Withdrawal limit increased to 50,000

New Delhi February 08: Starting February 20, you can withdraw up to Rs. 50,000 per week from your savings account, the Reserve Bank of India said today, adding that from March 13, all caps on access to cash will end.

For now, the withdrawal per week for every savings account cannot exceed Rs. 24,000. Any money you pull out using an ATM machine counts towards this.



Restricted access to cash was announced on November 8 by Prime Minister Narendra Modi when he disclosed that within hours, 500- and 1,000-rupee notes would be abolished.

People were given till the end of December to deposit the outlawed notes in accounts or swap them for new ones. Deposits over 2.5 lakhs would be scrutinized for tax evasion, the government said later.