No cash withdrawal limit at ATMs from February 1: RBI

The Reserve Bank of India (RBI) on Monday removed cash withdrawal limit from ATMs from February 1 as well as from current accounts, cash credit accounts and overdrafts, with immediate effect.

Cash withdrawals from ATMs were capped at Rs. 10,000.

However, restrictions on withdrawal of Rs 24,000 a week from savings bank account will continue for now.

“The limits on Savings Bank accounts will continue for the present and are under consideration for withdrawal in the near future,” RBI said in a circular.

RBI said banks can put their own limits on cash withdrawals from ATMs, as it was the case before 8 November. Banks typically cap ATM cash withdrawals at Rs. 25,000 per transaction, though some banks offer higher limits for high net worth individuals.