You can withdraw Rs 50,000 per week from savings bank accounts today onwards

The Reserve Bank of India (RBI) increased the weekly ATM cash withdrawal limit from savings bank accounts to Rs 50,000, from the current Rs 24,000 and the limit will be removed from March 13.

"Effective February 20, 2017, the limits from cash withdrawal from savings bank accounts will be enhanced to Rs 50,000 per week from the current limit of Rs 24,000 per week (and) effective March 13, 2017, there will be no limits prescribed by RBI on cash withdrawal from savings bank accounts."

The limits were imposed by the Government and RBI on withdrawal of money from ATMs and bank branches in view of the currency shortage following demonetisation. These limits, however, are being gradually eased, with RBI pumping in new notes of Rs 500 and Rs 2,000.