Note ban: You can withdraw Rs 50,000 from your savings accounts from today

Govt, RBI had imposed limits on withdrawal of money due to shortage of currency following note ban

 

 

Breaking News - The weekly limit on withdrawal of cash from savings bank accounts will be increased to Rs 50,000, from the current Rs 24,000, from Monday, and the limit will be removed from March 13.

"Effective February 20, 2017, the limits from cash withdrawal limit from savings bank accounts will be enhanced to Rs 50,000 per week from the current limit of Rs 24,000 per week (and) effective March 13, 2017, there will be no limits prescribed by RBI on cash withdrawal from savings bank accounts."

The Government and RBI had imposed limits on withdrawal of money from ATMs and bank branches in view of the currency shortage following demonetisation.

These limits, however, are being gradually eased, with RBI pumping in new notes of Rs 500 and Rs 2,000. (read more...)

Read this before going for private locker service

Getting a safe-deposit locker in a bank is difficult. Many bank branches don’t even offer such services. And the ones which having this facility want their customers to either have a fixed deposit or an insurance policy with the bank.

Tapping this opportunity, private players have started offering the service. The latest entrant in this space is real estate developer, Ajmera Group, which recently launched Ajmera i-Safe in Mumbai.

“The vaults are constructed as per specifications prescribed by the government and match the security features found in any bank,” said Bandish Ajmera, director, Ajmera Group. The annual charges for renting a locker at Ajmera i-Safe is between Rs 1,145 and Rs 13,740, depending on size of the locker. While Axis Bank charges annual rent of Rs 1,500-Rs 12,000 for a locker, State Bank of India charges Rs 800-Rs 8,000, plus service tax.

Navkettan Lockers, which offers services in Hyderabad and Secunderabad, charges Rs 11,628-Rs 38,304 per year. This includes admission fee ranging between Rs 6,000 and Rs 9,600. Navkettan has been offering the service for 40 years now. Another such player is India Safety Vault, which has branches in  read more..