Warhel :: Cash withdrawal limit from ATM has been increased

Cash withdrawal limit from ATM has been increased

Updated on: 31-Dec-2016
Reserve Bank said cash withdrawal limit from ATMs will be increased to Rs 4,500 per day from the current Rs 2,500 from January 1.

The daily limit of withdrawal from ATM has been increased with effect from January 01, 2017, from the existing Rs. 2500/- to Rs. 4500/- per day per card. Cash withdrawal limit from ATM has been increased

There is no change in weekly withdrawal limits. Such disbursals should predominantly be in the denomination of Rs.500.

Today was the last day to deposit the invalid currency notes in banks. People still have time to exchange the currency notes at designated RBI counters till March 31 after giving valid reasons for not depositing defunct notes in their accounts by December 30.

Ministry of Finance has increased the daily limit of cash withdrawal from Rs.2000 to Rs.2500 on November 13, 2016.

Government had earlier hinted that it was planning to relax restrictions on withdrawal limit once 80 percent of the new currency is re-channelized in bank deposits.

Prime Minister Narendra Modi had on November 8 announced junking of old Rs 500 and Rs 1,000 notes, and replaced by new Rs 2,000 and Rs 500 notes.

Restrictions were placed on bank counter as well as ATM withdrawals due to demonetization.

The withdrawal limit from banks presently is Rs 24,000 a week, including a maximum of Rs 2,500 from ATMs per day.

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