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Jan Dhan account holders can withdraw only up to Rs. 10,000 a month

RBI says the move is to protect rural account holders from activities of money laundering and related laws

November 30, 2016 09:50 am | Updated November 17, 2021 05:40 am IST

People opening a bank account under the Pradhan Mantri Jan Dhan Yojana at bank in Toopran village in Medak district of Telangana.

People opening a bank account under the Pradhan Mantri Jan Dhan Yojana at bank in Toopran village in Medak district of Telangana.

The Reserve Bank of India, in a notification issued on Tuesday, said Jan Dhan account holders can withdraw only up to Rs. 10,000 a month.

It said, “Limited or Non KYC compliant account holders may be allowed to withdraw Rs. 5,000 per month from the amount deposited through SBNs after November 09, 2016 within the overall ceiling of Rs. 10,000.”

The move was to protect rural account holders from activities of money laundering and legal consequences under the Benami Property Transaction & Money Laundering laws, it said.

Deposits in Jan Dhan accounts soared sharply by around Rs. 27,200 crore in just 14 days after the announcement of ban on Rs. 500 and Rs. 1,000 notes. The total deposits in the 25.68 crore Jan Dhan accounts crossed the Rs. 70,000 crore mark and were at Rs. 72,834.72 crore on November 23.

(With inputs from PTI)

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