RBI Raises ATM Withdrawal Limit to Rs 10,000

A man displays the new 2000 Indian rupee banknotes after withdrawing them from State Bank of India in Agartala. Credit: Reuters/Files

A man displays the new 2000 Indian rupee banknotes after withdrawing them from State Bank of India in Agartala. Credit: Reuters/Files

New Delhi: In a major relief, the Reserve Bank today more than doubled the daily ATM withdrawal limit to Rs 10,000 but retained the weekly ceiling at Rs 24,000.

The RBI however doubled the weekly withdrawal limit from current accounts to Rs 1 lakh from Rs 50,000 – a move which will ease the cash position of small traders.

“On a review of limits placed on withdrawals from ATMs and current accounts, it has been decided to enhance the same, with immediate effect,” the central bank said in a notification.

The RBI had increased the daily withdrawal limit from ATMs to Rs 4,500 from Rs 2,500 on January 1.

“The limit on withdrawals from ATMs has been enhanced from the current limit of Rs 4,500 to Rs 10,000 per day per card,” RBI said, adding that it will be operative within the existing overall weekly limit.

The limit on withdrawal from current accounts has been enhanced from the current limit of Rs 50,000 per week to Rs 1 lakh per week and it extends to overdraft and cash credit accounts also, the RBI said.

Limits on cash withdrawals were placed following the demonetisation of old Rs 500 and Rs 1000 notes on November 9, 2016.

The 50-day demonetisation period ended on December 30.

However, NRIs and Indians who were abroad during the demonetisation period have been given additional time to deposit their old currency notes.

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