RBI allows Rs. 50K/week withdrawal from overdraft accounts


Further relaxing cash withdrawal norms, the Reserve Bank on Monday said overdraft and cash credit account holders can now withdraw up to Rs. 50,000 in a week.


Congress advt 2

Earlier, current account holders were allowed to withdraw up to Rs. 50,000 in cash, in a week.

Also Read:  Man dies while standing in queue at bank to withdraw money

“On a review, it has been decided to extend this facility to Overdraft and Cash Credit accounts also,” the central bank

Accordingly, holders of current/overdraft/cash credit accounts, which are operational for the last three months or more, may now withdraw upto Rs. 50,000 in cash, in a week. However, this enhanced limit for weekly withdrawal is not applicable for personal overdraft accounts.

Also Read:  Rising food prices takes wholesale price inflation rises to 19-month high

The Reserve Bank further said the Rs. 50,000 withdrawals may be disbursed predominantly in Rs. 2,000 denomination bank notes.

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 legal tender character of the old Rs. 500 and Rs. 1,000 notes.

Also Read:  MEA says it's consulting legal experts for Vijay Mallya's deportation


Please enter your comment!
Please enter your name here