RBI hikes PoS cash withdrawal limit to Rs2,000, waves customer charges
Mumbai: Reserve Bank of India on Friday said cash withdrawal limit from point of sales (PoS) in large cities and towns has been doubled to Rs2,000 per day and customer charges have been waived in the wake of demonitisation of old Rs500 and Rs1000 currency notes.
The RBI had earlier instructed banks to waive ATM charges for all transactions by saving bank customers, irrespective of the number of transactions from 10 November till 30 December.
“As another customer-centric measure, it has been decided that the limit for cash withdrawal at PoS has been made uniform at to Rs2,000 per day across all centres (Tier I to VI) for all merchant establishments enabled for this facility,” it said in a notification.
Further, customer charges, if any, being levied on all such transactions has been waived of till 30 December.
The central bank in August 2015 had permitted cash withdrawals at point of sales (PoS) upto Rs1,000 in Tier I to II centres and upto Rs2,000 in Tier III to VI centres.
The invalid banknotes can be exchanged at branches of commercial banks, Regional Rural Banks, Urban Cooperative banks, State Cooperative Banks and RBI till 30 December 2016 and even beyond, at specified RBI offices.