The weekly withdrawal from Savings Account has been increased to Rs 50,000. There will be no limit on withdrawal from March 13.
Starting from Monday, one can withdraw Rs 50,000 per week for the savings account, instead of Rs 24,000 as set earlier.
Post announcement of demonetisation on November 8, the Union Government and the RBI had put restrictions on withdrawal of money as well as deposits. Due to a lack of proper planning, many ATMs were dry for months, putting the people in trouble.
When there was a demand to increase the withdrawal limit, there were questions, “Why do you need that huge amount?” Looks like, the government has understood that the demonetisation was making it unpopular among the common people.
Thus the limit of withdrawal has been increased to Rs 50,000 per week. But the question remains if the ATMs will run dry again due to withdrawal of a bigger amount of money. However, the news has brought smiles on the faces of people, and many are even waiting for March 13 as all limitations on withdrawal from the savings account will be lifted.