Savings accounts holders will now be able to withdraw up to Rs 50,000 per week. An RBI notification, issued on January 30, had announced that from February 20 the cash withdrawal limit for savings accounts will be raised to Rs 50,000 from Rs 24,000 a week.
The limits on cash withdrawals from savings bank account will be withdrawn completely from March 13.
Till now, there is no limit on current account and there is a cap of Rs 50,000 for farmers a week and Rs 2.5 lakh for marriage.
After the note ban on November 8, Reserve Bank had capped withdrawal limits on ATMs and bank branches. It raised limits from Rs 2,000 a day to Rs 4,500 a day to Rs 10,000 a day while maintaining the overall weekly ceiling of Rs 24,000.