RBI increases withdrawal limit: Here’s a list of the withdrawal and deposit rules | business-news | Hindustan Times
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RBI increases withdrawal limit: Here’s a list of the withdrawal and deposit rules

business Updated: Jan 16, 2017 18:06 IST
Suchetana Ray
RBI

A man withdraws money from a mobile bank ATM machine in New Delhi on November 15, 2016. (AFP)

The RBI today allowed withdrawals from ATMs to be increased from the current limit of Rs 4500 to Rs 10,000 per day per card.

The withdrawal limit from current accounts has been extended from Rs 50000 to Rs 100000 per week. These relaxations will be in effect from Monday midnight.

However, the other restrictions in withdrawals, deposits and exchange of old notes will continue.

And here is the list of the rules that have been put in place since the demonetisation drive began on November 8:

Cash Withdrawal:

Cash withdrawal limit at ATMs enhanced to Rs 10000 per day per card. But this relaxation is within the bank withdrawal limit of Rs 24,000 per week.

The withdrawal limit from current accounts has been extended from Rs 50000 to Rs 100000 per week.

Withdrawals from Jan Dhan accounts limited to Rs10,000 per month for fully KYC compliant customers.

Cash Exchange:

Old notes cannot be exchanged at banks only deposits allowed. Exchange of old notes allowed only at RBI offices subject to regulations till March 31.

NRIs can deposit old notes up to Rs 25,000 till June 30.

Exceptions for Farmers:

November 17: Farmers allowed to withdraw up to Rs. 25000 per week and agriculture traders allowed to withdraw Rs 50000 to facilitate smooth operation of mandis.

Additional 60 days grace period for farmers to repay their crop loans and avail 3% interest subvention.

Exceptions for Weddings:

Families allowed to withdraw up to Rs 2,50,000 from their own bank accounts, in case of a wedding.