Further relaxing cash withdrawal norms, the Reserve Bank of India(RBI) on Monday Nov 21,2016 said overdraft and cash credit account holders can now withdraw up to Rs. 50,000 in a week.
Earlier, current account holders were allowed to withdraw up to Rs. 50,000 in cash, in a week.
“On a review, it has been decided to extend this facility to Overdraft and Cash Credit accounts also,” the central bank said.
Accordingly, holders of current/overdraft/cash credit accounts, which
are operational for the last three months or more, may now withdraw up
to Rs. 50,000 in cash, in a week.
However, this enhanced limit for weekly withdrawal is not applicable for personal overdraft accounts.
The RBI further said the Rs. 50,000 withdrawals may be disbursed predominantly in Rs. 2,000 denomination bank notes.
The Government has taken several decisions to ease withdrawal
restrictions for farmers, small traders, Group ‘C’ employees of Central
Government including equivalent levels in the defence and para military
forces, railways and CPSEs in the aftermath of the cancellation of the
old Rs. 500 and Rs. 1,000 notes as legal tender.
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