New Delhi, Feb 8: All restrictions on cash withdrawals from saving bank accounts will be removed from March 13, said the Reserve Bank of India. The RBI said also the limit on cash withdrawals from saving bank accounts will be relaxed in two stages. In the first stage, RBI will increase the cash withdrawal limit from Rs 24,000 to Rs 50,000. From 13 March there will be no limit on cash withdrawal from savings bank accounts, said the RBI. The limits were placed following the November 8 demonetisation of Rs 1,000 and Rs 500 notes.
“The limits on savings bank cash withdrawals post-demonetisation are to be withdrawn in two stages,” said the Reserve Bank of India. “Cash withdrawal limit will be increased from Rs 24,000 to Rs 50,000 from February 20,” said the central bank. “There will be no restrictions on cash withdrawals from March 13,” it added.
The RBI on January 30 ended all curbs on withdrawals from Current Accounts, Cash Credit Accounts and Overdraft Accounts. However, the curbs on Savings Bank accounts across the counter remained.
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