Nagpur: The Reserve Bank of India has now been decided to remove the restrictions on cash withdrawals from Savings Bank accounts (including accounts opened under PMJDY) in a two step process as under:
It added that effective February 20, the limits on cash withdrawals from the Savings Bank accounts will be enhanced to Rs 50,000 per week (from the current limit of Rs 24,000 per week); and effective March 13, 2017, there will be no limits on cash withdrawals from Savings Bank accounts.
In the wake of withdrawal of Specified Bank Notes (SBNs) since November 9, 2016 Reserve Bank had placed certain limits on cash withdrawals from Savings / Current / Cash credit /Overdraft accounts and withdrawals through ATMs.
On a review of the pace of remonetization, Reserve Bank partially restored status quo ante by removing the restrictions on cash withdrawals from Current / Cash credit / Overdraft accounts and ATMs effective January 31, 2017 and February 01, 2017 respectively. However, the limits on cash withdrawal from Savings Bank accounts continued to be in place.