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ATM withdrawal limit increased to Rs 10,000

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January 16, 2017, 5:45 pm

Crowd at a bank's branch in MI Road. Photo credit

Crowd at a bank's branch in MI Road soon after demonetisation was announced. Photo credit: Post Staff

New Delhi: In one of the biggest respites to people ever since demonetisation came into effect, the Reserve Bank of India (RBI) said on Monday that the withdrawal limit for ATMs has been increased to Rs 10,000. The current withdrawal limit was Rs 4,500.

In good news for traders, the withdrawal limit for current account has been increased to Rs 1 lakh. The limit was earlier Rs 50,000.

This will come as a big relief to people who were forced to stand in queues at banks to withdraw cash several times in a week. People now can visit the nearest ATM and withdraw Rs 10,000.

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The total weekly limit for saving accounts remains unchanged. People can withdraw only Rs 24,000 from their saving account per week. So if you withdraw Rs 10,000 from an ATM, you can use a cheque to withdraw only Rs 14,000.

First published: January 16, 2017