MUMBAI, Feb 8 - The Reserve Bank today said the weekly limit on withdrawal of cash from savings bank accounts will be increased to Rs 50,000, from the current Rs 24,000, from February 20, and the limit will be removed from March 13.
�The limits on cash withdrawal from savings bank accounts continue to be in place. In line with the pace of remonetisation, it has now been decided to remove these limits in two stages,� said RBI Deputy Governor R Gandhi.
�Effective February 20, 2017, the limits on cash withdrawal from savings bank accounts will be enhanced to Rs 50,000 per week from the current limit of Rs 24,000 per week (and) effective March 13, 2017, there will be no limits prescribed by RBI on cash withdrawal from savings bank accounts.�
He was speaking to the media, along with RBI Governor Urjit Patel, after the central bank announced the sixth bi-monthly monetary policy review.
On the basis of remonetisation, the RBI had earlier restrictions on cash withdrawal from current accounts, cash credit accounts and withdrawal through ATMs on February 1. � PTI
