Elearnmarkets - Financial Market Learning
  • Categories
    • Basic Finance
    • Derivatives
      • Futures
      • Options
    • Financial Planning
    • Fundamental Analysis
    • Technical Analysis
    • Marketshala
    • Miscellaneous
  • Language
    • English
    • Hindi
    • Bengali
No Result
View All Result
  • Courses
  • Webinars
  • Stories
Elearnmarkets - Learn Stock Market, trading, investing for Free
  • Categories
    • Basic Finance
    • Derivatives
      • Futures
      • Options
    • Financial Planning
    • Fundamental Analysis
    • Technical Analysis
    • Marketshala
    • Miscellaneous
  • Language
    • English
    • Hindi
    • Bengali
No Result
View All Result
  • Courses
  • Webinars
  • Stories
Elearnmarkets - Learn Stock Market, trading, investing for Free
No Result
View All Result
Home Basic Finance
Hike in the cash withdrawal limits - Increase in ceiling limits 1

Hike in the cash withdrawal limits – Increase in ceiling limits

Elearnmarkets by Elearnmarkets
July 15, 2023
in Basic Finance
Reading Time: 4 mins read
0
171
VIEWS
Share on FacebookShare on XShare on WhatsApp

Undoubtedly people across the country are facing immense trouble in exchanging/withdrawing money.

But this a great move, and we should remember one thing, that the construction of a new house takes time, but once the foundations are strongly laid, it gives you shelter for a lifetime.

Reserve Bank of India (RBI) has strictly instructed the banks to execute the process of notification in the smoothest manner.

Seeing at the troubles faced by the common public, Government has enhanced/hiked the widened “the existing facilities to exchange/ deposit the specified bank notes and withdraw cash from their accounts” vide notification issued by RBI Notification dated November 14, 2016.

Further, “banks are advised to put in place the following additional measures so that member public enjoy as much convenience as possible in availing the facility.”

In our previous blogs, we read about the exchange/ withdrawal facilities based on the previous notification, also we read about the requirement of identification proofs in our blog 

In this blog, we will know about the hiked withdrawal limits and few important answers to your questions on the same:

RelatedPosts

Pradhan Mantri Suraksha Bima Yojana 2

Pradhan Mantri Suraksha Bima Yojana

November 28, 2023
7k
What is the Right Time For Teenagers to Start Investing? 3

What is the Right Time For Teenagers to Start Investing?

November 28, 2023
501
All About Muhurat Trading 2023 4

All About Muhurat Trading 2023

November 24, 2023
1.7k

Limit enhanced from Rs. 2000/day to Rs. 2500/-

Now you must be wondering that though the limit has been enhanced from Rs. 2000 to Rs. 2500/-, you may not be able to withdraw more than Rs. 2000/day.

The reason is that the ATMs are being recalibrated, which means that they are being arranged or composed to meet the enhanced limits.

Know More: Cardless Cash Withdrawal at ATM!

In this case, all the existing ATMs are set for the withdrawal limit of Rs. 2000/- and the recalibrated ones will have the enhanced limit of Rs. 2500/-.

This facility is already available at certain locations and will soon be available at all ATMs.

Hence, those ATMs that are not recalibrated will dispense Rs. 2000/- only.

Limit enhanced for cash exchange from Rs. 4000/- to Rs. 4500/-

This means the limit to cash withdrawal of existing notes ( old notes) is enhanced from Rs. 4000/- to Rs. 4500/-Now you will be able to exchange upto Rs. 4500/- over the counter and in case you need to exchange more than that, you will get the credit of the same in your bank account.

In case you don’t have a bank account, you can always go to your nearest branch for opening the bank account with the required KYC documents.

Banks are providing additional staffs/ representatives for helping the public in this regard.

  • Up to Rs. 4500 cash exchange can be made at any bank, even though you may not have an account in the particular bank account/ branch with a valid ID proof
  • In case you want to withdraw funds over and above Rs. 4500/-*, which is possible only via credit to your bank account, you need to go to the branch where you have the account or any branch of the same bank where you have the account.

Cash withdrawal limits of Rs. 10,000/- withdrawn and enhanced to Rs. 24000/-

The ceiling limit of Rs. 10,000/- on weekly withdrawal has been withdrawn and the weekly limit is now enhanced to Rs. 24000/-

This means that you can withdraw through cheques/ withdrawal slips/ ATMs/ over the counter up to Rs. 24000/- weekly.

This limit is applicable till 24.11.2016 and is subject to further revision.

Queue management

Instructions have been given to organize the arrangements of withdrawal in a well-defined manner. Separate queues for senior citizens and disabled, for those who are exchanging cash, for those we who are withdrawing from accounts etc.

What do you mean by Proof of identity to be carried along

The following documents shall be considered as valid proof of identity:

  • Aadhaar Card,
  • PAN Card,
  • Voter ID Card,
  • Passport,
  • Driving License,
  • NREGA Card,
  • Identity Card Issued by Government Department,
  • Public Sector Unit to its Staff.

Bottomline:

The cash withdrawal limits are currently under review so as to provide minimal hindrances to the public at large.

This attempt is a tremendous effort brought by our Government to wash away the flow of fake currency notes.

It is an attempt to help common people like us, who are unable to differentiate between the fake currency and the original ones.

Any change definitely calls for resentment, but such a positive change is definitely a welcome move.

Further, RBI has insisted “that public need not be anxious; need not come over to banks repeatedly to draw and hoard; Cash is available when they need it.”

You can also read our other related articles.

Happy Learning!

 

Tags: englishRBI
ShareTweetSend
Get Kotak Offer Get Kotak Offer Get Kotak Offer
Previous Post

স্মার্টলি শেয়ারে বিনিয়োগের কৌশল ও পন্থা :

Next Post

Market Wrap for 15th November 2016: Nifty tanked due to shortage of currency in circulation

Elearnmarkets

Elearnmarkets

Elearnmarkets (ELM) is a complete financial market portal where the market experts have taken the onus to spread financial education. ELM constantly experiments with new education methodologies and technologies to make financial education effective, affordable and accessible to all. You can connect with us on Twitter @elearnmarkets.

Related Posts

Pradhan Mantri Suraksha Bima Yojana 5
Basic Finance

Pradhan Mantri Suraksha Bima Yojana

November 28, 2023
7k
What is the Right Time For Teenagers to Start Investing? 6
Basic Finance

What is the Right Time For Teenagers to Start Investing?

November 28, 2023
501
All About Muhurat Trading 2023 7
Basic Finance

All About Muhurat Trading 2023

November 24, 2023
1.7k
Empowering Women's Wealth: Women Investors in Indian Stock Market 8
Basic Finance

Empowering Women’s Wealth: Women Investors in Indian Stock Market

November 24, 2023
503

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Elearnmarkets Logo

Follow Us

Facebook-f Twitter Instagram Linkedin-in Youtube Telegram

Register on Elearnmarkets

Continue your financial learning by creating your own account on Elearnmarkets.com

Register Free Account

Download App

Playstore logo
Download on app store

Categories

  • Basic Finance
  • Derivatives
  • Financial Planning
  • Fundamental Analysis
  • Technical Analysis
  • Marketshala
  • Miscellaneous

Popular On Elearnmarkets

  • Market Superheroes:
  • Vivek Bajaj
  • Chetan Panchamia
  • Ashish Kyal
  • Premal Parekh
  • Abhijit Paul
  • Jegan
  • Sivakumar Jayachadran
  • Vishal Malkan
  • Jyoti Budhia
  • Vivek Gadodia
  • Vishal Mehta
  • Piyush Chaudhry
  • Santosh Pasi
  • Gomathi Shankar
  • Market Superheroes:
  • Vivek Bajaj
  • Chetan Panchamia
  • Ashish Kyal
  • Premal Parekh
  • Abhijit Paul
  • Jegan
  • Sivakumar Jayachadran
  • Vishal Malkan
  • Jyoti Budhia
  • Vivek Gadodia
  • Vishal Mehta
  • Piyush Chaudhry
  • Santosh Pasi
  • Gomathi Shankar
  • Courses:​
  • Options Trading
  • Dow Theory
  • Momentum Trading
  • Stock Investing
  • Stock Market for Beginners
  • Harmonic Chart Patterns
  • Algo Trading
  • Elliot Wave Theory
  • Advanced Excel
  • Cryptocurrency
  • NSE Certification Course
  • Courses:​
  • Options Trading
  • Dow Theory
  • Momentum Trading
  • Stock Investing
  • Stock Market for Beginners
  • Harmonic Chart Patterns
  • Algo Trading
  • Elliot Wave Theory
  • Advanced Excel
  • Cryptocurrency
  • NSE Certification Course
  • Webinars:
  • Bank Nifty Scalping
  • Intraday Trading Strategies
  • Options Trading Strategies
  • Options selling
  • Price Action
  • Relative Strength
  • Tax Planning
  • Options Buying
  • Growth Stocks
  • Portfolio Management
  • Relative Strength Index
  • Risk Management
  • Renko Charts
  • Crude Oil
  • Traders Psychology
  • Moving Average
  • Multibagger Stocks
  • Webinars:
  • Bank Nifty Scalping
  • Intraday Trading Strategies
  • Options Trading Strategies
  • Options selling
  • Price Action
  • Relative Strength
  • Tax Planning
  • Options Buying
  • Growth Stocks
  • Portfolio Management
  • Relative Strength Index
  • Risk Management
  • Renko Charts
  • Crude Oil
  • Traders Psychology
  • Moving Average
  • Multibagger Stocks
  • Free Learning Modules:
  • Intraday Trading
  • Options Scalping
  • Swing Trading
  • Financial Modelling
  • RSI Indicator
  • Bollinger Bands
  • Pricing of Futures
  • Personal Finance
  • Initial Public Offerings (IPO)
  • Value Investing
  • Technical Indicators
  • Candlesticks
  • Chart Patterns
  • Option Greeks
  • ELSS Funds
  • Banking and Insurance
  • Real Estate
  • Gold
  • Free Learning Modules:
  • Intraday Trading
  • Options Scalping
  • Swing Trading
  • Financial Modelling
  • RSI Indicator
  • Bollinger Bands
  • Pricing of Futures
  • Personal Finance
  • Initial Public Offerings (IPO)
  • Value Investing
  • Technical Indicators
  • Candlesticks
  • Chart Patterns
  • Option Greeks
  • ELSS Funds
  • Banking and Insurance
  • Real Estate
  • Gold
  • Book Summaries:
  • Rich Dad Poor Dad
  • Psychology of Money
  • The Intelligent Investor
  • The Richest Man in Babylon
  • Think and Trade Like a Champion
  • Value Investing and Behavioural Finance
  • Trading in the Zone
  • Learn to Earn
  • Book Summaries:
  • Rich Dad Poor Dad
  • Psychology of Money
  • The Intelligent Investor
  • The Richest Man in Babylon
  • Think and Trade Like a Champion
  • Value Investing and Behavioural Finance
  • Trading in the Zone
  • Learn to Earn
  • Tools:
  • CAGR Calculator
  • SIP Calculator
  • eLearnOptions
  • Future Value Calculator
  • Present Value Calculator
  • Atal Pension Yojana
  • Cost of Delay Calculator
  • Become a Crorepati
  • Tools:
  • CAGR Calculator
  • SIP Calculator
  • eLearnOptions
  • Future Value Calculator
  • Present Value Calculator
  • Atal Pension Yojana
  • Cost of Delay Calculator
  • Become a Crorepati

© 2023 Elearnmarkets. All Rights Reserved

  • Visit Elearnmarkets
  • Courses
  • Webinars
  • Financial Guides
  • Get Free Counselling
  • Visit Elearnmarkets
  • Courses
  • Webinars
  • Financial Guides
  • Get Free Counselling

Get Elearnmarkets App

No Result
View All Result
  • Article Categories
    • Basic Finance
    • Derivatives
    • Financial Planning
    • Fundamental Analysis
    • Technical Analysis
    • Marketshala
    • Miscellaneous
  • Language
    • Hindi
    • Bengali
    • English
  • Courses
  • Webinars
  • Stories

© 2020 Elearnmarkets All Rights Reserved

Guide to Basics of Stock Investing
Learn to interpret the financial performance and health of a company.
Download Now