Daily cash withdrawal limit increased!
Q. Which of the following are non-cash based banking transaction options?- Published on 14 Nov 16a. NEFT
b. RTGS
c. IMPS
d. E-wallets
e. All the above
ANSWER: All the above
Government on 13th Nov 2016 raised daily cash withdrawal limits from ATMs to INR 2500 from INR 2000 and eased other rules
- The limit for exchanging old INR 500 and 1000 notes in bank and post office counters have been raised from existing INR 4000 to 4500.
- Weekly limit of INR 20,000 for withdrawal from bank accounts have been increased to INR 24,000
- Existing daily cash withdrawal limit of INR 10,000 from bank branches has been removed
- Issuance of new series of INR 500 notes has commenced
- Banks have been advised to increase the issuance and use of mobile wallets and debit as well as credit cards to provide them to those customers and establishments not having access to these non-cash means of payment
- Last date for submission of annual life certificate for the government pensioners which is to be submitted in Nov each year has been extended to January 15, 2017
- Customers are advised to deal in non-cash based transaction methods like NEFT, RTGS, IMPS, E-wallets
RTGS: Real Time Gross Settlement
NEFT: National Electronic Funds Transfer
IMPS: Immediate Payment Service
