated January 30, 2017

on the captioned subject. 
2. In the wake of withdrawal of Specified Bank Notes (SBNs) since November
09, 2016 Reserve Bank had placed certain limits on cash withdrawals from
Savings / Current / Cash credit /Overdraft accounts and withdrawals through
ATMs. 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. However, the limits on cash
withdrawal from Savings Bank accounts continued to be in place.
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3. In line with the place 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:
i. 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
ii. Effective March 13, 2017, there will be no limits on cash withdrawals
from Savings Bank accounts.
4. Please acknowledge receipt.

Yours faithfully,

(P Vijaya Kumar)

Chief General Manager

Source: click to download pdf

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