Withdrawal of cash from bank deposit accounts Relaxation: RBI

RBI/2016-17/163 DCM.No.1437/10.27.00/2016-17 November 28, 2016 The Chairman / Managing Director/ Chief Executive Officer, Public Sector Bank

CA Deepak Gupta

Nov 29, 2016

Last update on Nov 29, 2016

RBI/2016-17/163 DCM.No.1437/10.27.00/2016-17 November 28, 2016 The Chairman / Managing Director/ Chief Executive Officer, Public Sector Banks/ Private Sector Banks / Foreign Banks / Regional Rural Banks / Urban Cooperative Banks/ State Cooperative Banks/ District Central Cooperative Banks Dear Sir, Withdrawal of cash from bank deposit accounts - Relaxation

It has been reported that certain depositors are hesitating to deposit their monies into bank accounts in view of the current limits on cash withdrawals from accounts.
As it is impeding active circulation of currency notes, it has been decided, on careful consideration, to allow withdrawals of deposits made in current legal tender notes on or after November 29, 2016 beyond the current limits; preferably, available higher denominations bank notes of 2000 and 500 are to be issued for such withdrawals. Yours faithfully, (P Vijaya Kumar) Chief General Manager

Below is summary of this notification:

As per the Notification W.e.f 29/11/2016 you can withdraw cash without any Limit but above limit is applicable only on cash deposited on or after 29/11/2016 and cash deposited must be new currency.
Cash will be given to you preferably in Rs 500/- and 2000/-
Means 24000/- Limit shall remain applicable:

On amount deposited up to 29/11/2016.
If cash deposited in old currency of Rs 500 or Rs 1000 notes even on or after 29/11/2016.
If you gets credit of salary or cheque in your account on or after 29/11/2016

In simple words ,you can withdraw unlimited amount only if you have deposited the same in new currency on or after 29/11/2016.

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