Much to the delight of citizens, the RBI today announced the increase in the cash withdrawal limit from ATMs. People can now withdraw Rs 10,000 per day per card. This would be applicable with immediate effect. Earlier the withdrawal limit from ATMs was Rs 4,500. However, RBI has not made any changes to the weekly withdrawal limits, which remains to be at Rs 24,000.
Current account holders have also heaved a sigh of relief, as their weekly withdrawal limit has been increased to Rs 1 lakh per day from Rs 50,000 earlier. This limit will also be applicable to overdraft and cash credit accounts.
Earlier, it was on December 28, that RBI had announced an increase in the ATM cash withdrawal limit, from Rs 2,500 to Rs 4,500. That time too, the move was hailed by people who were struggling to find adequate cash. The announcement made today to increase the cash withdrawal limit to Rs 10,000 will definitely provide further relief to cash-strapped citizens.
It is expected that the number of visits to the ATMs will drop significantly after this move. RBI hopes that long queues at ATMs will soon be a thing of the past.