From Feb 20, withdraw up to Rs 50,000 a week from your savings account

The Reserve Bank of India (RBI) on Wednesday announced that the weekly cash withdrawal limit would be increased to Rs 50,000 on savings accounts from February 20. 

The central bank announced that from March 13, 2017, onwards no withdrawal limits would apply to savings accounts. Further, the cash withdrawal limits would be eased in two stages.

On January 30, the RBI had announced that it would remove limits placed on daily cash withdrawals from automated teller machines (ATMs) from February 1 and would also lift all curbs on branch withdrawals from current accounts, cash credit and overdraft accounts with immediate effect.

The RBI, however, had said that it would allow banks to use their "discretion" in placing their own daily cash withdrawal limits at ATMs, as was the case prior to November 8, when the government had announced its move to abolish all high-value notes that accounted for 86 per cent of the bills in circulation.

The cash withdrawal limit for over-the-counter savings bank accounts, which had stood at Rs 24,000 a week then, was left unchanged in that circular.