Cash withdrawal limit from savings bank accounts will be relaxed to 50,000 rupees ($743.27) a week between Feb. 28 and March 13, after which it will be removed, RBI Deputy Governor R. Gandhi said after the monetary policy meeting on Wednesday.
“The limits on cash withdrawal from savings bank accounts continue to be in place. In line with the pace of remonetisation, it has now been decided to remove these limits in two stages,” said RBI Deputy Governor R Gandhi
From March 13, there will be no limit on cash withdrawal from savings accounts, the RBI announced at the sixth bi-monthly monetary policy review.
At present, the weekly withdrawal limit is Rs 24,000 for savings accounts.
The RBI said that total currency worth Rs 9.92 lakh crore was in circulation on January 27.