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RBI withdraws deposit limits on KYC fulfilling accounts

KYC account restrictions revoked

Mumbai: Restrictions on bank deposits over Rs 5000 in banned notes have been withdrawn by RBI on Wednesday. In a fresh circular, in its series of confusing guidelines since demonetisation, the RBI said after review the deposit restriction is being revoked for KYC compliant accounts. Now, deposits of over Rs 5,000 will not be questioned.

On Monday, RBI had imposed limits of depositing amounts over Rs 5000 in old notes only once till December 30. and such deposits will be scrutiny the central bank had said. Only after the answers were satisfactory, the concerned bank would credit the amount, it had said.

After reversing the decision today, there will be no questions asked for deposits of Rs 5,000 and above in Rs 500 and Rs 1,000 notes, RBI officials explained.

But with Finance Minister Arun Jaitley saying the deposits should be in one go, the reversing of the previous RBI order today still leaves bank customers confused.

 

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