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Bank transactions

Withdraw

  • Savings A/c : ATM daily withdrawal limit 10,000/- subject to Maximum  24,000/- per week.
  • Jan Dhan A/c :Withdrawal from Jan Dhan accounts limited to 10,000 per month for fully KYC compliant customers. For non or partial KYC compliant account-holders, it stands at 5,000 within the overall 10,000 monthly ceiling. In case of KYC compliant Jan Dhan accounts, some amount of discretion to withdraw in excess of the monthly limit is given to branch managers subject to regulations.
  • Current/Overdraft/Cash Credit A/c : 1,00,000/- per week with conditions accounts must be operational for last three months or more. This enhanced limit for weekly withdrawal is not applicable for personal overdraft accounts.
  • Special cases

    Marriage: 2.50 Lakhs can be withdrawn for marriage subject to terms and conditions.

    Farmer can withdraw maximum 25,000/- per week.

Deposit

  • Old notes can only be deposited in RBI till 31st March 2017
  • Non-resident Indians (NRIs) can deposit old currency notes, up to a maximum of 25,000, till 30 June. The same limit will apply to resident Indians who were abroad between 8 November and 30 December, but they will have to turn in the old notes by 31 March at designated offices of RBI

Cash Exchange

  • Cash exchange has been Stopped in Banks. However Old notes can only be deposited in RBI till 31st March 2017.

E-wallets

  • RBI has kept limits on prepaid payments services providers or e-wallets to load up to 20,000, instead of 10,000 before. The merchants can transfer funds from such PPIs to their own linked bank accounts upto 50,000/- per month, without any limit per transaction.

Exchange facilities for Foreign Tourists

Foreign citizens (i.e. foreign passport holders) can exchange foreign exchange for Indian currency notes up to a limit of 5000/- per week till December 15, 2016 subject to the tenderer submitting a self-declaration that this facility has not been availed of during the week. The Authorized Person shall keep the passport details and the above declaration on record. Authorized Person may also ensure that the total value of such exchange to Indian currency notes does not exceed 5000/- during the week


RBI Latest updates

  1. A maximum of 2.50 Lakhs is allowed to be withdrawn from the bank deposit accounts till December 30, 2016 out of the balances at credit in the account as at close of business on November 08, 2016.
  2. Withdrawals are permitted only from accounts which are fully KYC compliant.
  3. The amounts can be withdrawn only if the date of marriage is on or before December 30, 2016.
  4. Withdrawals can be made by either of the parents or the person getting married. (Only one of them will be permitted to withdraw).
  5. Since the amount proposed to be withdrawn is meant to be used for cash disbursements, it has to be established that the persons for whom the payment is proposed to be made do not have a bank account.
  6. The application for withdrawal shall be accompanied by following documents:
    1. An application as per Annex

    2. Evidence of the wedding, including the invitation card, copies of receipts for advance payments already made, such as Marriage hall booking, advance payments to caterers, etc.

    3. A detailed list of persons to whom the cash withdrawn is proposed to be paid, together with a declaration from such persons that they do not have a bank account. The list should indicate the purpose for which the proposed payments are being made

  7. A detailed list of persons to whom the cash withdrawn is proposed to be paid, together with a declaration from such persons that they do not have a bank account, where the amount proposed to be paid is 10,000/- or more. The list should indicate the purpose for which the proposed payments are being made.

For Farmers

Farmers may be allowed to draw upto 25,000/- per week in cash from their loan (including Kisan Credit Card limit) or deposit accounts subject to their accounts being compliant with the extant KYC norms.


For Traders registered with APMC markets / mandis (Current Account)

At present all current account holders are allowed to withdraw, in cash, 1,00,000/- in a week from their current account subject to certain terms and conditions and the same is being now extended to the traders registered with APMC markets/mandis. Such traders will be permitted to draw up to 1,00,000/- from their current accounts provided that such accounts are compliant with the extant KYC norms and are operational for the last three months or more.

ATM Transaction Charges
Banks shall waive levy of ATM charges for all transactions (inclusive of both financial and non-financial transactions) by savings bank customers done at their own banks' ATMs as well as at other banks' ATMs, irrespective of the number of transactions during the month.This waiver is applicable on transactions done at ATMs from November 10, 2016 till December 30, 2016, subject to review.

Latest Speech of Shri Narendra Modi on post demonetization

Shri Narendra Modi, Announced on 31st December 2016 while addressing to Nation.

Housing Loans & Interest : From 2017 housing loans up to Rs 9 lakh, the government will provide 4% interest subsidy, while for housing loans of up to Rs12 lakh, a 3% interest subsidy will be given.

For the rural poor and lower middle class, those willing to construct houses or expand their existing houses will get an interest subsidy of 2% for loans up to Rs2 lakh.

Under the Pradhan Mantri Awas Yojana, 33% more houses will be constructed

Loans to Farmers : Farmers who have taken loans from district cooperative central banks and primary societies, government will bear the interest burden of farmers for 60 days. In addition to Rs 21,000 crore of loans made available for farmers, another Rs 20,000 crore will be provided through NABARD (National Bank for Agriculture and Rural Development).

Kissan Card to Rupay Card : Modi In next the three months, 30 million Kisan credit cards will be converted into Rupay cards so that farmers can withdraw money from ATMs, instead of having to visit bank branches.

Micro, small and medium enterprises : For micro, small and medium enterprises, the government will provide a credit guarantee of Rs2 crore, up from Rs1 crore at present. The government will provide this guarantee to banks through a trust that will also cover loans extended by non-banking financial companies (NBFCs).

MUDRA Scheme : 35 million people have taken benefit of the government's MUDRA (Micro Units Development and Refinance Agency) scheme, and that the government now targets to double the number of beneficiaries.
Women Maternity Benefits : To reduce maternal mortality, the prime minister said, Rs 6,000 will be transferred to the accounts of pregnant women in all 650 districts of the country in order to cover nutrition and other expenditures. A similar pilot scheme is at present available for pregnant women in 53 districts, with a financial assistance of Rs 4,000.

Senior Citizens : To protect senior citizens who may see an erosion of income with falling savings rates, prime minister said that for savings of up to Rs7.5 lakh, they will be guaranteed 8% interest rate for 10 years. Senior citizens can receive this interest income every month.

RBI Notifications on Withdrawal of Legal Tender Character of existing 500/- and 1000/- Bank Notes

Nov 08, 2016

Nov 09, 2016


Nov 10, 2016

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