Finally, Withdrawal limit increased

30 December 2016

Finally, after 50 days of demonitisation, especially to the relief of common man, the RBI declared that cash withdrawal limit from ATM’s will be increased to Rs 4,500 per day from the current Rs 2,500 from January 1st. However, there will be no change in the weekly withdrawal limit, which stands at Rs 24,000 including the withdraws from ATM or Individually from the bank.

 

Reserve Bank released a notification regarding the same. "On a review of the position, the daily limit of withdrawal from ATMs has been increased (within the overall weekly limits specified) with effect from January 1, 2017, from the existing Rs 2,500 to Rs 4,500 per day per card,"

 

Friday, December 30th was the last day to deposit the invalid currency notes in banks. RBI has however, given time for people to exchange old currency in designated RBI counters till March 31 but one needs to produce valid reasons and documentation for not deposition old currency earlier.

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