The Reserve Bank of India (RBI) has removed limit on ATM withdrawal put in place after the November 8 ban on circulation on Rs 500, 1000 notes. The new rule will be applicable from February 1.The weekly limit of Rs 24,000 withdrawal will continue, the top bank said, adding that it will review withdrawals from Savings Accounts in the near future.
A notification issued by the RBI stated: "On a review of the pace of demonetization, it has been decided to partially restore status quo ante as under:Limits placed vide the circulars cited above on cash withdrawals from Current accounts/ Cash credit accounts/ Overdraft accounts stand withdrawn with immediate effect.
The limits on Savings Bank accounts will continue for the present and are under consideration for withdrawal in the near future.Limits vide the circulars cited above placed on cash withdrawals from ATMs stand withdrawn from February 01, 2017. However, banks may, at their discretion, have their own operating limits as was the case before November 8, 2016, subject to 2 (ii) above.
Following demonetization of old Rs 500/1000 notes on November 9, limits had been imposed on withdrawal of cash from banks as well as ATMs. The Reserve Bank cash withdrawal limit from ATMs was increased to Rs 4,500 per day from Rs 2,500 from January 1.
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