Reserve Bank of India has announced that the withdrawal limit in respect of Savings Account would be lifted wef 13th March 2017 in two phases, due to the current remonetisation leap. It added that the limit on cash withdrawal would be Rs. 50,000 per week w.e.f 20th Feb 2017 (which is currently Rs. 24,000/-) and there would be no cap on cash withdrawal from 20th March 2017. The restrictions were brought in when Government scrapped the Rs. 500 and Rs. 1000 currency notes on 8th November 2016.
- The initial withdrawal limit of cash from ATMs was Rs. 2000 per week, which was slowly increased to Rs. 10,000 per week.
- On 30th Jan 2017 all restrictions on withdrawal from Current and Cash Credit accounts were removed.
- Keeping in view the speed in remonetisation, the restrictions were being removed, added the RBI Deputy Governor Mr. R. Gandhi.