RBI raises withdrawal limit for savings account to Rs 50,000; no limit from March 13
The apex bank had imposed the limitation on withdrawal of cash after Prime Minister Narendra Modi on November 8 had announced the ban on Rs 500 and Rs 1000 notes.
The Reserve Bank of India on Wednesday said that the weekly withdrawal limit for savings accounts will be raised to Rs 50,000 from the current Rs 24,000 from February 20 and no limit on withdrawal from March 13, 2017.
Since then RBI has been revising the withdrawal limit on current account, savings account and ATMs.
Today, the RBI kept the key rates unchanged in its sixth bi-monthly monetary policy. Now, the repo rate under the liquidity adjustment facility (LAF) will be at 6.25%. Consequently, the reverse repo rate under the LAF remains unchanged at 5.75%, and the marginal standing facility (MSF) rate and the Bank Rate at 6.75%.
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