The little breeze of cooling air has finally arrived! After the cash-crunched period of demonitisation and ‘forced savings’, the ATM cards will be back to ‘normal’ again as RBI has finally hiked the cash withdrawal limit at ATMs from Rs 4500 a day to Rs 10,000 per day per card!
The limit on withdrawal from current accounts has been enhanced from the current limit of Rs 50,000 per week to Rs 1 lakh per week and it extends to overdraft and cash credit accounts also, RBI added. The banking regular said that there are no changes in the other conditions. The government on November 8 had said that the old Rs 500 and Rs 1000 notes will no longer be illegal tender. Subsequently, there were restrictions placed on cash withdrawals from ATMs as well as bank accounts.
In December 2016, RBI had said that the daily limit of withdrawal from ATMs has been increased (within the overall weekly limits specified) with effect from January 1, 2017, from the existing Rs 2500 to Rs 4500 per day per card.