RBI Gives Indians A Holi Gift, Removes All Limits On Cash Withdrawals

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The Reserve Bank of India (RBI) gave Indians a Holi gift and removed all the limits on saving bank cash withdrawals from banks as well as ATMs put after the demonetisation. On February 20, the RBI had said that the limit of withdrawal per week from saving bank accounts would be increased to Rs 50,000 from the current Rs 24000.

“The limits on cash withdrawal from savings bank accounts continue to be in place. In line with the pace of remonetization, it has now been decided to remove these limits in two stages,” said RBI Deputy Governor R Gandhi on Monday.

From March 13 onwards, there are no limits on the saving account withdrawals.

The limits were in place post the November 8 announcement of demonetisation of Rs 1000 and Rs 500 notes by PM Modi. Initially, the upper limit of withdrawals from ATM was just Rs 2500 which was later raised to Rs 4500.

In January, the RBI had hiked the limits to Rs 10,000 along with doubling the current account withdrawal limit to Rs one lakh.

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