Demonetisation: RBI hikes ATM withdrawal limit to Rs 10,000 from Rs 4,500 per day

NEW DELHI: The Reserve Bank of India on Monday enhanced the daily ATM withdrawal limit to Rs 10,000 from the earlier cap of Rs 4,500. However, the weekly withdrawal limit of Rs 24,000 remains unchanged. The limit on withdrawal from current accounts has also been raised to Rs 1,00,000 per week from Rs 50,000 per week. "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 apex 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," RBI said. RBI had increased the daily withdrawal limit from ATMs to Rs 4,500 from Rs 2,500 effective January 1. The central bank had placed limits on cash withdrawals following demonetisation of old Rs 500 and Rs 1,000 notes on November 9, 2016. The 50-day demonetisation period ended on December 30. However, NRIs and Indians who were abroad during the demonetisation period have been given additional time to deposit their old currency notes. Read the RBI statement on Enhancement of withdrawal limits from ATMs and Current Accounts: On a review of limits placed on withdrawals from ATMs and current accounts, it has been decided to enhance the same, with immediate effect as under: (i) 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 (It will be operative within the existing overall weekly limit). (ii) The limit on withdrawal from current accounts has been enhanced from the current limit of Rs.50,000/- per week to Rs.1,00,000/- per week and it extends to overdraft and cash credit accounts also. 3. There are no changes in the other conditions. The relaxations as provided in our circular dated November 28, 2016 will continue. (With inputs from PTI)