RBI hikes ATM withdrawal limit to Rs 10,000 per day; no change in weekly withdrawal limit

In a major relief for the common man post the demonetisation move, the Reserve Bank of India on Monday raised the cash withdrawal limits from ATM to Rs 10,000 per days from the existing Rs 4,500.

New Delhi: In a major relief for the common man post the demonetisation move, the Reserve Bank of India on Monday raised the cash withdrawal limits from ATM to Rs 10,000 per days per card from the existing Rs 4,500.

However, the cash withdrawal limit of Rs 24,000 per week has been retained by the central bank.

The RBI also hiked the cash withdrawal from current accounts to Rs 1 lakh per week from the existing Rs 50,000, a move that will majorly boost the cash position of small traders.

The hike in withdrawal limit comes with immediate effect, the Reserve Bank of India said in a statement.

#RBI raises #ATM withdrawal limit to Rs 10,000 per day from existing Rs 4,500 per day with immediate effect. (File pic) pic.twitter.com/TCdq7VJg7a — Press Trust of India (@PTI_News) January 16, 2017

"On a review of limits placed on withdrawals from ATMs and current accounts, it has been decided to enhance the same, with immediate effect...," the central bank said in a notification.

The limit on withdrawals from ATMs has been enhanced from the current limit of Rs 4,500/- to Rs 10,000/- per day per card, the RBI said adding that it will be operative within the existing overall weekly limit.

The limit on withdrawal from current accounts has been enhanced from the current limit of ₹ 50,000/- per week to ₹ 1,00,000/- per week and it extends to overdraft and cash credit accounts also, the RBI further stated.

However, there are no changes in the other conditions with the Reserve Bank stating that the relaxations as provided in our circular dated November 28, 2016 will continue.

Following the demonetisation move announced by Prime Minister Narendra Modi on November 8, 2016, the RBI had limited the cash withdrawal from ATM at Rs 2,500 which was later hike to Rs 4,500 on New Year's eve effective from January 1, 2017.