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RBI allows Rs 50,000 withdrawal a week from overdraft accounts

Mumbai: Following the demonetisation of high value notes, the RBI on Monday further relaxed cash withdrawal norms, permitting overdraft and cash credit account holders to withdraw up to Rs 50,000 in a week.

“Holders of current/overdraft/cash credit accounts, which are operational for the last three months or more, may now withdraw upto Rs 50,000 in a week,” the Reserve Bank of India said in a statement.

Current account holders were earlier allowed to withdraw up to Rs 50,000 in cash in a week.

“On a review, it has been decided to extend this facility to Overdraft and Cash Credit accounts also,” the statement said.

This enhanced limit for weekly withdrawal, however, is not applicable for personal overdraft accounts.

Withdrawals of Rs 50,000 may be disbursed predominantly in Rs 2,000 denomination notes, the statement added.

IANS