Updated By: LatestGKGS Desk
RBI notification for withdrawal more than 2 lakh with PAN card
Reserve Bank of India issued a notification regarding withdrawal of money from the accounts more than 2 lakh
RBI has defined in a notification that transfer of funds exceeding 2 lakh will not be permitted in accounts without the PAN card or submission of form 60.
The withdrawal limit will be maintained to Rs.10,000 even if a small account has witnessed increase in annual deposit of Rs.1 lakh.
Small accounts withdrawal limit 10,000 per month
The rule will be strictly applicable in accounts where balance of five lakh rupees or more and deposits after 9th November 2016 exceeding 2 lakh.
The aggregate of all the withdrawals in a year must not exceed 1 lakh for small accounts.
Small accounts include the Jan Dhan Accounts or basic savings account which are not KYC accounts.
RBI has strictly ordered the banks to follow these norms otherwise actions will be taken against them.
