Holders of current / overdraft / cash credit a/c can now withdraw upto Rs 50000 in cash per week: RBI

Updated: Nov 21, 2016 09:02:40am

New Delhi, Nov 21 (KNN) The holders of current / overdraft / cash credit accounts, which are operational for the last three months or more, can now withdraw upto Rs 50000 in cash, in a week, RBI has said.

Earlier RBI had given this relief just to the current account holders (applicable to Current Accounts which are operational for last three months or more).

They were allowed to withdraw up to Rs 50000 in cash, in a week.

“On a review, it has been decided to extend this facility to Overdraft and Cash Credit accounts also. Accordingly, holders of current / overdraft / cash credit accounts, which are operational for the last three months or more, may now withdraw upto Rs 50000 in cash, in a week,” RBI has said in a notification.

However, RBI has clarified that this enhanced limit for weekly withdrawal is not applicable for personal overdraft accounts.

Also the apex bank said such withdrawals may be disbursed predominantly in Rs 2000 denomination bank notes. (KNN Bureau)

COMMENTS

Amit Gupta 21/11/2016 10:03 AM

The entrepreneur Current & CC account holders are facing difficulty with regard to interpretation of week by different Bankers. Most of the Banks in Haryana went dry since 16-11-2016, and position has somewhat eased to-day itself, but they are facing hardship for sake of clarity. Now the fuss has been created over interpretation of term “week”as to whether:- i) the weak starts from date of notification i.e. 14-11-2016 for Current A/C Holder and 21-11-2016 for Cash Credit/Overdraft OR ii) from the 1st withdrawal by account holders any day in between the week iii) In the 1st instance Bank had allowed partial payment due to cash crunch in branch and whether now the account holder can make up the balance withdrawal. iv) Whether the account holder can withdraw 50,000/- in parts - more than once in a week to make up the admissible amount of Rs. 50,000/-. Kindly make it convenient to clarify at the earliest. Amit Gupta State Vice President Haryana (Elected 2016-18)

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