RBI imposes withdrawal limits on Jan Dhan Accounts



Looking at the tremendous amount of deposits in Jan Dhan accounts, RBI has now imposed a withdrawal limit of Rs. 10,000 per month. This limit is only allowed for the KYC compliant account holders. Although, the branch managers may allow you to withdraw a sum exceeding Rs. 10,000 after ascertaining the genuineness of such withdrawals and properly documenting the transaction.

It is evident that such a step has been taken to protect the rural people from money laundering and black money activities going in the market.

Further, Non – KYC compliant or limited account holders can withdraw a sum of Rs. 5,000 per month only. Also, the total ceiling limit for such bank account holders stays at Rs. 10,000.

Source: http://economictimes.indiatimes.com/news/economy/policy/rs-10000-withdrawal-allowed-from-jan-dhan-account-in-a-month/articleshow/55698561.cms?utm_source=facebook.com&utm_medium=referral&utm_campaign=ETFBMainPE

CA Abhishek Soni

Abhishek Soni is a Chartered Accountant by profession & entrepreneur by passion. He is the co-founder & CEO of Tax2Win.in. Tax2win is amongst the top 25 emerging startups of Asia and authorized ERI by the Income Tax Department. In the past, he worked in EY and comes with wide industry experience from telecom, retail to manufacturing to entertainment where he has handled various national and international assignments.