RBI Temporarily Limits The Jan Dhan Accounts Withdrawal To Rs 10,000 Per Month

As an effort to protect farmers and rural Jan Dhan account holders from money launderers, the Reserve Bank of India (RBI) has released a statement stating that the account holders will be allowed to withdraw only Rs 10,000 per month. Though, this withdrawal limit is valid temporarily.

This notification is applicable to ‘Know Your Customer’ (KYC) compliant Pradhan Mantri Jan-Dhan Yojana+ (PMJDY) accounts  that were funded through deposits of new bank notes after November 9, 2016. The very following day of the ban on November 8 the center began swapping of old and new notes.

Those PMJDY account holders who want to withdraw more than Rs 10,000 must provide proper explanation and documents proving their necessity of money, only then, the banks’ branch managers may allow individuals to exceed the withdrawal limit.