ATM Withdrawal Limit & Cash Withdrawal Limits Increased

The RBI has increased the limit of withdrawal from current accounts. It has been increased from Rs 50,000 to Rs 1 lakh per week. The Reserve Bank of India has also increased the ATM withdrawal limit from Rs 4,500 to Rs 10,000 per day, per card. The overall weekly withdrawal limit of Rs 24,000 per card remains unchanged. There are also no changes in the other conditions and relaxations stated before.

In a notification that was released, it said, “On a review of limits placed on withdrawals from ATMs and current accounts, it has been decided to enhance the same, with immediate effect.” Effective January 1, the daily withdrawal limit from ATMs has been increased from Rs 2,500 to Rs 4,500. Now, the limit has been enhanced to Rs 10,000 from Rs 4,500. The amount will be operative within the weekly limit.

The limit on current accounts has been enhanced to Rs 1 lakh from Rs 50,000 per week. The amount extends to overdrafts and cash credit accounts too. The relaxation referred to previously is the demonetisation of the old Rs 500 and Rs 1000 notes and the end of the 50 day period ending on December 30. The NRIs and Indians abroad during this period were given additional time to exchange their old notes.

Reportedly, about 75% of the ATMs all over the country are now functional, with 40% of the received cash being sent to rural and semi-urban areas. Rs 8000 crore is being fed across the country every single day.