RBI ends all withdrawal restrictions on savings bank accounts

Reserve Bank of India

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.

Elets The Banking and Finance Post Magazine has carved out a niche for itself in the crowded market with exclusive & unique content. Get in-depth insights on trend-setting innovations & transformation in the BFSI sector. Best offers for Print + Digital issues! Subscribe here➔ www.eletsonline.com/subscription/

Get a chance to meet the Who's who of the NBFCs and Insurance industry. Join Us for Upcoming Events and explore business opportunities. Like us on Facebook, connect with us on LinkedIn and follow us on Twitter, Instagram & Pinterest.