RBI limits withdrawal from Jan Dhan accounts to Rs 10,000 a month

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RBI limits withdrawal from Jan Dhan accounts to Rs 10,000 a month. Image Source

Reserve Bank of India has capped the withdrawal limit on KYC complaint Jan Dhan Yojna accounts to Rs 10,000 per month.

RBI justified the new rule saying,”With a view to protect the innocent farmers and rural account holders of PMJDY 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 09, 2016.”

A KYC complaint account holder will be able to withdraw Rs 10000 a month. Any withdrawal beyond this limit will have to go through the branch manager, who will verify the genuineness of the withdrawal amount

An account that is not KYC complaint fully will only be authorised to withdraw Rs 5000 a month from the amount deposited through SBNs after November 09, 2016 within the overall ceiling of Rs 10,000.