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RBI relaxes ATM daily withdrawal limit to Rs 4,500

by IBNS 31 Dec 2016, 07:16 am

New Delhi, Dec 31 (IBNS): The Reseve Bank of India on Saturday announced its decision to relax the daily ATM withdrawal limit to Rs 4,500 from the earlier cap of Rs 2,500.

"On a review of the position, the daily limit of withdrawal from ATMs has been increased (within the overall weekly limits specified) with effect from January 01, 2017, from the existing ₹ 2500/- to ₹ 4500/- per day per card. There is no change in weekly withdrawal limits.Such disbursals should predominantly be in the denomination of ₹ 500," read the RBI statement.

"The relaxation of withdrawal limits as enabled by our circular DCM (Plg) No. 1437/10.27.00/2016-17 dated November 28, 2016 remains unchanged," the bank said.

The 50 days deadline set by the Centre to submit old Rs. 500 and Rs. 1000 currency notes ended on Friday.

The Centre on Nov 8 banned old Rs. 1000 and Rs. 500 currency notes.