What Is the Bank and ATM Maximum Cash Withdrawal Limit after Banning Rs. 500 and 1000 Notes?
The decision by the Indian government to pull Rs. 500 and 1000 notes out of circulation has caused a substantial concern in recent time. This comes as people are looking to deposit their notes into these ATMs and to potentially get them exchanged for other bills in different denominations.
However, there are a few rules that have to be followed. These rules have been established to keep any potential panic at ATMs around the country from occurring. You have to watch for these when getting ready to take care of your notes in particular.
Be aware first that all ATMs around India will be closed and unavailable for use on 9 November. Some ATMs may be accessible on 10 November but that total is expected to be extremely limited in terms of what can be offered.
Keeping the ATMs Ready
Banks all around India are working hard to ensure that their ATMs can be made ready to handle the 500 and 1000 notes that have to be exchanged. Banks and their ATMs will be closed on 9 November. Meanwhile, most ATMs will continue to be closed on 10 November although some might open here and there around the country. People will have to look around to see what spots are open when finding ATMs that they can use for their exchange needs.
Bank and ATM Maximum Cash Withdrawal Limit
There will be a Rs. 2000 limit on ATM transactions that you can make each day during this time, this limit will increase to rs 4000 after some time. This is to ensure that you will not try and abuse any ATM policies. This is also so more people will actually have access to the ATMs that they need to use. It keeps ATMs from potentially running out of money for the people who need it.
You may be able to get more out of a physical bank in some cases. Still you can withdraw a maximum of Rs 10,000 in one day from banks and Maximum weekly withdrawal limit is Rs 20,000 only. This has been done for some time only. Since production of new notes will take time therefore this restriction have taken place.
| Cash Withdrawal Limit | Banks | ATM |
| Daily | Rs 10000 | Rs 2000 |
| Weekly | Rs 20000 | Rs 14000 |
What Bills Can You Get?
You will typically get Rs. 100 notes if you attempt to exchange your 500 and 1000 notes at a typical ATM. This is to provide you with the funds that you are aiming to take in for any intention. This is a key part of why there are ATM cash limits for these notes. This is to ensure that there are enough notes for all people who use ATMs in a typical day. This allows people to get the money that they need right away. After some time ATM will dispense New Rs 500 and 2000 Notes.
Be prepared to take a bit of time when getting your old worthless Rs. 500 and 1000 notes exchanged for money that you can actually use. This will take a while to complete but considering how vast this recall of these notes is the wait is expected to be vast. You should still understand what you will get out of your transaction and how you’re going to get your bills taken care of the right way.
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