The Reserve Bank of India (RBI) yesterday said that the limit on cash withdrawal from Savings Bank (SB) accounts will be removed in two stages. In the first stage, the weekly withdrawal limit will be increased to Rs. 50,000 from the current Rs. 24,000 from Feb. 20 and then completely removed from March 13.
The RBI statement said that all restrictions imposed on cash withdrawals for SB account holders, including those opened under the Pradhan Mantri Jan Dhan Yojana (PMJDY), will be removed from March 13. This would mean Savings account holders can withdraw Rs. 50,000 from ATMs in one go if their banks allow it. Banks typically set daily limits for their customers for withdrawal from ATMs.
