Demonetization: Know The Deposit And Withdrawal Rules

RBI has increased the daily cash withdrawal limit at ATMs from Rs 4,500 to Rs 10,000 per card. This relaxation came two and a half months after demonetization of Rs 500, Rs 1,000 notes.

However, the new announcement is a relief for customers who are facing cash crunches. Apart from the new regulation, the other restrictions in withdrawals, deposits, and exchange of old notes will continue.

Here's a list of the withdrawal and deposit rules:

Cash Withdrawal

Cash withdrawal limit at ATMs enhanced to Rs 10,000 per day per card. But this relaxation is within the bank withdrawal limit of Rs 24,000 per week. Withdrawals from Jan Dhan accounts limited to Rs 10,000 per month for fully KYC compliant customers.

Withdrawal from current accounts

The limit on withdrawal from current accounts has been enhanced from the current limit of Rs 50,000/- per week to Rs 1,00,000/- per week and it extends to overdraft and cash credit accounts also. 8 Tips To Go Cashless After Currency Demonetization

Cash Exchange

Old notes cannot be exchanged at banks only deposits allowed. Exchange of old notes allowed only at RBI offices subject to regulations till March 31. NRIs can deposit old notes up to Rs 25,000 till June 30. Different Ways NRI's Can Exchange Rs 500, Rs 1,000 Notes?

Exceptions for Farmers

Farmers are allowed to draw up to Rs 25,000 per week in cash from their loan (including Kisan Credit Card limit) or deposit accounts subject to their accounts being compliant with the extant KYC norms. Additional 60 days grace period for farmers to repay their crop loans and avail 3% interest subvention. Read Also: Now, Withdraw Up To Rs 10,000/Day Per ATM Card

 

 

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