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Limit on Cash Withdrawals from SB Accounts raised to 50, 000 per week – Reserve Bank

Last Modified: February 8, 2017

Limit on Cash Withdrawals from SB Accounts raised to 50, 000 per week – Reserve Bank 

Reserve Bank today announced that the cash withdrawal limits on savings bank account to be raised to Rs 50,000 per week from the existing limit of Rs.24,000 from Feb 20.

And also the limits on cash withdrawals from savings bank account would be removed from March 13.

Removal of limits on withdrawal of cash from Saving Bank Accounts

RBI/2016-17/224
DCM (Plg) 3107/10.27.00/2016-17

February 08, 2017

All Banks
Dear Madam / Sir,

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

Authority: www.rbi.org.in

Also read this...

  • No Limit for Cash Withdrawal from ATMs from February 1 – RBI Circular
  • Withdrawal of cash from bank deposit accounts – RBI Instructions on 28.11.2016
  • Withdrawal of Cash from Bank account per week – RBI Instructions on 25.11.2016
  • ATM Withdrawal increased to Rs.10000 per day per card – RBI Notification issued on 16.1.2017
  • Pan or Form No 60 mandatory for all bank accounts – Submit to the bank by 28.2.2017
  • Cash withdrawal from ATMs increased to 4500 from 1.1.2017 – RBI Orders on 30.12.2016
  • OHD Notes Exchange Limit 4500, ATM Withdrawal Limit 2500 and Weekly Limit 24000
  • Cash withdrawal for purpose of celebration of wedding – Application Form
  • Deposit Pre-2005 Currency Notes in Your Bank Accounts before June 30, 2015: RBI urges Public
  • February 8, 2017 Tagged With: DEMONETIZATION, Limit on cash withdrawals Filed Under: RBI

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