Reserve Bank Of India Lifts ATM Cash Withdrawal Limits From Wednesday

The Reserve Bank of India or RBI today said it has lifted a limit on daily cash withdrawal from current accounts, cash credit accounts and overdraft accounts with immediate effect. It said restrictions on ATM withdrawals would be lifted from Wednesday, February 1. Curbs on withdrawing cash from savings bank accounts would however continue for now and are “under consideration for withdrawal in the near future,” the central bank said.

This means that from Wednesday, savings accounts holders will no longer be restricted to being allowed to withdraw only 10,000 rupees in a single transaction. They will be able to withdraw Rs. 24,000 at one go at an ATM. However, because curbs on Savings accounts haven’t been lifted yet, they cannot withdraw any more money all that week thereafter.

There will be no curbs anymore for current accounts, cash credit accounts and overdraft accounts over the counter or from ATMs.