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

The apex bank in its notification said, "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 and 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

Arnima Dwivedi

Arnima DwivediBy Arnima Dwivedi

Published on 30 Nov 2016 4:57 AM GMT

RBI limits withdrawal from Jan Dhan accounts to Rs 10,000
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New Delhi: In a major step to protect farmers and rural Jan Dhan account holders from money launderers, the Reserve Bank of India(RBI) has allowed these account holders to withdraw only Rs 10,000 a month.

The Jan Dhan account holders who want to withdraw more than Rs 10,000 a month, will have to furnish appropriate documents to prove why they need the money. They would be allowed to exceed the limit only if the provided documents would satisfy the banks' branch managers.

The notification has been issued for 'Know Your Customer' (KYC) compliant Pradhan Mantri Jan-Dhan Yojana (PMJDY) accounts which have been funded through deposits of new bank notes after the announcement of demonetisation.

Who can withdraw how much:

  • KYC compliant account holders can withdraw upto Rs. 10,000 a month.
  • Limited or non-KYC compliant PMJDY account holders will be allowed to withdraw Rs 5,000 a month from the amount they have deposited after November 9, 2016.

RBI notification:

The apex bank in its notification said, "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 and 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, of denomination 500 (new) and 2000, after November 09, 2016."

Arnima Dwivedi

Arnima Dwivedi

A journalist, presently working as a sub-editor with newstrack.com. I love exploring new genres of humans and humanity.

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