RBI allows Rs 50K withdrawal per week for overdraft account holders

Reserve Bank of India (RBI), looking at the problems faced by the general public, relaxed the cash withdrawal norms. Now, overdraft and cash credit account holders can now withdraw up to Rs 50,000 in a week.

Before this announcement, only current account holders could withdraw up to Rs 50,000 in cash in a week.

"On a review, it has been decided to extend this facility to Overdraft and Cash Credit accounts also," the central bank said.

RBI also announced that holders of current/overdraft/cash credit accounts, which are in operation for the past three months or more, can now withdraw Rs 50,000 in cash, in a week.

However, personal overdraft accounts won’t be able to enjoy the benefits of this new norm.

The Reserve Bank further said the Rs 50,000 withdrawals may be disbursed predominantly in Rs 2,000 denomination bank notes.