RBI Restricts Withdrawal From Jan-Dhan Accounts To Rs 10000 Per Month

The Reserve Bank of India (RBI) has put withdrawal limits on bank accounts opened under Pradhan Mantri Jan Dhan Yojana (PMJDY) which are funded through deposits of Specified Bank Notes (SBNs) after 9 November.

Banks, as per the new notification, will allow fully KYC compliant account holders to withdraw Rs 10,000 in a month. However, the bank managers will have the authority to allow withdrawal of more than Rs 10,000 within ‘current applicable limits’ after ‘ascertaining the genuineness of such withdrawals’. KYC non-compliant account holders will be entitled to withdraw Rs 5,000 in a month.

After the surprise demonetisation of 500 and 1,000 rupee notes announced by Prime Minister Narendra Modi on November 8, deposits in Jan Dhan accounts have increased sharply to 27,198 crore. As of 9 November, total deposits in these accounts were Rs 45,636.61 crore. According to RBI, restrictions have been imposed to protect farmers and rural account holders of Pradhan Mantri Jan Dhan Yojana (PMJDY) from activities of money launderers.