Banking

RBI ends all withdrawal restrictions on savings bank accounts

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Reserve Bank of India (RBI) has lifted all its restrictions on cash withdrawal limits applicable on savings bank accounts.

The relaxations were initiated on March 13, as announced by the apex bank last month. On January 30, RBI ended all the restrictions on withdrawals from current accounts, cash credit accounts and overdraft accounts.

The bank has been gradually easing up the withdrawal restrictions imposed post demonetisation. The limits were positioned following the November 8 demonetisation of Rs. 1,000 and Rs. 500 notes.

Though RBI had removed the limits on withdrawals from ATMs on 1 February, it was still within the overall limit of Rs 24,000 a week from savings bank accounts. In case of current accounts, the weekly withdrawal limit was earlier set at Rs 50,000.

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