Maximum ₹ 10,000 withdrawal per month on Jan Dhan account: RBI
With deposits in Jan Dhan accounts swelling manifolds since the day Prime Minister Narendra Modi announced the withdrawal of legal tender of Rs 500 and Rs 1,000 bills, the Reserve Bank of India has now started capping withdrawals in these accounts.
A notification issued by the RBI on Tuesday stated: “With a view to protect the innocent farmers and rural account holders of PMJDY (Pradhan Mantri Jan Dhan Yojana) from activities of money launders and legal consequences under the Benami Property Transaction & Money Laundering laws, it has been decided to place certain limits, as a matter of precaution, on the operations in the PMJDY accounts funded through deposits of Specified Bank Notes (SBNs) after November 9, 2016.”
As a temporary measure, the Central bank has advised all banks to observe the following in respect of PMJDY accounts:
- Fully KYC-complaint account holders may be allowed to withdraw ₹ 10,000 from their account, in a month. Branch managers may allow further withdrawals beyond ₹ 10,000 within the current applicable limits only after ascertaining the genuineness of such withdrawals and duly documenting the same on bank’s record.
- Limited or non KYC-compliant account holders may be allowed to withdraw ₹ 5,000 per month from the amount deposited through SBNs after November 9, 2016 within the overall ceiling of ₹ 10,000.