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Date: 18/11/2016
Withdrawal limits and customer fee/charges for POS relaxed

The Reserve Bank of India had issued instructions to banks on November 14, 2016 that banks shall waive levy of ATM charges for all transactions by saving bank customers done at all ATMs, irrespective of the number of transactions during the month, from November 10, 2016 till December 30, 2016, subject to review.

As another customer-centric measure, the limit for cash withdrawal at POS has been made uniform at to ₹ 2000/- per day across all centres (Tier I to VI) for all merchant establishments enabled for this facility and (ii) customer charges, if any, being levied on all such transactions waived till December 30, 2016, subject to review.

It may be recalled that the Reserve Bank had vide its circular DPSS.CO.PD.No.449/02.14.003/2015-16 dated August 27, 2015 permitted cash withdrawals at Point of Sales (POS) upto ₹ 1000 in Tier I to II centres and upto ₹ 2000 in Tier III to VI centres.

Alpana Killawala
Principal Adviser

Press Release : 2016-2017/1255

 
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