New Delhi, Feb 20: The cash withdrawal limit for savings account has been raised to Rs 50,000 per week effective from Monday. An announcement in this regard was made in an Reserve Bank of India (RBI) notification on January 30. As per the new relaxation rule, savings accounts holders will now be able to withdraw up to Rs 50,000 per week. Earlier, the cash withdrawal limit for savings accounts was Rs 24,000 a week.
The limits on cash withdrawals from savings bank account will be withdrawn completely from March 13.
“The limits on savings bank cash withdrawals post-demonetisation are to be withdrawn in two stages,” said the Reserve Bank of India. “Cash withdrawal limit will be increased from Rs 24,000 to Rs 50,000 from February 20,” said the central bank. “There will be no restrictions on cash withdrawals from March 13,” it added