ATM's Will Be Like Before: No Withdrawal Limit From 1st Feb 2017

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Yesterday, the Reserve bank of India declared eliminating of limitations on every day withdrawal of money from ATMs and from current accounts but the weekly limit of Rs 24000 on savings bank accounts will prolong. The reserve bank of India has also assured to analysis the weekly limit in the near future depending on the velocity of remonetisation.

According to Reserve bank of India,’ On a review of the pace of remonetization, it has been decided to partially restore status quo anti, and cash withdrawal limit from ATMs stands withdrawn from 1st February’ 2017’. RBI has un-involved all limits on cash withdrawals from current accounts, cash credits and overdraft accounts with an instant outcome. Banks, on the other hand, have been solicited to fix their own limits as has been the case before 8th November 2016 i.e. the day government fragmented high denomination currency notes of Rs 500 and Rs 1000.

RBI alleged that ‘the limits on saving bank accounts will continue to the present and are under consideration for withdrawal in the near future.’ It also alleged that ‘urged to persuade their constituents to maintain the movement towards digitization of payments and switching over to payments from cash mode to non-cash mode’.

Reserve Bank of India and government has obligated limits regarding the withdrawal of money from ATMs and bank branches after recognizing the currency shortage subsequent to demonetisation and these limits nevertheless, were progressively eased with RBI impelling in new notes of Rs 500 and Rs 2000. The step will come as liberation for the minor traders who had an Rs one lakh per week limit till now. Earlier to this on 16th January Reserve bank of India had more than doubled the day by day ATM withdrawal. It had moved up the weekly withdrawal limit from current accounts to Rs one lakh from Rs 50000.

Yesterday the reserve bank Of India has declared that it will be withdrawing the limits on current bank accounts but it does not offer any comfort to savings bank accounts which majority of the populace in the country acquires. So, now there will be new limits India will be having as on 1st February 2017. Up to 24000 Rs can be withdrawn in a single transaction from ATM counters based on cash availability.  Now ATM charges will be subtracted from accounts of all customers who do more than five transactions in a month and this new change has come from 1st January 2017.

All the banks comprising State Bank of India has started ATM transaction fees on all transactions which exceed five every month. Withdrawal limit of current accounts in India has been detached with instant effect from 1st February 2017 and withdrawal limit is not applicable to all online transactions comprising Paytm, credit card and debit card transfers.

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