Declaring a “decisive” war against black money and corruption, Prime Minister Narendra Mod recently announced that high denomination notes of Rs 500 and Rs 1000 will no longer be legal tender.
All Automatic Teller Machines (ATM), Cash Deposit Machines, Cash Recyclers and any other machine used for receipt and payment of cash were shut between 9th and 10th November, 2016. However, normal operations of ATMs will start from today. If you are heading towards ATM transactions, here are five things which you must keep in mind.
1. Withdrawal from ATM shall be restricted to Rs 2,000 per day per card up to 18th November, 2016.
2. The limit shall be raised to Rs 4,000 per day per card from 19th November, 2016.
3. If you want to withdraw more money despite the cap on per card transaction, you can use multiple cards. The more cards you have, the more you will be able to take out from ATM.
4. Be mindful of the transaction charges! Banks charge you for transactions made after five times.
5. Though RBI has told banks to not charge extra for the transactions, keep a tab on your home ATM and non-home ATM transactions.