The limit on cash withdrawals from savings bank account has been lifted from Monday. The Reserve Bank of India, in a notification issued on January 30, had announced that from March 13 all limits on cash withdrawal from savings accounts will be removed.
Till now, there was a cash withdrawal limit of up to Rs 50,000 per week on savings accounts and none on the current accounts.
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.
On February 20, the cash withdrawal limit for savings accounts was raised to Rs 50,000 from Rs 24,000 a week.