No More Cash Withdrawal Limits From ATMs From February 1, RBI Announces

The Reserve Bank of India on Monday announced that the limits placed on cash withdrawals from ATMs stand withdrawn from February 1, 2017.

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At present, the daily limit on cash withdrawals from ATMs was Rs 10,000.

The limits placed on cash withdrawals from current accounts/ cash credit accounts/ overdraft accounts also stand withdrawn with immediate effect, the RBI has said.

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However, the limits on savings bank accounts will continue for the present and are under consideration for withdrawal in the near future.

The central bank has said that the banks may at their discretion have their own operating limits.

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When the government had announced demonetisation move on November 8 last year, it had capped the daily withdrawal limit to Rs 2000.

Subsequently, this was raised to first Rs 2,500 and then to Rs 4,000.

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The move to demonetise Rs 500 and Rs 1000 notes had led to long queues at the banks as people struggled to get new currency notes.