Here is a good news for you for Indians. Any guesses?
Couldn’t guess? Don’t worry you will get to know – Do read further.
And the good news is…is! there will be no cash withdrawal limits from ATM from tomorrow -February 1, 2017.
Yes! Your wait is over, woah!
YOU MAY BREATHE
In a circular on Monday, Reserve Bank of India (RBI) announced that from February 1, 2017, limits placed on daily cash withdrawals from the Automated Teller Machines (ATM) will be withdrawn. Until now, the daily limit on cash withdrawals from ATMs was ₹10,000.
Meanwhile, RBI also said that limits on current account, cash credit and overdrafts accounts stand withdrawn with immediate effect.
However, weekly withdrawal limit of ₹24,000 from savings accounts will remain unchanged and continues in the same manner.
RBI allowed banks to maintain their discretion in placing their own daily cash withdrawal limits at ATMs. In fact, this was the case since the demonetization announcement by PM Modi on November 8, 2016.
Following the demonetization announcement, the government had capped the daily withdrawal limit to ₹2000. However, RBI raised it subsequently to ₹2500 and then to ₹4000.
So, we hope this new announcement will relieve Indians, as demonization act led millions of citizens to stand in long queues at banks to get their new currency notes.