RBI vide notification dated 30-01-2017 has Removes Cash Withdrawal Limits For ATMs From February 1, 2017. The
Limits for withdrawal from Current account and Overdraft account has been removed with immediate effect i.e. Monday, 30-01-2017. However there is no change on cash withdrawal limit from SAVING BANK ACCOUNT at BANK CASH COUNTERS.

Limits on Cash withdrawals from Bank accounts and ATMs – Restoration of status quo ante

RBI/2016-17/217 DCM (Plg) No. 2905/10.27.00/2016-17 January 30, 2017

 

Please refer to our circular DCM (Plg) No.1226/10.27.00/2016-17 dated November 08, 2016 placing limits on Cash withdrawals from bank accounts and ATMs in the wake of withdrawal of Legal Tender Character of Specified Bank Notes (SBN) and subsequent circulars DCM (Plg) Nos.1256, 1274, 1317, 1437, 2142 and 2559 dated November 11, 14, 21, 28, December 30, 2016 and January 16, 2017 respectively, providing for relief and relaxations therefrom.

2. On a review of the pace of remonitisation, it has been decided to partially restore status quo ante as under:

  1. Limits placed vide the circulars cited above on cash withdrawals from Current accounts/ Cash credit accounts/ Overdraft accounts stand withdrawn with immediate effect.
  2. The limits on Savings Bank accounts will continue for the present and are under consideration for withdrawal in the near future.
  3. Limits vide the circulars cited above placed on cash withdrawals from ATMs stand withdrawn from February 01, 2017. However, banks may, at their discretion, have their own operating limits as was the case before November 8, 2016, subject to 2 (ii) above.

3. Further, banks are urged to encourage their constituents to sustain the movement towards digitisation of payments and switching over of payments from cash mode to non-cash mode.

4. Please acknowledge receipt.

Yours faithfully,

(P Vijaya Kumar)
Chief General Manager

Source Document:

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