Thursday 9 February 2017

Removal of Saving Bank withdrawal Limit

DCM (Plg) 3107/10.27.00/2016-17

February 08, 2017

All Banks

Dear Madam / Sir,

Removal of limits on withdrawal of cash from Saving Bank Accounts
Please refer to our circular DCM (Plg) 2905/10.27.00/2016-17 dated January 30,
2017 on the captioned subject.
2. In the wake of withdrawal of Specified Bank Notes (SBNs) since November 09,
2016 Reserve Bank had placed certain limits on cash withdrawals from Savings /
Current / Cash credit /Overdraft accounts and withdrawals through ATMs. On a
review of the pace of remonetisation, Reserve Bank partially restored status quo
ante by removing the restrictions on cash withdrawals from Current / Cash credit /
Overdraft accounts and ATMs effective January 31, 2017 and February 01, 2017
respectively. However, the limits on cash withdrawal from Savings Bank accounts
continued to be in place.
3. In line with the pace of remonetisation, it has now been decided to remove the
restrictions on cash withdrawals from Saving Bank accounts (including accounts
opened under PMJDY) in a two step process as under:
i. Effective February 20, 2017, the limits on cash withdrawals from the Savings
Bank accounts will be enhanced to ` 50,000 per week (from the current limit
of ` 24,000 per week); and
ii. Effective March 13, 2017, there will be no limits on cash withdrawals from
Savings Bank accounts.
4. Please acknowledge receipt.

Yours faithfully,
(P Vijaya Kumar)
Chief General Manager


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