The Reserve Bank of India on Wednesday announced that they will be removing the weekly limit on the cash withdrawal on savings account in two stages from February 20. The RBI Governer R. Gandhi said, “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.”
The first weekly withdrawal limit for these accounts will be raised from February 20. March 13 on wards, there will be no limit on cash withdrawal from savings account. This was announced after the sixth bi-monthly monetary policy review. The present withdrawal limit is Rs. 24,000 for savings account.
The RBI said that they have already pushed into circulation Rs. 9.92 lakh crore by January 27. The RBI removed all the limits on withdrawals from all the current accounts, cash credit accounts and also overdraft accounts. It also increased the daily ATM limit to Rs. 10,000 and increased the weekly current withdrawal limit to Rs. 1 lakh.
