Removal of limits on withdrawal of cash from Saving Bank Accounts - RBI Order
RBI/2016-17/224
DCM (Plg) 3107/10.27.00/2016-17
February 08, 2017
All Banks
Removal of limits on withdrawal of cash from Saving Bank Accounts
Please refer to our circular DCM (Plg) 2905/10.27.00/2016-17 dated January 30, 2017 on the captioned subject.
2. In the wake of withdrawal of Specified Bank Notes (SBNs) since
November 09, 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 remonetisation,
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.
3. In line with the pace of remonetisation, it has now been decided to
remove the restrictions on cash withdrawals from Saving Bank accounts
(including accounts opened under PMJDY) in a two step process as under:
Effective February 20, 2017, the limits on cash withdrawals from the
Savings Bank accounts will be enhanced to ₹ 50,000 per week (from the
current limit of ₹ 24,000 per week); and
Effective March 13, 2017, there will be no limits on cash withdrawals from Savings Bank accounts.
4. Please acknowledge receipt.
Yours faithfully,
(P Vijaya Kumar)
Chief General Manager
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